Loan Management

Credit Card Interest Rate

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Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1409

34306 Magic Points

Subject: Credit Card Interest Rate

Thu Feb 14, 2008 7:22 am

Hi Everyone,

This is a question posed to you all. Dont you think that the sudden rate revisions by the Federal reserve was going to cut the interests down to consumers ease? Did it happen at all. I have noticed people being charged enormous rates without being given any valid reason for the hike. The business card holders have been affected the most. What are your views?
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Regards,
Laura.

Ism

Joined: 13 Feb 2008
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Posts: 44

2506 Magic Points

Fri Feb 15, 2008 1:36 pm

The credit card companies are too nervous right now to cut any slack. The rate of delinquencies is increasing every month as people have to choose between their mortgage payment, gas, food or the CC payments. Balances are rising at the same time. Add in the fact that a credit card company doesn't actually HAVE all the money they lend out via the cards, and it's getting harder and harder for the credit card companies to get money from other companies. The best way to raise capital? Fees.

The Federal Reserve dropping rates will take months to trickle down to the average consumer, if it ever does.

hummingbird

Joined: 10 Jan 2008
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Posts: 129

724 Magic Points

Sun Feb 17, 2008 8:12 pm

Wow! That does not sound good at all. Last I heard the minimun payment was to go up.Mine has stayed the same.Mine are low enough that I have been able to make them all on time, so far.Hopefully with God's help it will continue.

Guest

Tue Feb 19, 2008 12:27 pm

I have a business card and this month my interest rate went down over 2 points. I am not sure if it was due to the cut in the feds interest rate or if it is due to my starting clear up my debts. Maybe it is a combination of both. Anyway you look at it, it is a win for me.

anthony

anthony

Joined: 31 Jul 2006
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Posts: 381

9616 Magic Points

Wed Feb 20, 2008 4:28 am

The idea seems a bit somber. The effect will be nothing but negative. As it is the prices are rising and the amount of debt is also increasing. Lets wait an watch how long it takes to "trickle down to the average consumer"
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Anthony..

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.

diem

Joined: 20 Feb 2008
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Posts: 97

141 Magic Points

Thu Feb 21, 2008 12:29 am

It's only minor relief. One late payment can result in an extreme rate jacking to the max APR.

Just an example:

I just noticed that Chase has rate-jacked me on one of my credit card accounts which I’ve used to take a cash advanced from. In examining the past few months of statements, I noticed that they changed the due date from the 20th of the month to the 14th of the month in February, resulting in my payment being categorized as one day late. I’m quite upset.

That's not even for a late payment, but for a cash advance which can be deemed risky. Cash advance already has nasty interest rates without the jacking!

hummingbird

Joined: 10 Jan 2008
hummingbird's page
Posts: 129

724 Magic Points

Fri Feb 22, 2008 5:51 pm

I have a Chase account .maybe I should be looking more closely at it.I have a habit of knowing all the info and assuming they will not change it.

charles.armbruster

Joined: 14 Mar 2008
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Posts: 27
Location: Mesa, AZ

1355 Magic Points

Sat Mar 15, 2008 5:33 am

The FED is studying the case of credit card liability on Americans, especially the ability of banks to 'co-regulate' the rising of rates when one institution shows a lateness by the borrower.

I, for one, cannot believe that ANY bank can get away with charging ANYTHING over 20% for ANY lending arrangement it makes with a customer. I mean, isn't this usery, plain and simple. Many of us would rather give the Shakespearean 'pound of flesh' than these 35+% rates I have seen. I don't know how they honestly justify these rates. And, I'm certain that this issue will become a large political football by November.

hummingbird

Joined: 10 Jan 2008
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Posts: 129

724 Magic Points

Mon Mar 24, 2008 12:20 am

Well I certainly hope so.It is palin robbery! We had a credit card for years .When it came time to renew it they declined. We had only 2 late payments in those years. I think they basd it on our credit as a whole not just with them. My cards are up for renewal this year and I am afraid they will do the same thing as I have never been late yet and have always paid beyond the minimum but have not been able to pay them down much at all. Usally we run upon a snag and have to change maybe 50 dollars a month which sets us almost back to square one.

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714

75 Magic Points

Subject: credit cards

Tue Apr 01, 2008 2:02 pm

Especially..if you have a 'bad credit' credit card (ie..Imagine). You are ALREADY paying MORE of an % rate than the 'normal' person. Is it worth having a credit card, for 'emergencies', raise your credit score, etc. , if the credit card companies charge an 'arm and a leg'?

goodnatured

Joined: 03 Nov 2007
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Posts: 2524

3614 Magic Points

Thu Jun 19, 2008 2:02 am

If they do decide to close it off you will be forced to live with in your means hummingbird, that may be a good thing. I know at first it is a shocker, but in the long run you may be better off.

I hope they don't close them on you, but you have to find the good in it so you are not getting down about it. We will keep our fingers crossed for you.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

ken jardine
Guest

Subject: california max interest rates on credit cards

Thu Aug 14, 2008 1:51 pm

what is the maxium apr they can charge on a credit card in california.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2524

3614 Magic Points

Fri Aug 15, 2008 9:52 am

I don't think there is a maximum or a minimum in any state, it all goes on your credit score and history. I could be wrong, please wait for others to respond to this query.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 1926

9601 Magic Points

Fri Aug 15, 2008 11:38 am

I have heard that they can actually change your APR at any given time. Say your credit score drops or you make a late payment an APR can shoot through the roof. I had one for a small dept store that I used sparingly. I got it to build or should I say rebuild my credit. The month before I made a payment of $20 the next month it was $5 higher and I didnn't even use it to charge anything else. Here when I called they had raised there APR. I also think the amount of interest these CC places can charge should be limited. I have seen them as high as >29%.

goodnatured

Joined: 03 Nov 2007
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Posts: 2524

3614 Magic Points

Fri Aug 15, 2008 11:47 pm

what company was it from fireyone?
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

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