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

harm0ni

Member
Mar 19, 2006
298
1
I have a few credit cards right now. Most of my department stores credit cards have high interest rates, but I have them for all the perks. My other credit cards have very low interest rates in the 10% range.
 

MZVTEC

Material Girl
Mar 18, 2006
402
0
Melbourne, Australia
ugh who would pay 20+% of interest ?? thats highway robbery...
AFAIK the cheapest in Australia is 8.90% and its not based on ur credit rating.... all of mine are around the 12% mark which is average
 
Feb 13, 2006
1,755
546
Honolulu, HI
At bankrate.com, there is a tab devoted to credit cards. There you can compare your card to tons of others and read a lot about credit cards in general.

I have no idea what the interest rate on mine is since I pay it off every month and use it to accumulate United Airline miles!
 

coco-nut

Addicted to H
O.G.
Jan 15, 2006
1,683
10
allison said:
My Best Buy charge is 16%
Whoa. I just checked mine and it's a whopping 21.65% APR, and we've had the card for a few years at least.

We've never paid a cent of interest though - but have taken advantage of those long 18-month or 24-month no-interest financing deals on major purchases.

I think most of my cards have very high rates. Neiman Marcus is perennially around 18%, I think.

But I don't pay too much attention as it's rare that I don't pay a bill in the month it's due. Oddly, our credit rating is not as good as many other people because we paid off our mortgage, and our cars, and only have a $8,000 limit on our Visa even though we spend over half that each month on the card. So basically, the Visa, BestBuy, and NM cards are our only footprints at the credit bureau. We also have a few other store charges like Marshall Fields, Saks, Brooks Brothers and Staples which may be defunct now from inactivity.
 

tln

Have a nice day!
O.G.
Jan 14, 2006
4,503
86
I second the bankrate.com suggestion. It is smart to know what your interest rates are and how they compare. Companies can change your rate with little advance notice these days.
 

iliabags

Member
Mar 28, 2006
836
0
Very Responsible for you to be checking. If you are paying your credit card bills in full every month don't worry about it yet. I have always lived off of credit cards. I like the incentives they give me. Anyways, we too (my hubby and I) pay off our bills in full and that builds a great history.

Recently, if you read my bio, you know that our world fell apart and we are way in debt (morally that is... over 1 MIL $) Luckily I had so many credit cards.... we put a huge chunck of our debt on them and are going to have to pay them off that way. And because we had such a great history with them, many gave us 1.9% and 2.9% for the life of the loan!

So, keep up the good work and don't worry just yet. Trust me, I know my credit cards.... the rate they give you now doesn't mean a whole lot since they are never that great but if you keep a good record of paying your bills on time, a little over the minimum, or best all of it off, they will help you in the end because they won't want to lose you!
 

organic

Member
Mar 14, 2006
270
0
i have no idea what the interest rate is on any of my cards. i've never not paid the balance in full on any of my cards, ever.
 

ilzabet

easily amused
Mar 11, 2006
3,666
10
38
side of the sea
my dad cancelled his citicards and told everyone he knows not to bank with them because they were so horrible with their customer service and rates.

we just paid all our cards off about a year ago and cancelled the majority of them. the two that are left, one is at 0% and goes up to around 7 in may and the other is around 10 or 12 i think. we don't really use them at all anymore. even my store cards back when i had them were only at 15 to 17. 16 seems really high for a visa.
 

jimmyneyugn

ohai.
O.G.
Feb 6, 2006
3,021
57
37
Orange County
i have low/poor credit so my cards are those kinds that help boost credit. i've been paying in full for a while now on all of them, and their interest rates avg to be about 18-19%.. kinda hefty i know, but it'll be fine when my credit score goes up and i can get rid of them and get real cards (aka: american express!).
 

BalenciagaLove

Plisse Me!
Feb 4, 2006
5,181
8
SF Bay Area
Both my Citibank cards are about 12%. I do have to say my favorite card right now is the Chase ASPCA card. All purchases are 0% on that card (I think for the first introductory year or something), of course, cash advances are something obnoxious like 24%.

As long as you pay it off, it really doesn't matter what the interest rate is. I used to never pay attention to it either. Now that I've been tinkering more in finance, it's more interesting to me.