4 ms·

> balance of approximately $7,500 > about 23 years to pay it off i'm guessing that's much much higher than 12% interest, although we don't know what the mini

> balance of approximately $7,500 > about 23 years to pay it off i'm guessing that's much much higher than 12% interest, although we don't know what the minimum payment is. i just looked at this site (TJMaxx isn't available in my country [thankfully?]) and it's nearly 30%: https://www.supermoney.com/reviews/personal-credit-cards/tjx-rewards-credit-card https://www.supermoney.com/reviews/personal-credit-cards/tjx... not sure if correct but i've never seen 12%, only mid 20s

thephyber 7y ago
> not sure if correct but i've never seen 12%, only mid 20s I think there are three classes of interest rates: - teaser rates (very low, but only in the first x months, then they reset to a standard rate) - standard rate for decent credit - default-risk rate -- card holders are moved to this rate by a clause in their contract if they default on any credit obligation on their credit report or if they miss a certain number of payments on the "due by" date. I'm using my own terminology; no idea what industry jargon is for these.