Credit Cards: Just out of curiousity because I have no clue

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  1. So nosy... but what's the interest rate on your cards?

    I pay off my balances in full every month but it's kind of the principle of the thing that irks me. Also, I'm paranoid that someday I *will* have a big emergency and won't be able to pay the balance off in full... being spewed from the warm womb of college, soon.

    I have two Citicards with 16% interest... They said that's the lowest rate they'd go! I didn't talk to a supervisor or anything, though, and I didn't press the issue.

    I don't have a lot of credit but what I do have is excellent. Is a 16% interest rate normal? That seems quite high to me.

    What are the rates on your cards? SO NOSY, I know, but for comparative purposes. I have nobody to really ask, my friends are very private about this kind of stuff.

    Thanks for humoring me.:shame:
  2. That is actually slightly higher than average right now, based on the nation's interest rate, recently the Wall Street Journal stated the national average to be 14%.

    You can negotiate a better rate, you just call and tell them you are thinking of closing the account because of the rate, ask if they will bring it down.

    I have done this with Capital one and it worked.
    Of course, the lenght of time you have been a cardholder can and will affect the rate and their willingness to work with you to lower the rate.
  3. The average is 14%? Wow, that's still higher than I thought. But of course, what was I expecting! Thanks, Loganz, that's really helpful.
  4. That is what I read, think about all the dept store card that get issued each day with 19% - 21% interest rates. :weird:

    That is going to bring the average closer to the 14% mark.

    I read the lowest fixed rates are getting harder to get; you may get a great low variable rate, but, if the feds raise the rates then your variable rate will adjust accordingly.

    The best bet, is to stick with your credit providers and not bounce around, you need to show that history of consistent payments and good credit to be considered for the best rates, companies will reward your loyalty and good business.
  5. My Macy*s charge is a whopping 23% and that's what they start everyone at.

    My Best Buy charge is 16%

    My HSBC Mastercard is 12%

    My BP card is 19%
  6. Mine are in the 9% range. I've been working on getting it lower.
  7. I think at one point Wells Fargo gave me a card with my account that was like 29% or something ridiculous and I cut it up.
  8. Mine is AMEX, I got 2 AMEX cards one is 9.99% and 12.99%.
    And I heard your rate are base on your credit.
    I have no idea how they made decision on each person rate.
  9. 16% is kinda high. My amex just got upgraded and the first 12 months is 0%. However, it used to be 23%, but then again, it's AMex.
  10. i just got my AmEx, so i have 0% for like six months and then i think it's 11%. My Visa is 17% but that's because it started out as a student card (they just switched me to a regular one a few weeks ago). I have a gapcard but no idea what the interest rate is because the bill is rarely more than like $100, lol. i also don't know what my best buy card is because they'll give you 0% interest on everything as long as you pay it off within 3 months (6 months if it's over $299). if you don't, they hit you with like 19% back interest.
  11. Mine varies.. but dept. store cards are 19-24% (Ouch!) I have a plat MC at 12.99% fixed, Citi 9.9% fixed. Suze Orman suggests that you should ask your CC companies for a lower rate. If another company solicits you with a lower rate you can use that as leverage. I tried it with my MC and it worked. If you carry a balance, she also suggests that you transfer balances to a lower rate card if you have too, even if that means switching six times in six months. Her advice is usually interesting.
  12. My Amex is 7.99%.
  13. Right now, I'm using an MBNA Mastercard which has 0% until November 06, then it goes up to 16.9%. I also have 10 other cards which have nothing on them, but they are there as a back up should i need to use them.
    I always swap my balances around as soon as the 0% deal runs out, so i never pay any unnecessary interest.;)
  14. Mine are either 9% or 10%, but I always get those offers to transfer with 3.99% for the life of the balance. Which I do.

    I used to always pay my whole balance off completely, but things went sour a few years ago for a few months, with no unemployment, and I had to live off my CCs for a while.... and I'm STILL paying it off.
    I hate thinking about the fact that I'm still paying for food I ate back in 2003.
  15. I use only Amex 11% the others sit around doing nothing. I refuse to use them Saks, Lord & Taylor, NM 21% or so is outrageous.