What percent interest are you charged on your credit cards?
We have a few cards, and they all are wildly different in interest percentage rates.
Citi is 25.99%!!!! That one will be paid off in two months and cancelled.
Chase is 14.49%
First National Bank MC is 9.99%
GM card is 20.49%
I have maybe been late in mailing a payment twice. Each time I contacted the company and politely begged for forgiveness, and the reps would say that we wouldn't be penalized. But I don't remember getting notification on the raising to 25.99%!
I had to really come down hard on DH last year because there was buying on the 'net and things were adding up but when it came time for me to pay the bills each month, he's question me on how much I was paying off to each one. Well honey you can't buy things without expecting to pay for them!! So he agreed to just use PayPal if he wanted something, which has worked so much better! Because that comes right out of our checking account which he monitors closely. With the cards, it was like 'out of sight out of mind ' for him.
Anyway I know 4 cards in NOT fiscally responsible....but I am whittling away at each one. As soon as the Citi is paid, then I will make extra big payments on the next one. I know DH will be ecstatic when he sees what progress I've made. And these things will NOT be run up again.
I have cc with rates like that too...and I have never been late on payment. We just get letters in the mail saying they are raising rates to ... and we just have to go with it. I just want to pay them all off and "try" to be done with them.
My CaptialOne was at about 19%, last year they raised it to 26%. I've been shopping around for a new one, but I don't have a reliable income right now and they just don't give out credit cards like they used to. I don't usually keep a balance on my card anyway, so it doesn't matter that much.
Quite frankly, I have NO idea. I always pay in full so I have no clue what the interest rate is. But I am sure it is pretty steep. My most frequently used credit card is President's Choice Mastercard and the interest used to be something like 18.9%. THEN, a few years back, I noticed that the interest rate went up to 24% or so. I don't recall being notified but then again, if they mail me an amended agreement I usually toss it without reading it anyway.
Be careful about cancelling credit cards. Even when you do it, instead of the card issuer, it may hurt your credit score. It has to do with the credit balances vs. available credit ratio.
Have you contacted them about lowering the rates? Or transferring balances?
Yes; sometimes they are receptive. We received a letter from First Bank Card last year, saying that our 9.99% was going to be raised to 15.99%. In very small print, there was an address you could write to, to 'plead your case' (ask for account review) which I did right away, and was indeed able to keep the 9.99%
However with Citi, I checked my folder and I saw that I did call them in January because I had noticed the jump in interest to that horrible 25.99%. It was because, in October, I was one...day...late...in getting a payment in. My fault completely, but I called and asked if they could reconsider as we had been customers for like 15 years and never late before. The rep said they would review the case and get back to us. They did not get back to us, it slipped my mind, and here I see they did not see fit to reduce it. I called last night, and said that I would pay it off in 2 months and cancel the card.
Quote:
Originally Posted by MoveMoveMove
Be careful about cancelling credit cards. Even when you do it, instead of the card issuer, it may hurt your credit score. It has to do with the credit balances vs. available credit ratio.
thank you for that advice!! so I think I will not cancel it, just never use it. Or maybe charge a $10 item once a month and of course pay it off right away.
Be careful about cancelling credit cards. Even when you do it, instead of the card issuer, it may hurt your credit score. It has to do with the credit balances vs. available credit ratio.
I just HAD to cancel a credit card.I got notice that they were going to start charging a $60.00 annual fee,unless of course I charged $200.00 a month on the card.How can they do that to people,and then on top of that,HURT your credit.It doesn't seem legal.
My other credit card's intrest is somewhere are 14%,but IF I use it,it's paid off by the next month.
I just HAD to cancel a credit card.I got notice that they were going to start charging a $60.00 annual fee,unless of course I charged $200.00 a month on the card.How can they do that to people,and then on top of that,HURT your credit.It doesn't seem legal.
that doesn't seem right at all!! I do respect a contractual agreement but when 'they' change the rules ( or change them and put it in a letter 2 pages long of closely typed legalese) it doesn't seem right.
Anyone remember the government bailing many credit institutions out with OUR taxpayers money?
I will feel so good when I get our debt down to almost 0, which will be pretty soon.
There has been a drive lately to get folks to bank locally and through credit unions and try to get their cards there too. Folks are way upset about this crap, and have decided it's the best way to deal with it. We keep being told to "vote you pocketbook". Seems to be the only voting that's being listened to anymore.
My capital one went from 13.99 to 29.99 % a few months ago. I had this card for years and was not late with my payment. I called and they would not change my rate. They said if you were late it could go even higher. I figured it was just best to cancel the card and close the account.
Keep in mind that they are all being forced into a lot of changes because of all the new rules. They are raising their rates now because soon they will not be allowed to raise rates on people unless they default, they will not be allowed to charge over-limit fees, etc. There are a lot of good articles online about what all the changes will be and most of them are in favor of the consumer, unfortunately APR is not one of them.
I think the best thing anyone can do is find a balance transfer. I have one for 2.99% for the life of the balance and we moved all our debt to it and it can sit there forever and be nickle and dimed to death. It's a better rate then our car!
We have about 7 credit cards. We have the one we use for day to day stuff, like a debit card- that gets paid off every month. We have the Costco Amex one for the good gas prices & rewards. And we have the one that our balance transfer is on- that we don't touch at all. All the other cards are cut up, but we will probably have to review to see who will be closed out. Even though it will affect your credit score- who wants to pay an annual fee on a card they don't use?! Nobody! And annual fees are coming back in abundance with the new laws.
We had an account closed because we didn't use it enough, which did hurt our credit, and even a call wouldn't get them to reinstate it. We were charging small things every few months or so but apparently it's not enough to use it rarely, pay it off, and keep it for emergencies!
of course not mandalinn- where is the money they make off you? there isn't any! even if you're a good customer, you're really not a good customer unless you're carrying a balance and only paying the minimum... cc companies are such jerks!
What percent interest are you charged on your credit cards?
for forgiveness, and the reps would say that we wouldn't be penalized. But I don't remember getting notification on the raising to 25.99%! 
' for him.
