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Purchase Interest Rate is the interest rate charged on Purchases. The vast majority of Credit Cards come with an Interest Free Period on Purchases of up to 55 days. The blue table in Chapter 5 shows that the spread between the wholesale cost of funds and Standard Credit Card Purchase Interest Rate has widened and widened and widened: * was less than 1% when the 18% cap was removed in April 1985 * was 10% in 2001 * is 19.75% in March 2020 The highest Purchase interest rate is 25.9% from "Lombard Visa Card Classic". The highest Cash Advance interest rate is 29.49% from G.E. Money's "Go MasterCard" |
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