60% APR On A Credit Card In Mexico
Lots of folks like to complain about how American credit-card banks make big profits by charging high interest, fees and penalties. It's true: before the new credit card rules became law this year, some banks were charging unreasonable fees and interest, mostly to those who have bad credit or no credit history.But imagine if you lived in Mexico, where the typical APR on a credit card is 30%! Ouch!
And get this: Banco de Wal-Mart, which operates in Mexico (a.k.a WalMex), has a credit card that has an annual percentage rate of 60%. Let me spell that out in case you think it's a typo: sixty percent annual percentage rate.
That 9.99% APR credit card in your wallet isn't looking so bad now, is it?
For the full Marketplace story, click here.
Labels: marketplace, Mexico, usury, Wal-Mart
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posted by Steve Brown | 8/07/2010 05:01:00 PM
6 Comments:
60%? Insanity! This gives another reason for Mexicans to illegally enter the United States.
We Americans are fortunate enough to be living in a country where there is at least some moderation by the government.
> some moderation by the
> government...
Indeed. In so many countries around the world, regulation is a joke.
my reaction this post was immediate. Most of the money flowing to Mexico is shaken from US companies and US payrolls, above or below the table. LA County money built those villages. Remittances by wire were out the door for years. There was a San Diego Bank of America a few years ago that was giving bank accounts and I think credit cards to illegals and i nearly blew my stack over it. If "Rosa Sanchez" in Ensenada got a card, who pays for the company to collect the debt? Mexicans are used to coming up here for free clinics emergency room visits and babysitting and anchor babies in Uncle Sam. mericans can't own in Mexico! leases! Back to the money: Their industry is stolen from Los Angeles County and i have seen entire families living in homes financed on an illegal aunt's phony credit. Since most of L.A> County's budget goes to food stamps and not libraries (Los Angeles city libraries have the only Monday and Sunday closed libraries in the nation) I say let them pay the cost of living FOR ONCE.
> Since most of L.A County's
> budget goes to food stamps...
I find this very hard to believe.
But I do understand your outrage about women having children so that they can stay in the country (anchor babies.) I find that kind of stuff utterly disgusting. I really don't get why American judges tolerate these anchor baby moms. They should get booted.
Wow, 60% APR. This is the reason that people need some regulation by the government. A lot of people who push for less interference, don't realize that without regulations, CC companies would do the same thing in America. Maybe not 60% because the market wouldn't bear it, but certainly much higher, with no chance at 0%.
> CC companies would do the same
> thing in America...
You got that EXACTLY right.
To me, it seems that the folks who are very keen to exploit the masses are always the ones complaining about too much regulation. Go figure.
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