Credit Cards: Just out of curiousity because I have no clue
- Thread starter IntlSet
- Start date
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!
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!
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.allison said:
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.
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!
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!
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.
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.
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!).
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.
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.