Credit card Interest rates sky rocketing?

[TheGeneral+]

Talked to a Visa CC manager this morning and he explained how rates are going variable even if you are a long established good paying customer. I was quoted a 20% variable rate on purchases when just a couple months ago I was fixed at 9.9%. Time to do some re-evaluating. Of course I can get special 6 month deals at only around 5% still, but not fixed at a decent rate. The visa company said I would receive a letter from Discover soon as well stating the same. Thank God I have my balances paid off. I was shocked to hear this.

 

[Fishhead]

Anybody with decent credit will still be able to pull in a 1.9% rate if they shop around.......or lower.

 

[TheGeneral+]

I agree if you are savvy and stay on top of it, you can easily get good rates on short term CC loans. I just hated having to deal with the transfers when I was dealing with cards. I am amazed how they changed swiftly from a fixed 9.9% to a variable, currently 20 plus %.

Those who aren't savvy with CC's are in for a hurtin'.

 

[stomie]

Anybody with decent credit will still be able to pull in a 1.9% rate if they shop around.......or lower.

Example????

 

[Dante]

Anybody with decent credit will still be able to pull in a 1.9% rate if they shop around.......or lower.

exactly

 

[TheGeneral+]

I assume fish is referring to transferring balances around. If there is a place I can get a fixed 1.9% forever please Let me know.

 

[Fishhead]

General- How many current cards do you have?

Call them and ask for any SPECIAL rates they are offering............with decent credit you should get no more than a 4.9% offer.............and hopefully less.

Be sure to check transfer fees............some charge no fee!

If your a member of BA, I would strongly urge you to get one of there CCards.........they offer great rates on CC to their customers.

Hard to beat 0% for a year with NO transfer fees.........which I was just offered a few weeks ago.

-F-

 

[stomie]

Lowest I can find

http://www.pulaskibank.net/

 

[TheGeneral+]

I have every card known to man I think Fish (I just counted 23 active). I have excellent credit. I do not want to get back into the transferring and shopping business. It sucks. I have my cards paid off now, but if I go buy a stove with my Visa I would have thought the rate to be fixed @ 9.9%. It was upped to 20% plus overnight. Your point of shopping if fine, but I am tired of all that BS. I will not be using my card for anything I cannot payoff the same month. You are right but the issue of Shoppiong around for balance transfers is not the point here. Why did the reserve have to take such dramatic measures on decent fixed rates?

 

[jerseymike111]

Talked to a Visa CC manager this morning and he explained how rates are going variable even if you are a long established good paying customer. I was quoted a 20% variable rate on purchases when just a couple months ago I was fixed at 9.9%. Time to do some re-evaluating. Of course I can get special 6 month deals at only around 5% still, but not fixed at a decent rate. The visa company said I would receive a letter from Discover soon as well stating the same. Thank God I have my balances paid off. I was shocked to hear this.

Pete..Forget about the guy you spoke to.There are many good banks that are still offering great rates.
I just received a visa card from chase 0% for 18 months..then after that it turns into a 7.99 fixed...you can apply for that online.
Also a must to have is 2 cards that that low banks tranfers..Things get alittle out of hand for someone,you can always bank transfer at a rate from 0 to 4.99%.
Citibank also does bank tranfers at a 0% rate intil balance is paid off.
The key is NOT to use the card intill the balance is paid off because any charges that you put on that card,goes on the back end with their regular % rate.
I would cancel the cards you have then apply at these two banks.

 

[jerseymike111]

Having to many cards,even if you have 0 balances on them..Will lower your credit score...Just someting for you to think about

 

[TheGeneral+]

I am very up to par on CC's Men and the tricks involved. Trust me, I have been there and done that.

What should be taken from this post is check your cards for current interest rates, because if you don't read the little fine print material you get in the mail, you may get fooled out of some cash via terrible interest rates.

Be careful and check before purchasing.

 

[TheGeneral+]

Having to many cards,even if you have 0 balances on them..Will lower your credit score...Just someting for you to think about

I have been told that for 2 years now and even asked creditors, particularly home Equity loaners and they all say they can care less. I figure some have experienced problems with this. I have not, although I understand the reasoning perfectly.

 

[BooksWorstEnemy]

Everyday my mailbox is crammed full of 0% introductory rate credit cards. I have maintained about $15K in credit card debt over the last three or four years at 0%. Every so often, I have to transfer from one card to another because the term is expiring. This is usually a $50 fee or so.

$15K of free money...I'll take that all day long.

Later,
Books Worst Enemy

 

[BooksWorstEnemy]

General,

I'd bet the reason you are getting such bad rates is because you have 23 lines of credit. Close all but one or two and your mail box will be crammed full of 0% intro rates.

Later,
Books Worst Enemy

 

[TheGeneral+]

Everyday my mailbox is crammed full of 0% introductory rate credit cards. I have maintained about $15K in credit card debt over the last three or four years at 0%. Every so often, I have to transfer from one card to another because the term is expiring. This is usually a $50 fee or so.

$15K of free money...I'll take that all day long.

Later,
Books Worst Enemy

I don't like to be in debt in any fashion. It happens. No way I can prevent it, but I became exhausted even thinking about the debts on CC's. Dentists, Doctors, MRI's, Ortho's, Cable, Elec, Gas, phone, meds, health ins, car ins, mortgage, etc....

Trying to reduce as many monthly payments as possible.

 

[TheGeneral+]

General,

I'd bet the reason you are getting such bad rates is because you have 23 lines of credit. Close all but one or two and your mail box will be crammed full of 0% intro rates.

Later,
Books Worst Enemy

I can get Zero rates as well if I shop around and want to get back in business. I choose not to. I am not wanting to use CC's anymore unless I can pay off the debt without any interest. I will just use for what I can pay off in any one billing cycle.

 

[Whoson1st]

General,Fish or anybody---correct me if I am wrong; but on those 0% or very low rate balance transfers for 6 months to a year; they all have the fine print business; to basically shove it up someone's rear if they choose. I have a 0% that will be up in June and Unless I deplete ALL my cash to pay it off; I'll still have a balance after June.

Plus--I thought the banks and Credit card companies just got VERY FAVORABLE laws passed in their favor for bankruptcy!!!!! Go Figure!

 

[BooksWorstEnemy]

++++I thought the banks and Credit card companies just got VERY FAVORABLE laws passed in their favor for bankruptcy!!!!! Go Figure!++++

Let's hope so. I am in the landscaping business and I can't do business without extending credit. The country is full of deadbeats. In Texas, if someone stiffs me, there is very little I can do. As it is now, the law protects the deadbeats and screws the creditors. It's insane.

Later,
Books Worst Enemy<!-- / message -->

 

[jerseymike111]

Whoson1st
Don't deplete all your cash to pay it off in june.I would pay off your balance using one of the two banks i mentioned 0% no fee bank transfers.
Better to keep your cash and pay it off at 0%.