One should be careful of credit cards that charge an outrageous rate of interest, what they do is they often charge interest on interest and generally do not offer any interest free period and then bring very expensive credit card checks in front of you. Another very interesting thing they do is that they extend the credit limit every time you are close to busting it. The rate of interest is as high as 2 % per month.
Have you heard of a credit card with the rate of interest as high as 49.9 % APR and with no interest free periods. Such cards have a credit limit of as low as 250 pounds. The default charges are around 20 pounds for late or missed payments. These details pertain to the Vanquis Abacus Visa card from doorstep lender Provident Financial. The very same company is known for its high rate of interest on personal loans.
