Sign in to follow this  
Followers 0
Mikeynj

Credit card interest rates

Rate this topic

17 posts in this topic

How many folks out there have had there interest rates raised lately. I have had a Master Card since 2002 and have never been late or missed a payment. Now they raised my interest rate from 9.9% to 14.99% . I called to try and get it lowered and they said it was not possible. I also carry a Visa card and my rates were never raised on the Visa. Master Card can kiss my arse. I'm transferring my balance to Visa and paying that sucker off as fast as I can. I'm finally in a position in my life where I can get by without the plastic. But if I do need to make an emergency purchase it will be with VISA !!

Share this post


Link to post
Share on other sites

I can't afford to buy stuff I don't have money for, so I don't use credit cards (except to get the points).

 

I haven't paid credit card interest in years. I don't care what the rate is, it doesn't effect me.

Share this post


Link to post
Share on other sites
View PostHow many folks out there have had there interest rates raised lately. I have had a Master Card since 2002 and have never been late or missed a payment. Now they raised my interest rate from 9.9% to 14.99% . I called to try and get it lowered and they said it was not possible. I also carry a Visa card and my rates were never raised on the Visa. Master Card can kiss my arse. I'm transferring my balance to Visa and paying that sucker off as fast as I can. I'm finally in a position in my life where I can get by without the plastic. But if I do need to make an emergency purchase it will be with VISA !!

 

 

Don't matter which name is on the front of your card--Master Card or Visa. That doesn't govern the interest rate.

 

What matters is what institution issued it.

Share this post


Link to post
Share on other sites

Yup, mine have gone up as well...Fortunately, three out of four have next to no balance and the one that I call 'high balanced' in my book, actually isn't that bad in the grand scheme.

 

And if you think the bank issued ones are bad (my mastercard and discover are at the rates listed in the first post), I actually got a Bass Pro card a few weeks back and that rate is something like 23%...It will only be used for those 'interest free for a year' deals. And even then, only for amounts that can be comfortably paid in less than a year. For example, I bought a Cabo 40 with it and it's already halfway paid off even though it's only 2-3 weeks old

Share this post


Link to post
Share on other sites
View PostWhat matters is what institution issued it.

 

100% correct, mastercard does not give you the financing, your card is almost always backed by a bank and mastercard just makes 2.something% on every $ your charge.

Share this post


Link to post
Share on other sites
View Postcapital one just raised my rates..

 

 

They did the same to me a year or two ago. I'm never late, always pay way more than the minimum. They jumped it up 6%. I called them up and they took off 1%, and said they raised everyones rates because of the economy. I think I'm going to pay it off with my tax refund this year.

Share this post


Link to post
Share on other sites

let me tell you what Chase just did to me...a couple of years ago i got an offer for 3.99% for the life of the balance so i flipped all my plastic balances to it and have just been paying the balance down and not making new charges...chase recently decided that they weren't making enough money on the people who took advantage of the promo offers so they raised the minimum monthly payment from 2% to 5% of the balance and added a completely arbitrary $10 per month "service charge"...call customer service and they basically tell you to go pound sand...even with the service charge, the APR is still less than 6%, but it really bugs me they can pull this BS...

Share this post


Link to post
Share on other sites

Today....from Reuters News.....

 

Analysts estimate credit card charge offs could climb to between 9 and 10 percent this year from 6 to 7 percent at the end of 2008. In that scenario, such losses could total $70 billion to $75 billion in 2009.

 

 

Credit card lenders are trying to protect themselves by tightening credit limits, rising standards, and closing accounts. They have also been slashing rewards, raising interest rates and increasing fees to cushion further losses.

Meredith Whitney, one of Wall Street's best known and most bearish bank analysts, estimates that Americans' credit card lines will be cut by $2.7 trillion, or 50 percent, by the end of 2010 -- and fewer Americans will be offered new cards.

Share this post


Link to post
Share on other sites
View Postlet me tell you what Chase just did to me...a couple of years ago i got an offer for 3.99% for the life of the balance so i flipped all my plastic balances to it and have just been paying the balance down and not making new charges...chase recently decided that they weren't making enough money on the people who took advantage of the promo offers so they raised the minimum monthly payment from 2% to 5% of the balance and added a completely arbitrary $10 per month "service charge"...call customer service and they basically tell you to go pound sand...even with the service charge, the APR is still less than 6%, but it really bugs me they can pull this BS...

 

 

Chase blows. They hit me for a late charge when I made the payment at a Chase branch the day it was due--because it wasn't "posted" to my account on the date it was due. I called with the receipt number--it didn't help.

 

While I was on the line I cancelled the card.

Share this post


Link to post
Share on other sites
View Postlet me tell you what Chase just did to me...a couple of years ago i got an offer for 3.99% for the life of the balance so i flipped all my plastic balances to it and have just been paying the balance down and not making new charges...chase recently decided that they weren't making enough money on the people who took advantage of the promo offers so they raised the minimum monthly payment from 2% to 5% of the balance and added a completely arbitrary $10 per month "service charge"...call customer service and they basically tell you to go pound sand...even with the service charge, the APR is still less than 6%, but it really bugs me they can pull this BS...

 

Capital One screwed me on something similar a couple years ago. They made a "change in terms" of the card which they tried telling me voided the original terms where I had transfered a large amount that was 3.9% until paid in full. Upped the interest rate to 14.9% even though I kept my end of the bargain making all payments on time. I paid the balance of immediately and cancelled the card and will never do business with them again.

 

As for Chase I have my company card through them and unfortunately have needed to carry a balance there lately and I just noticed that my interest rate which was 8.9% months ago is now down to 4.4%. I've never seen a credit card interest rate that low for purchases with no strings attached.

Share this post


Link to post
Share on other sites

I have to call the cards that I do not actively use to see if they changed their fees, or go on their site.

I have a few cards with a zero balance that previously had no fees attached to them.

If they don't, I wonder if I should still keep them open since credit is harder to come by now. headscratch.gif

 

I use my Cabelas Visa and Amex Optima, the others never get used.

 

I kept the Providian/Wamu card for the sole reason that they gave a free Fico credit score update monthly. That card just changed to Chase..cwm27.gif

Share this post


Link to post
Share on other sites

Lot of horror stories right now about CC companies. Some people are having their credit limit dropped without notice, many times lower than their current balance and then they're being charged a late/overdue fee for that, fee only gets wiped out if they personally call and complain. Have to wonder how many people dont call and simply pay the fee, must be a good chunk of change for the companies.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to register here in order to participate.

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now
Sign in to follow this  
Followers 0

  • Recently Browsing   0 members

    No registered users viewing this page.