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Thread: Bank credit card rate at 96%?????

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    Default Bank credit card rate at 96%?????

    Did I read this right???? In the news section of DR1, an article states that certain Dominican Banks charge up to 96% annual interest on their credit cards. If this is correct it is a Loan Shark rate, how could the government not regulate the Banks?????

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    Quote Originally Posted by suzannel View Post
    Did I read this right???? In the news section of DR1, an article states that certain Dominican Banks charge up to 96% annual interest on their credit cards. If this is correct it is a Loan Shark rate, how could the government not regulate the Banks?????
    They can't even regulate themselves.........
    They are to busy scooping up their own percentages.......



    B in Santiago

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    I got charged RD$600 on a $6400 balance, so it sounds about right. Banco Popular. But I think its only if you dont pay the bill on time and I was on vacation and missed the payment.

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    This can happen in the UK as well. The point is you don't use a credit card if you want a loan.

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    credit cards SHOULD have high interest rates. 100% imo.

    in every country.

    then people wouldnt be in the predicament they are in now.

    you might actually THINK before using it. or before getting one.

    i never have, and never will own a credit card.

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    "If this is correct it is a Loan Shark rate, how could the government not regulate the Banks?????"

    Not true. Loansharks are far more honorable. They charge a 1/2% weekly, 1% weekly if they're really gouging you. That's 25-50%, but fairer than Dominican banks.

    Naptime, you actually believe people....DOMINICAN PEOPLE will use their CC's less with high interest rates? I don't. I think the poor & uneducated will just get shafted even more.

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    Quote Originally Posted by Mason3000 View Post
    "If this is correct it is a Loan Shark rate, how could the government not regulate the Banks?????"

    Not true. Loansharks are far more honorable. They charge a 1/2% weekly, 1% weekly if they're really gouging you. That's 25-50%, but fairer than Dominican banks.

    Naptime, you actually believe people....DOMINICAN PEOPLE will use their CC's less with high interest rates? I don't. I think the poor & uneducated will just get shafted even more.
    good point.

    i guess my real feeling is that we should not have credit cards at all.

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    Quote Originally Posted by Naptime View Post
    good point.

    i guess my real feeling is that we should not have credit cards at all.
    Credit cards are good to have for emergency purposes only......


    B in Santiago

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