Wal-Mart de Mexico Plans 100,000 Credit Cards by Year-End — With Interest Rates of 59% to 75%

By Steve Rhode
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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 Handi Ramp on November 29, 2008 @ 3:57 pm

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.

[Reply to This Comment]

Comment by Villa Park Homes on December 5, 2008 @ 5:53 pm

What business is Walmart in? Retail or banking? I bet they make more money from interest selling crap…

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Comment by Rob on December 6, 2008 @ 10:47 am

They should be shot! What bank is this? Is it one we are bailing out?

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Comment by Chicago Wedding Supplies on December 10, 2008 @ 6:05 pm

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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