I got stopped by a very pushy woman trying to get me to sign up for a credit card. I'm looking into getting a new credit card since Lloyds scrapped their cashback card so I listened to what she had to say.
"You get up to 56 days interest free!" she exclaimed. Before I could ask her why I'd sign up for this when there's a dozen credit cards with a 0% interest period or cashback schemes I spotted the shocking 39.99% APR. When asked she said it was for people with poor credit ratings.
I didn't realise there was such a high APR rate until now. I don't understand why banks like to offer high APR cards to people with poor credit. Surely these people are more likely to default on their payments which won't be helped by hefty APR charges? Is this just the banks trying to squeeze the last drop of money out of the poor before their eventual and total financial destruction?