Default APR: Up to 31.74% variable. That much about rates going down...

I was reading the terms on the new Chase FREEDOM card and I am reading:

17.74% variable.a
Other APRs
Balance Transfer APR: 17.74% variable.
Cash Advance APR: 23.74% variable
Default APR: Up to 31.74% variable.

It is unbelievable that one can end up paying 31.74% in interest. If I would do that I would end up in jail for loan-sharking...

Credit card over the limit fees

Apparently law makers are looking into credit card fees. Amen!! But one can only guess that it will take years before anything happens and meantime Chase and the likes will be on a fee rampage.

Check out the relevant article here