Latest Rant - Credit Card Rates

[andyzee]

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. :smash: But regardless, there is no way a cc company should be allowed to charged such excessive rates, not if loan sharking is illegal.

 

[GrilledSteezeSandwich]

You have a keen sense of the obvious!

lol

 

[GrilledSteezeSandwich]

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. :smash: 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]

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 :uzi:

 

[hammer]

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. :smash: 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]

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]

Deadbeat.


















*runs*

ahole

 

[SkiDork]

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.

So in other words, you were already paying interest monthly due to an existing balance but because you were late with a couple of payments they boosted the interest rate?

 

[andyzee]

So in other words, you were already paying interest monthly due to an existing balance but because you were late with a couple of payments they boosted the interest rate?

Correct, except, I was late with one payment by 1 or days, depends on how you look at it. It was paid one day online, posted the next. Not a major deal, got rid of the credit card, will pay balance this month, case closed. I just fine it outrageous what CC companies are getting away with these days.

 

[SkiDork]

1 more question: What rate were they charging you prior to boosting it up?

 

[andyzee]

1 more question: What rate were they charging you prior to boosting it up?

Somewhere between 8 and 9%

 

[madskier6]

I completely agree that the rates charged by credit card companies are outrageous. I %*&#ing hate credit card companies & their tactics & business practices.

Unfortunately they get away with it because they hire good lobbyists & the rates they charge are generally legally exempt from the usury laws that limit the interest rate a lender can charge. The answer is not that they put the rate into the agreement & so they get around the usury laws. That would still be usury. It's not usury because many of the statutes specifically exempt credit card rates from the definition of usury.

Their lobbyists are very effective, which is why they were able to have the bankruptcy rules tightened to make it harder to file bankruptcy. It sucks.

 

[riverc0il]

Pay off your balance on a monthly basis and you never need to worry about credit cards. Get loans for big ticket items. I am 29 and have never held a credit card balance, even in college. And I am and have never been by any means rolling in the dough. I live within my means and avoid debt like the plague. Credit card companies should be able to charge what ever rates the market will bear. Consumers have a choice. Both a choice on how to change and when to pay and also which company and card to use. Cardholders should be an informed consumers and know the rate on the credit card and not use the card if you don't feel comfortable with the rate. Just my two cents on the topic, but I don't see any problems with high interest rates when there is so much consumer choice in the market place.

 

[cbcbd]

Pay off your balance on a monthly basis and you never need to worry about credit cards. Get loans for big ticket items. I am 29 and have never held a credit card balance, even in college. And I am and have never been by any means rolling in the dough. I live within my means and avoid debt like the plague. Credit card companies should be able to charge what ever rates the market will bear. Consumers have a choice. Both a choice on how to change and when to pay and also which company and card to use. Cardholders should be an informed consumers and know the rate on the credit card and not use the card if you don't feel comfortable with the rate. Just my two cents on the topic, but I don't see any problems with high interest rates when there is so much consumer choice in the market place.

Although I can't speak for everyone's financial situation, +1.

If you want credit cards to work for you there are a lot of tools, especially online, to compare and CC shop. The better your credit rating, the more options you will have and you'll have better deals available.

 

[SkiDork]

Somewhere between 8 and 9%

thats a serious boost. Like some previous posters have said though, if you can at all avoid carrying any kind of balance on your cards by all means do.

 

[Marc]

ahole

Correction-

Handsome ahole.

Just Andy's way of saying he loves me. And in a totally platonic, non NAMBLA way.

 

[Hawkshot99]

Just Andy's way of saying he loves me. And in a totally platonic, non NAMBLA way.

Are you a little boy?:wink: