Wal-Mart de Mexico Plans 100,000 Credit Cards by Year-End — With Interest Rates of 59% to 75%
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Next time I hear someone complain about high interest rates on credit cards in the U.S., I’ll be sure to pass this story along to them. Wal-Mart de Mexico, which is known as Walmex, plans to ramp up its credit-card business in Mexico by the end of the year, according to Bloomberg sources. All told, the bank plans to issue more than 100,000 cards. The cards will have annual percentage rates that range from 59% to 75%. Ouch. Amazing interest rates, no? Consider this: that’s down from 90%!
Next time I hear someone complain about high interest rates on credit cards in the U.S., I’ll be sure to pass this story along to them. Wal-Mart de Mexico, which is known as Walmex, plans to ramp up its credit-card business in Mexico by the end of the year, according to Bloomberg sources. All told, the bank plans to issue more than 100,000 cards. The cards will have annual percentage rates that
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Comments
Comment by Villa Park Homes What business is Walmart in? Retail or banking? I bet they make more money from interest selling crap…
Comment by Rob
Comment by Chicago Wedding Supplies well, it all depends on the inflation. What if the annual inflation is 100%?? Then that would be a good deal, right?
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That is a horrible interest rate and am feeling very lucky not to have those cards. I am wondering how people having them can afford them. I shall be doing some research on it further.