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Old 04-08-2013, 09:34 PM   #1
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Credit card offers

OMG - - - Have you read any of your junk mail lately? The terms for credit cards offers in the mail are insane (also the card from the Good friend of all RVers). Interest rate of 12.99 is bragged about in the literature. Cards at 13.99 and higher seem to be common. Cash advances at 25.99%.

My Visa card is 6.99% and my credit limit is $25,000.

I no longer use my MasterCard because that went up to 12.99% from 7.99%. I called MasterCard and they were not fazed when I told them that I was cutting up their card. I don't know what I will do when my Visa card goes up from 6.99%. I guess my debit card will be the only card that I ever really use. It's close to that now.

Do people understand the cost of 12.99 or 16.99 interest?

BTW, a bank credit card is up to 12,13, 14 percent and the interest they pay on your savings account is 1.2%.

These situations will change just as soon as gas prices are monitored. LOL
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Old 04-08-2013, 09:43 PM   #2
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The interest rate is zero if you pay up every month.
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Old 04-08-2013, 09:54 PM   #3
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The interest rate is zero if you pay up every month.
Bingo!
Cash flow RULES!
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Old 04-08-2013, 11:00 PM   #4
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I always pay my CCs before they're due, but every 1-2 years, a bill gets "lost in the mail". They always waive the late charge when I call, but it still makes me wonder if they do it on purpose to try to get people to pay without questioning it. BTW, it is always MC.
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Old 04-09-2013, 12:04 AM   #5
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Thom has one bank and one credit union account. Both have bank cards with them, one is MC and one is Visa. I have one credit union with a Visa bank card. No credit cards here. Yes we have gotten $400 worth of diesel on the bank cards with no problems from the bank or credit unions. We don't worry about credit cards and the bills and maybe missing the date to pay. We can move money between all accounts if needed with no problems.

Note about credit unions - My cu is in MI but I can go to almost any cu ATM and get money if needed. I can use most cu's and deposit or get money from a teller if needed anywhere in the country. Thom's cu on the other hand is not part of the network of most cu's so he cannot deposit money a lot of places and has a hard time taking care of things not in MI. He also cannot close it until we get back to MI. If you do go with a cu just make sure that it is part of the co-op and/or star network or a cu network that allows you to do lots of things not at your home cu.
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Old 04-09-2013, 05:07 AM   #6
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The interest rate is zero if you pay up every month.
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Old 04-09-2013, 05:09 AM   #7
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I always pay my CCs before they're due, but every 1-2 years, a bill gets "lost in the mail". They always waive the late charge when I call, but it still makes me wonder if they do it on purpose to try to get people to pay without questioning it. BTW, it is always MC.
Automatic Bill Pay keeps this away.
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Old 04-09-2013, 10:21 PM   #8
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Automatic bill pay is #1 in my book and a credit union is great for service and rates on CCs
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Old 04-09-2013, 10:46 PM   #9
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And you get rewards from the credit cards even after you pay them every month. That is negative interest.
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Old 04-09-2013, 10:54 PM   #10
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I use PenFed for gas. I think it is 5%.
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Old 04-09-2013, 11:12 PM   #11
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I always pay my CCs before they're due, but every 1-2 years, a bill gets "lost in the mail". They always waive the late charge when I call, but it still makes me wonder if they do it on purpose to try to get people to pay without questioning it. BTW, it is always MC.
About the first of every month I go online to each of the three credit cards I have and look at the charges then if no questionable charges I pay the full amount (not the statement amount). This works for me but may not for you.
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Old 04-09-2013, 11:20 PM   #12
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I still like to get the paper so I can look back and see when I bought something and for warranty purposes. Yeah, I know, I can do it online, but I'd rather be here.
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Old 04-09-2013, 11:59 PM   #13
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Citibank is either buying company's credit management or overall credit accounts. When they go hammered by the fed and paid their fines, they then upped their interest rates to 21.99 with 25.99 on cash advances (with a clean history and credit report well into the 700s). The ones I know about are Shell, Sears, Hilton Honors, and a couple of other banks.

Then, they give you a couple of months notice that it is going up.

Agree, use these predators only for pay as you go and to maintain your credit rating (you get docked points if you close accounts).

This has to go down as the biggest rip off out of the whole bank failure rip off of 2008. It preys on all ages. JMHO
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Old 04-10-2013, 12:41 AM   #14
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I think BOA is the worst. Very predatory and usually the first to start new charges. I have some investments, savings and checking in Chase and schedule the pay date as long out as I can. Not sure which is worse. Letting the bank keep my money the longest of letting the CC company get it sooner. Interest rates on savings is pathetic. I guess I could get my rewards sooner by paying off the CC sooner
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