03/18/2010 05:12 am ET | Updated May 25, 2011

Kathy Kristof: Personal Finance Columnist Gets Hit With 703.8% Rate On Credit Card

Consumer reporters were all crowing about a 79.99% rate credit card that was launched in response to credit reform a few months ago -- collectively horrified that a law designed to cut rates and eliminate sneaky fees was inspiring increasingly abusive bank behavior.

I thought that was about as bad as it gets until I took a close look at the statement for my new Macy's card, which I had opened with "instant credit" while Christmas shopping. It made that 79% card look like a bargain.

Read more on CBS Money Watch