Subject: Re: 10% credit card rates
Credit cards are unsecured consumer debt issued without any prior underwriting or approval up to the limit of the card. Profitable, but risky.

Not entirely. There is an approval. That's what the credit reporting agencies are all about, and the banks consult them before approval (or denial) of a credit card.

A more fair system might be to peg maximum rates on a combination of the Fed rate and your credit score. But that may give the reporting agencies more power than we want. They already have a lot of power.