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To put that in contrast, Indian inflation is pretty high -- about 7%. Wage inflation for the professionals who cards are aimed at is much, much higher. Charging 15% on cards would make no sense -- half the bank's money would be gone due just to the decline in the value of the ruppee over the intervening year.

Similarly, in mildly-deflationary interest-rates-are-essentially-zero Japan, credit card rates for folks who have never had one before are about 13%. They decline from there. Long term home loan rates are centered in the 3% bracket, to the extent that Japanese people use loans to buy homes.
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