If you think the terms are unfair to you, you have the option to not do business with this particular bank. If all banks do the same, have you thought there's a financial reason behind it that you might not be aware of (say, default rate, operational costs, etc).

for people with credit over 800 the default rate must be extremely low

otherwise I wouldn't have this credit rating and the bank wouldn't trust me with over $100,000 credit limit combined over all of my credit cards

the reason I agree to this rate is because I never pay it, I loan from my broker instead where I pay like a few bips over LIBOR

There are important distinctions between fraud and greed. For one, you can know the conditions.

Selling an expensive product or service is very different from committing fraud or stealing. There are plenty of practices within banking that are a lot more immoral than charging high fees.

> They are smart enough to make all their grifts "fees" and "interest rates"

> For example, charging 17% on a credit card bill when the interest rate is 5.25%

That's not fraud or a financial crime though, since the interest rate is prominently shown on the front page of every credit card bill.

If they're telling you it is 6% and then charge you 17% without explanation, that would be fraud.

For example, payday loans are explicit in saying they will charge you a percentage of your payday for a 14 day loan. But if you do the math, it's about 1000% interest annually

It's not a crime either, but it's predatory