[gjvnzycd] Credit card interest rates

Why are credit card interest rates so high?  Is there market failure?

One would generally expect an individual would get loans at the same rate regardless of source.  Although credit cards offer convenience, competition should drive the costs down.

It could be that typical large loans are for "repossessable goods" (cars, houses), so incur the lender less risk.  Then, we would expect to see credit cards which charge different interest rates depending on what was purchased, along with firms catering to such cards.