> 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

> 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.