<prompt> Human: I was just having this tangential discussion in one of my online law classes. A quick check of mint.com shows that many credit card interest rates are still hovering above 20. Why hasnt the feds post-recession monetary policy affected credit card interest rates like it did mortgage rates and other loans?Why dont credit card companies feel the need to compete for customers the good people of rpersonalfinance included based on interest rates?Assistant: They do compete for customers by offering fancy rewards and bonuses and names that contain words like gold and platinum and the image of leading a life of travel and leisure if only you get their card. People sign up in droves, charge more than they can afford, and start paying interest. Why lower rates if they dont have to?Human: I guess thats the heart of my question. Why does the credit card industry seemingly choose to compete on auxiliary benefits and not on interest rates? Presumably because they dont have to? And what does that say about the way our society perceives credit card debt as compared to other forms of debt?  <response>: Presumably because they dont have to?Correct. Theyre going to do whatever is in their own best interest. Offering rewards instead of better rates must work better in their experience. This is good for those of us who use credit properly, never pay interest, and still claim the rewards.Lower rates would attract the kind of people who arent able to pay them off in full because those are the only people who should ever care about interest rates. It might not make sense for the card issuer to bring on a bunch of people who have already run previous cards up to the limit while struggling to make minimum payments at 29.9 APR. 