A guy I worked with told be the backstory behind these types of cards.
notice it has a700 dollar limit.
These are marketed to the people who can least afford them.
The idea is the interest rate is so high due to the number of people that will default vs the number that pay, so as to still make the "brand" of card profitable.
I don't recall the actual numbers he gave, but basically for every 10 people that get the card and max it out, like 5 won't pay a dime.
The other half will work out payments that they can never pay down the card with and the company gets guaranteed monthly income on that card.