Credit Card Interest Rate

Submitted by Laura on Thu, 02/14/2008 - 07:22

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?

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.

Fri, 02/15/2008 - 13:36 Permalink

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.

Sun, 02/17/2008 - 20:12 Permalink
Anonymous (not verified)

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.

Tue, 02/19/2008 - 12:27 Permalink

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"

Wed, 02/20/2008 - 04:28 Permalink

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!

Thu, 02/21/2008 - 00:29 Permalink

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.

Fri, 02/22/2008 - 17:51 Permalink

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.

Sat, 03/15/2008 - 05:33 Permalink

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.

Mon, 03/24/2008 - 00:20 Permalink

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'?

Tue, 04/01/2008 - 14:02 Permalink

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.

Thu, 06/19/2008 - 02:02 Permalink

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.

Fri, 08/15/2008 - 09:52 Permalink

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%.

Fri, 08/15/2008 - 11:38 Permalink

Fashion Bug. I was amazed to even get credit there but I think since I was an employee they went ahead and issued one. It didn't take me long to figure out why. The more you work there and see things, the more you want it and charge it. I seen this happen to alot of workers. I about fell into the trap until ,y boss gave me the wise advice. I quit working there (not for that reason) paid off my card and don't go in very often at all n ow.

Sat, 08/16/2008 - 14:27 Permalink

Are they hard to get credit through them? I had a card with them when I was in desert storm, I did not recieve the bills but sent them payment monthly, when I came home they said my payments were late, I did pay the account off, I was really irritated by this treatment. I have a daughter now so an account with them would not be a bad idea if they would give me a card with my credit score.

Wed, 08/20/2008 - 03:53 Permalink

It was how I first started to rebuild my credit. It took applying twicw leaving a cople months in between. I was old unless you have excellent credit this would be the way to go. Good credit reports they approve you right off. Bad ones it takes a couple tries and then they give you one. Be aware though the interest is a little high but I reallly don't use mine these days. I just did it to get my credit restarted.

Wed, 08/20/2008 - 13:50 Permalink

What is the intrest rate? I figured I would charge like $20 or $40 and pay it off, then use it again and pay it off to establish a credit history on the card and then just leave it open. They did not send me anything on what the intrest is on the account, would be interested in knowing.

Fri, 09/05/2008 - 02:14 Permalink

I am not sure but I think its like 20%. I know how hard that is to swollow but if you want to rebuild your credit it really helps. That is another reason why I want to pay mine off is the interest rate and then close it. Since it has been years I find I can get much better rates with other places so why keep the higher interest rate cards? I am waiting until I have had the newest account for a t least two years but that is approching so I will decide then.

Sat, 09/06/2008 - 02:40 Permalink

I honestly did not think that I would get it. I figure that I would just use it like $20 to $40, then pay it off, with a $200 limit, I could not really do much else.

Sat, 09/06/2008 - 03:22 Permalink

I am glad you did. Sometimes people get discourage, and rightfully so, when rebuilding credit. they just need another chance.

Sun, 09/07/2008 - 01:32 Permalink

Now I just read one of her posts that stated that she catches all of her "since last visit posts" maybe she did not get to this one yet goodnatured.

Sun, 09/07/2008 - 14:48 Permalink

She will catch it, it may take her some time, how are you doing erb, you have been missing in action????

Sun, 09/07/2008 - 17:49 Permalink

Lol, she must be taking a break or something, haven't seen her here for a little while.

Mon, 09/08/2008 - 01:02 Permalink

I"m back. I get only allotted posts now. Still haven't figured it out but hey I still like to come and play. Did everyone get a chance to welcome the peacock rancher? Sounds like a pretty nice person. Anyway I am here now you can put away the tissues.

Tue, 09/09/2008 - 01:17 Permalink

Welcome back, yeah I did comment on a few of peacock ranchers post, seems like he is gonna fit in here, doesn't post much yet, more on the business end of things.

Tue, 09/09/2008 - 01:25 Permalink

OOPs I think I thought he was a she but hey usually until we all get to know one another we can let it go. It seems as if it is really interesting. There are some questions there you may be a little more qualified to answer. You may want to take another peek.

Tue, 09/09/2008 - 01:29 Permalink

oh well, I think that he will venture out where he feels comfortable. I will go and check out the posts and see what you are talking about.

Wed, 09/17/2008 - 02:30 Permalink

There was one that really made me feel bad. Some company emptied a guys bank account and the bank could do nothing because they said they had a judgement but the guy never seen one or even knew there was a court date. I still an't understand how they can hold a court hearing without knowing for sure the other person was notified.

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