My son received a credit card offer in the mail yesterday that shocked me (which isn't easy!)
After describing the benefits of having a credit card, and how it would teach them financial responsibility, it went on to say:
"...That's an Introductory 0% APR - on all of your purchases for one full year. And after one year, for each $100 of purchases that are not paid in full each month, the annual percentage rate for purchases of 30.15% amounts to no more than two dollars and 76 cents each month - after you've had a full year to learn it's best to pay back as much as you can each month when you get your billing statement.
30.15%! - and then they try to explain how inexpensive that is! Only $2.76/mo for each $100 unpaid. What a deal!
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