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Credit Card APR
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  (#1)
www.udothedishes.com
 
UnivOfPittBull's Avatar
 
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Credit Card APR - September 30, 2008, 02:38 PM

Holy Shiznit,

I got a bank of america card back in college while i was at a track meet...they gave away free towels =)... But anyway, i ran it up a little at school and finally paid it all off a few months ago. When i got the card it was at 14.9 % and held that for three years...I just checked my last statement which thank goodness has a zero balance...they just jerked to APR to 29.9% !!!

I'm glad i paid it off when i did. That card is meeting the shredder ASAP. I know this is partially because of the buy out but this is exactly why we need to let the banks fail. They've been screwing people for years and are still trying to get one last poke in our collective tail pipes. Let em fail, force em to start over with better practices for their patrons. All our money is insured by the FDIC anyway.


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September 30, 2008, 02:51 PM

that's odd... they usually don't jack the rate up to the max unless there were late payments or something.
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September 30, 2008, 03:23 PM

Quote:
Originally Posted by ladypink600rr
that's odd... they usually don't jack the rate up to the max unless there were late payments or something.
or they're about to go out of business.


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September 30, 2008, 03:28 PM

they were all over with board with my APR and i was making more than the minimum payment, and always early... i was trying to get the debt down and working hard to do it.

but it was all over the place, so i took out a personal loan with a MUCH lower fixed rate and now they auto withdrawl... its like automatically building credit for me

.... and paying it off sooner, and costing me less in the long run.


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September 30, 2008, 03:33 PM

There was a thread about this over on .com, a lot of people dont know if you dont use a specific card for a while they will jack up your apr. If you arnt spending they arnt making $. And credit companies will always find a way to make $.


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September 30, 2008, 05:09 PM

Quote:
Originally Posted by ladypink600rr
that's odd... they usually don't jack the rate up to the max unless there were late payments or something.
Sometimes they jack-em up if you pay them off. So if you leave a balance you're screwed


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September 30, 2008, 05:18 PM

damn 29?!?! holy shyt....

my BOA card is 9.9%
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September 30, 2008, 06:44 PM

They did the same on one of my cards. Been with them for 10 years, never a late payment and always pay way more than the minimum. I for once read those damn notices that they throw in with the statement and i was able to block the rate change. Of course in doing so, you can't use the card and if you do, the new rate resumes. I wasn't using it anyways so it wasn't that big of a deal but it could be for those that are using theirs. I think they wanted to go from 14 to 25 percent and that's a big jump when you have 18k sitting on it.


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September 30, 2008, 06:48 PM

Heh, I remember back like 5 years ago or so I ran myself a credit report (just for the hell of it), and saw that I had some credit card issued to me from some no name bank in Idaho... WTF... Identity theft?? Then I noticed the date it got created... March, 2000. Oops. I must have really wanted that free T-Shirt at spring break. Needless to say I cancelled it.


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September 30, 2008, 06:55 PM

Credit card companies also raise interest rates on inactive accounts. Making chances higher that they can retain as you as a customer by offering a lower APR or balance transfer offers.


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September 30, 2008, 07:18 PM

Quote:
Originally Posted by UnivOfPittBull
... I know this is partially because of the buy out but this is exactly why we need to let the banks fail. They've been screwing people for years and are still trying to get one last poke in our collective tail pipes. Let em fail, force em to start over with better practices for their patrons. All our money is insured by the FDIC anyway.
This is unwise advice and based entirely on the false premise that credit card companies have been screwing people. People have been screwing themselves by buying shit they don't need and cannot afford. Do you know who the FDIC is? Federal government. Do you know who the worst debtor has been these last 50 years? Federal government. So you want to destroy the private financial industry, the ones who have loaned all the money, and wait for the one who owes all the money to make sure you can still afford a roof over your head and food on your table? Not wise.

Sending the banks down the tubes is tantamount to sending ourselves out onto the streets. The best way to handle this is to eliminate as much debt as possible and to avoid creating new debt. If that means no big screen tv this year and fewer trips to blockbuster, then well... there ya go.


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September 30, 2008, 11:34 PM

Now i am not a financial analyst or anything but I do understand a few things

This recession that we're in was mainly caused by housing market crashing because people could no longer afford to pay their mortgages because of adjustable rate mortgages the banks provide. The bank, being a private institution, still has the goal of making money. So when a bank's bottom line doesn't meet expectations, they compensate by adjusting said mortgages and loan rates.

Now the aforementioned people cannot afford there new mortgage rate, get foreclosed on. Banks continue to foreclose on anyone who can't meet their new mortgage rate and soon we have a rash of foreclosures. The rash spreads, lowering property value and causing panic. Sure, the people should have read the fine print about their adjustable mortgages, but if the banks just ate a year in the red instead of jacking up interest, then they wouldn't be getting the proverbial penis in the butthole right now.

Let them burn a little now so they reform for the future.


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October 1, 2008, 06:13 AM

The oil speculators and energy futures really had a hand in getting the ball rolling downhill. Yeah, the ARMs have hurt us too. A lot of people used ARMs and interest-only loans to purchase houses that were really outside of their reach. The ones with the highest car payments and other debt got eaten up first. That made it tough on others who were operating in a little bit wider margin. Now people carrying balances on their credit cards are getting hammered.

As far as letting them burn a little, I agree. If most people would pay off their debts as fast as they can, then banks will not get this insane 30% interest on said debts. On the other hand, getting those loans repaid will help shore up the lending institutions who can then lower their rates. They will show less projected net income but in fact be more stable. In other words, smaller profits that are a sure thing over larger, virtual profits.

I don't like this any more than the next guy, but I'm pretty sure a good, hard run on the entire bank industry would really mess things up for everyone. I wouldn't count on the FDIC to help either, if the whole thing collapses. It will be beyond the range and scope of what the FDIC can cover.

The average person in the US just has to stop living large and start spending more wisely.


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October 1, 2008, 07:11 AM

Hummm my BOA account is 14 and I have 0% APR on balance transfers for a year.
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October 1, 2008, 07:27 AM

no debt since '01


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