In looking at the rates in the Best Buy CC application I received in the mail it allows for rates up to 29.99%. My credit is golden and I have very low rates on my cards, but as a point of curiosity I thought the new credit card laws that went into effect a few months ago were supposed prevent absurd APRs like this.
I’m pretty sure the credit card company can offer you whatever interest rates they want. The new law stops them from increasing the interest rate under most circumstances.
It doesn’t even stop the increases, it stops them from increasing you without notification or for certain reasons and even then there are a ton of exceptions. If you Google the new credit card laws of 2009, it’s depressingly long.
That sounds similar to our new credit card laws, too - I just received a notice of changes from my VISA card, and the gist of it is, we will continue to screw you any way we choose, but we’ll notify you now.