Notwithstanding a current 4% prime rate, you could pay an APR as high as 35% for a major credit card. Miss payments and the rate could go as high as 41%. CompuCredit and Columbus Bank & Trust have restarted marketing of the "Aspire VISA Gold," targeted at consumers with weak credit scores. The card carries a minimum interest rate of 27.75%. However, applicants with lower scores may be charged a minimum 29.75% annual interest rate, or a minimum 35.00% annual interest rate. Cardholders who become delinquent face a minimum interest rate of 33.75%, 35.75%, or 41.00%. But, all the interest rates on the "Aspire VISA Gold" are variable. If the prime returned to 9%, the annual interest rate on the highest priced "Aspire VISA Gold" would hit 45%. After all, it's a "Gold" card.
ASPIRE VISA GOLD PRICING
(P = WSJ Prime Rate)
TIER 1
Purchase APR: P+23.00% 27.75% Min
Cash Advance APR: P+23.00% 27.75% Min
Delinquency APR: P+29.00% 33.75% Min
TIER 2
Purchase APR: P+25.00% 29.75% Min
Cash Advance APR: P+25.00% 29.75% Min
Delinquency APR: P+31.00% 35.75% Min
TIER 3
Purchase APR: P+30.25% 35.00% Min
Cash Advance APR: P+30.25% 35.00% Min
Delinquency APR: P+36.25% 41.00% Min
Notwithstanding a current 4% prime rate, you could pay an APR as high as 35% for a major credit card. Miss payments and the rate could go as high as 41%. CompuCredit and Columbus Bank & Trust have restarted marketing of the "Aspire VISA Gold," targeted at consumers with weak credit scores. The card carries a minimum interest rate of 27.75%. However, applicants with lower scores may be charged a minimum 29.75% annual interest rate, or a minimum 35.00% annual interest rate. Cardholders who become delinquent face a minimum interest rate of 33.75%, 35.75%, or 41.00%. But, all the interest rates on the "Aspire VISA Gold" are variable. If the prime returned to 9%, the annual interest rate on the highest priced "Aspire VISA Gold" would hit 45%. After all, it's a "Gold" card.