Credit card companies are changing your interest rate.

I agree...don't be a 'slave' to those shylarks!!!! Check out Dave Ramsey....talk show host and guidance on handling money.
 
Silverbird said:
If your interest rate suddenly goes up above 25% annual rate, or worse above 40% Annual rate (as in xLady's case), even one month's interest could be nasty. Not even worth using the card at all at some of these rates since often interest compounds daily.
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I never pay intrest on my card if I pay on time.
 
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mayday said:
The solution is easy pay off your card every month.
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actually - paying off your credit card means you are not a good customer & they end up only being your bookkeeper w/o pay; :notrust: and fines are being considered if you do that - But, Mayday, I have been able to locate where I read that. ...Sunday's paper, maybe.
 
mayday said:
The solution is easy pay off your card every month.
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If your interest rate suddenly goes up above 25% annual rate, or worse above 40% Annual rate (as in xLady's case), even one month's interest could be nasty. Not even worth using the card at all at some of these rates since often interest compounds daily.
 
Scout333 said:
XL-entLady said:
Credit card companies are doing their best to rape and pillage before the new laws come into force in August.

I have a credit card from Zions Bank. It's my only credit card since I cut up that Citibank card when they raised the interest rate to 24%. I always pay off my balance each month on this card, but last month I made the check out wrong - my bad - and it left a very small balance owing on the card. I just got a notice that my interest rate was going up to an effective annual rate of 43.36%!!

Just remember these are the same people who sucked us in with the zero interest rates and 2.99% fixed rate deals. Fixed hmmmmh. That's a laugh!
I just got a letter from Citibank raising my rate to 17.99%. I believe that is the third increase in rate in the last 6 months. I no longer carry a balance so didn't hurt financially but I have had this card since 1990. I may call just for the heck of it to see what kind of response I get. May also check with my credit unions to see what is available.
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Scout333 said:
Just as I expected, I got nowhere with them even after going up two levels. Got somewhat smarter folks but still saying the same thing. No better rate available.:mad: Local credit union is offering 8.9% fixed. Its sounding better and better. If I'm going to be taken advantage of I at least want dinner and a few drinks!:D
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mick504 said:
Basically right now the credit card companies...just don't care!

Actually they care a lot -- they want to offer you as much as you need and make sure you have whatever you desire.

Casinos are even worse -- they simply take whatever you have.

They are just alot of blood suckers....getting all the blood they can!

They can only do that if blood is offered -- and there is no place like the U.S.A. to make that happen.

I keep cards for travel...internet airline tickets, rental cars, and emergencies etc. Otherwise I don't use them as am retired!
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We use them everytime we get gas or groceries because we get 5% back and have never been charged beyond what we initially purchased.

My Credit Card rates have gone up -- but it honestly doen't matter.

Folks I'm not saying this stuff to make anyone mad -- or throw salt in your wounds -- I'm simply trying to stress that to a large extent they can only screw us over as much as we let them. We are ultimately the ones that need to hold the reins -- and not let them hold them.

OK - I'm off my soapbox
 
:mad: Wait until the new laws come into effect before putting any balance on your credit card (or if you are stuck like me, use a credit union credit card with a fixed rate). That's the only way to know what's the real deal - until then, welcome to the grand illusion!
 
was it not on this site that I read of plans by the CC's to add a fine if the card Wasn't used, also, if it was paid in full each month?
 
I think I'd best buy some more CHECKS, because I'm NOT going to pay interest rates that should be against the law. I remember the time when there was a limit to the Interest that Companies/Banks could charge on loans and credit cards, that law should be reinstated! They’re probably encouraging people to cancel their cards so they can qualify for another BAILOUT!!:mad::nuts::mad:
 
Basically right now the credit card companies...just don't care! They figure if you cancel they will just wait with high new rates on the new customers they will get cause alot of people are really hard up right now! Sad....but remember they are not your friend. They are just alot of blood suckers....getting all the blood they can! I keep cards for travel...internet airline tickets, rental cars, and emergencies etc. Otherwise I don't use them as am retired!
 
I applied for a JC Penney credit card while in the store in Aug 2009. My credit limit was $2,200 and the interest rate is 22.65%. The rate is deferred until Jan 1, 2010. I maxed out the card that day buying furniture that was on sale. I am paying down on the card each month but still owe over $1,000. I'll pay it off by end of year. What will happen if I pay off all but 5 cents? They will bill me for the 5 cents plus 22.65%? This may be foolish on my part because they may cancel the card. If they allow me to continue to use the card, I will because they have really good sales for the rest of year. I really have contempt for all the credit card issuers.
 
So far for me. Sears raised my rate to 28% I called them to inquire and they said it was a business decision. I asked what options I had, they said rate would stay the same with no increase if ( my old rate was 9.8 % had the card for 35 years) I closed the account. So I did just that, and they could have cared less.
Bank of America basically the same thing, kept my old rate but had to close the account to avoid the rate increase which was 24.9% these folks are crazy.
No wonder why bankruptcies are skyrocketing
 
I'm using my margin account to pay down some credit cards I've accumulated when I had little money - my margin interest rate is currently 5.25% and would you believe tax deductable. And only fools dare to own stocks in a multi-year bull market - call me double foolish.
 
XL-entLady said:
Credit card companies are doing their best to rape and pillage before the new laws come into force in August.

I have a credit card from Zions Bank. It's my only credit card since I cut up that Citibank card when they raised the interest rate to 24%. I always pay off my balance each month on this card, but last month I made the check out wrong - my bad - and it left a very small balance owing on the card. I just got a notice that my interest rate was going up to an effective annual rate of 43.36%!!

Just remember these are the same people who sucked us in with the zero interest rates and 2.99% fixed rate deals. Fixed hmmmmh. That's a laugh!
I just got a letter from Citibank raising my rate to 17.99%. I believe that is the third increase in rate in the last 6 months. I no longer carry a balance so didn't hurt financially but I have had this card since 1990. I may call just for the heck of it to see what kind of response I get. May also check with my credit unions to see what is available.
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Cash.....

is KING.

cash_vs_lease2.jpg

​
 
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