Latest Rant - Credit Card Rates

[andyzee]

Originally Posted by GrilledSteezeSandwich

Pay your bills on time and you will keep a low rate...I think my rate is 11.9 percent because I've never had a late payment. I'm not a very organized guy but when it comes to my bills I'm very organized..and the credit card companies can get away with raising the rates if you don't follow the rules. If you do it right...credit cards are a major convenience and essentially an interest free 30 days loan.

Let me splain somtin to you, I do pay on time, this was a one time slip by 1 or 2 days. You wish your credit rating was as good as mine. But regardless, there is no way a cc company should be allowed to charged such excessive rates, not if loan sharking is illegal.

[GrilledSteezeSandwich]

Originally Posted by Beetlenut

You have a keen sense of the obvious!

lol

[GrilledSteezeSandwich]

Originally Posted by andyzee

Let me splain somtin to you, I do pay on time, this was a one time slip by 1 or 2 days. You wish your credit rating was as good as mine. But regardless, there is no way a cc company should be allowed to charged such excessive rates, not if loan sharking is illegal.

I have no idea what my credit rating is but I'm sure it's really good..I'm sure you can find on google what the maximum credit card rate is..and if you are normally paying your balance in full each month..what does it matter if it's 10% or 30%??

[andyzee]

Originally Posted by GrilledSteezeSandwich

I have no idea what my credit rating is but I'm sure it's really good..I'm sure you can find on google what the maximum credit card rate is..and if you are normally paying your balance in full each month..what does it matter if it's 10% or 30%??

Don't get me started

[hammer]

Originally Posted by andyzee

Let me splain somtin to you, I do pay on time, this was a one time slip by 1 or 2 days. You wish your credit rating was as good as mine. But regardless, there is no way a cc company should be allowed to charged such excessive rates, not if loan sharking is illegal.

Unfortunately, if they can sneak it into the agreement then it's legal...and they especially like customers like you because you carry a balance, are good about paying your bills on time, and because you have had a few minor late payments (which I believe do not affect your credit rating) they have been able to force a high interest rate onto you.

So are you going to dump the card? The "deal" that they offered is pretty crappy, and there have to be cards out there with better terms...

[Dr Skimeister]

With a good credit rating you should be able to easily get a new card with a much better rate, especially the introductory rate so many offer, and transfer the balance to the new account. Then you can FU the old card by closing that account.

[SkiDork]

Andy, I'm confused. You said in your original post that you "carry a balance". Does this mean that you had a balance within one month that you paid off late (accidentally)? Or you purposely don't pay the full amount (for an extended period of time) and accidentally forgot to pay the minimum payment on time the past few months?

[Marc]

Deadbeat.

















*runs*

[andyzee]

Originally Posted by SkiDork

Andy, I'm confused. You said in your original post that you "carry a balance". Does this mean that you had a balance within one month that you paid off late (accidentally)? Or you purposely don't pay the full amount (for an extended period of time) and accidentally forgot to pay the minimum payment on time the past few months?

I have a balance of a littel more than 1000, I typically pay over the minimum but since the interest rate on this card hasn't been bad, I don't rush to pay it off. Now it will be paid off this month.

[andyzee]

Originally Posted by Marc

Deadbeat.


















*runs*

ahole