Banks and credit cards

The Modern Left, May 21, 2009

If you live in America, you have also probably seen the various Capital One credit card commercials ("what's in your wallet?"). Or even the MasterCard "priceless" advertisements.
If you are college aged, you have probably been deluged with applications for various credit cards.
When a person applies for a credit card, that person signs a contract that states he will be paying a certain level of interest on his purchases made with the credit card. The credit card companies then have all manner of penalties that will actually raise that level of interest and often that is where people get themselves in trouble.
How lucrative is the penalty business?

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