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...