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Re: Feds to regulate pre-paid credit cards
The pre-paid Visa/Mastercard are AWESOME! When you buy them, you can set them to an American ZIP code. That means you can buy virtual US based products (like Huluplus and iTunes).
However, I think the Feds should be going after these CC companies charging 18 or 19% interest. I try to pay off every month, but 8 or 9% is more reasonable.
If you can't explain it simply, you don't understand it well enough. - Albert Einstein
digitalfuturSees More Than ShownPremium
The rate of interest on a credit card falls under provincial jurisdiction, it is currently unregulated. In Ontario, it's the Consumer Protection Act.
and part 5 at:
Federal regulation is limited to the criminal rate of interest as defined in the Criminal Code.
There are lots of 12% and lower interest rate credit cards available. The interest rate charged is a function of the applicant's risk to the creditor, as determined by their credit score.
There's one simple way to avoid paying interest on a credit card, no matter what the rate: pay it off in full monthly, 64% of credit card holders do just that.
Logic requires one to deal with decisions that one's ego will not permit.
All that is necessary for the triumph of evil is that good men do nothing - Edmund Burke.