No more fixed rates
- Thread starter trojan2k
- Start date
You'll be better off with cash right now anyway...they CC companies are really starting to take full advantage. We are their "bail out plan" LOL
I need to get from under my debt...I hate even worrying about it, and I hate credit cards, but I was left with a huge one from the divorce, so it's time to focus on getting it paid down and then shred it
I need to get from under my debt...I hate even worrying about it, and I hate credit cards, but I was left with a huge one from the divorce, so it's time to focus on getting it paid down and then shred it
Variable rates on credit cards?!. Never heard of that one.
I have 2 credit cards, and so far, no changes on either. Guess they have another month to do it, but (knock on wood, fingers crossed) everything has been business as usual so far.
I have 2 credit cards, and so far, no changes on either. Guess they have another month to do it, but (knock on wood, fingers crossed) everything has been business as usual so far.
Just about every credit card out there has variable rates.They raise the rate after a certain period of time. Most cards start off with a low introductry rate and then increase the rate after either 30,60,90 days...some after a year or two. Most people dont read this part of thier agreement when they get them then get a huge shock when they find out that after a certain period of time they are paying 20+% interest rates! Thats how they trick you outta all that money!
afterhours
Registered
using other peoples money can be expensive.......
its funny, nobody complains when they are buying things with a credit card. they only complain when its time to pay.
its funny, nobody complains when they are buying things with a credit card. they only complain when its time to pay.
does not work that way anymore... with most of the companies, you have 25 days to pay now.. Our office puts well in to 6 figures every month on medical supplies (for the points) and then we pay it at day 24.. If you do not pay on that 25th day? ouch...
Many are dropping points programs now as well... they are just finding every which way to close any loopholes... We bail them out through Obamanomics and then they give us the "presidential" treatment...
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oh yeah...well I just saved a ton of money on my insurance by leaving the scene of the accident
Yep, imagine that.???
some interesting facts about credit card rates...and oh yes, they can change them whenever they feel like it, whether they are variable or not!!!!
•93 percent of cards allowed the issuer to raise any interest rate at any time by changing the account agreement. (Source: Pew Safe Credit Cards Project, March 2009)
•Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
•72 percent of cards included offers of low promotional rates which issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
•For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
•Among 41 credit cards Consumer Action looked at from 20 banks, the average interest rate for purchases was 13.54 percent. That's a drop of nearly a full point from the 2007 survey results. Interest rates on purchases ranged from 6 percent to 22.75 percent, with the 12 fixed rate credit cards averaging an interest rate of 11.82 percent and the 29 variable rate credit cards averaging 11.82 percent. (Source: Consumer Action credit card survey, July 2008)
•77 percent of surveyed credit card issuers (17 of 22) answered “Yes” to the question “Can you increase my APR or change my terms ‘any time for any reason’?” This includes all Top Ten issuers – even Citibank, which pledges not to change a customer’s terms before the card’s expiration date. (Source: Consumer Action credit card survey, July 2008)
•93 percent of cards allowed the issuer to raise any interest rate at any time by changing the account agreement. (Source: Pew Safe Credit Cards Project, March 2009)
•Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
•72 percent of cards included offers of low promotional rates which issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
•For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
•Among 41 credit cards Consumer Action looked at from 20 banks, the average interest rate for purchases was 13.54 percent. That's a drop of nearly a full point from the 2007 survey results. Interest rates on purchases ranged from 6 percent to 22.75 percent, with the 12 fixed rate credit cards averaging an interest rate of 11.82 percent and the 29 variable rate credit cards averaging 11.82 percent. (Source: Consumer Action credit card survey, July 2008)
•77 percent of surveyed credit card issuers (17 of 22) answered “Yes” to the question “Can you increase my APR or change my terms ‘any time for any reason’?” This includes all Top Ten issuers – even Citibank, which pledges not to change a customer’s terms before the card’s expiration date. (Source: Consumer Action credit card survey, July 2008)
Just substitute the words "billing cycle" for "month" and we'll call it good.
Credit card companies have gotten this all figured out. Give customers "points" or "rewards" for using the cards. Makes the consumer feel good.
Meanwhile, the credit card fees incurred by merchants cause merchants to build extra margin in their retail prices for everyone...credit or cash.
Consumer feels good because they got something for "nothing"...nevermind they've had to pay extra for everything they've purchased throughout the year.
What makes it even better is that credit card companies restrict merchants from telling customers just how much the credit card companies are charging for the service they provide.
The U.S. has some of the highest interchange fees in the world...nearly double what much of the developed world has to pay.
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some of the local gas station stores around here charge you an extra 25cents per purchase if paying with credit....so that tells ya a little something about that little charge. Yes people, by using credit cards, You're not just screwing yourself...your screwing every
body!
body!
Laylas_Mom
Registered
I will have mine paid off by Jan! Yay! Then I am looking at buying a house! Cant beat these prices in Orlando...
Should have kept it but just stopped using it. Since you had it for 5 years your credit rating may drop now.
Fwiw my 5/3 bank Mastercard Platinum started off many years ago at 8.9% and it's still at 8.9%. Once in a great while I'll purposely carry over a balance to acrue a $3 to $5 finance charge just so the credit bureaus see some activity.
Fwiw my 5/3 bank Mastercard Platinum started off many years ago at 8.9% and it's still at 8.9%. Once in a great while I'll purposely carry over a balance to acrue a $3 to $5 finance charge just so the credit bureaus see some activity.
You should have seen the look on the dealers face when I put my new van on a credit card for a couple days so I could get the points again..
they failed to write into the contract that I could "NOT" use a cc... they had to take the card and I got the points 
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