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Credit card's newest trick: 79.9 percent interest
- Thread starter Just_me_Mike
- Start date
Hmm.
Here in Canada, it's literally a crime to charge an interest rate of 60% or more.
Here in Canada, it's literally a crime to charge an interest rate of 60% or more.
Shadow Wolf
Certified People sTabber
HOLY ****!!!:cover::thud: Pardon my language but that is just outrageous.
I'm glad I no longer have any credit cards.
I'm glad I no longer have any credit cards.
Gunfingers
Happiness Incarnate
I'll add that one to the list of credit cards i do not and will never have. Also included on this list is every other credit card!
Twilight Hue
Twilight, not bright nor dark, good nor bad.
I got rid of mine save for one (for now) "trusted" card from my bank. Soon as the math changes, its gone.
Twilight Hue
Twilight, not bright nor dark, good nor bad.
What I would like to know is when will various institutions (if ever) start making some of those manipulative practices that banks and financial organizations use with their cards outright illegal.
Guitar's Cry
Disciple of Pan
Lousy usurers. Doesn't Jesus say something about this sort of practice?
Kilgore Trout
Misanthropic Humanist
I got one of these when I had no credit history to build my credit rating. I kept it for about a year, and my rating had built up enough that I could get a normal credit card. It's a decent option to build credit, for those who have a bad, or no credit, history. It's not like you have to use it.
Unfortunately, a lot of things are based on your credit score, so simply deciding to not have credit isn't really the best option. I now have an extremely high credit score and a sizeable amount of available credit. Then again, I never carry a balance, and don't view credit cards as free money.
Unfortunately, a lot of things are based on your credit score, so simply deciding to not have credit isn't really the best option. I now have an extremely high credit score and a sizeable amount of available credit. Then again, I never carry a balance, and don't view credit cards as free money.
Gentoo
The Feisty Penguin
According to Dante, those guilty of Usury are in Circle 7, Round 3 of Hell (Violent against Art).
Shadow Wolf
Certified People sTabber
I haven't had one in 4 years now, since I was 19. I thought about getting one to rebuild my credit, but I'm not a point in life where I need credit. I don't even want a bank loan to cover my copay and deductible for a surgery I need because I'm wanting to put an end to my debt.
Metalic Wings
Active Member
Never had a credit card.
I probably will in the future. But right now I go by the whole "If I don't have the money now, I can't buy it." And I need to have a good amount in savings to start with. :yes:
Credit cards make me sick (or credit card companies)
I probably will in the future. But right now I go by the whole "If I don't have the money now, I can't buy it." And I need to have a good amount in savings to start with. :yes:
Credit cards make me sick (or credit card companies)
enchanted_one1975
Resident Lycanthrope
The more credit card companies try to be in charge the more people will just default. It's unsecured debt and with many people out of work and struggling there is nothing to sue for anyway. The banks are having all this trouble because they keep shooting themselves in the foot.
Shadow Wolf
Certified People sTabber
The last job I had working for an inventory company, we would car pool to a store, and we took turns driving since we did get paid to drive. I was about to get a credit card to get gas when I drove, and then planned on paying it off every other week when I got paid. Then I got a new job and decided against it.
A
angellous_evangellous
Guest
I thought it was a crime in the US to charge more than 32.9%.
freethinker44
Well-Known Member
I thought it was too, in fact I actually remember learning that in school, said it was to bring down loan sharks because without a cap on interest, loansharking is technically not a crime.
EDIT: Just googled it and looks like the education system failed me. A bill was introduced but was voted against by the senate.
Last edited:
Kathryn
It was on fire when I laid down on it.
FRB: Press Release--Federal Reserve approves rules that will better protect credit card users--December 18, 2008
Good article on new regulations on credit cards, starting July 2010.
For those trying to build up credit scores, here are some tips:
1. You NEED some credit history of actual debt incurred and paid off - paying your phone bill on time each month doesn't build credit, though NOT paying it will destroy your credit!
2. Your credit report shows how well you manage your POTENTIAL for indebtedness. For instance, if you have two credit cards with an available credit limit of $5000 each, and you have a $1000 balance on each one, this will give a better rating than one credit card with an available limit of $5000 and a balance of $2000.
3. When you pay off a card, don't cancel it. Just keep it in a drawer and don't use it. This will show up on your credit report as available credit that you are managing well.
4. There are better ways to build credit than using a credit card!
Here is one example of a smart way to build credit:
Save up $1000.
Go to the bank and open a $1000 CD for, say, 18 months.
Then apply for a deposit - secured loan of $1000, secured by that CD. Most banks will only charge about 3 percent interest (above the rate that your CD is earning) on a deposit secured loan.
Put the $1000 in a savings account at that bank.
Set up an automatic payment on the loan, from that savings account (remember to add in the interest you will pay!).
Sit back and watch your credit build - at a cost of only 3 percent interest. At the end of the the payoff, you will still have your $1000 CD, plus the interest it has earned. Voila!
Good article on new regulations on credit cards, starting July 2010.
For those trying to build up credit scores, here are some tips:
1. You NEED some credit history of actual debt incurred and paid off - paying your phone bill on time each month doesn't build credit, though NOT paying it will destroy your credit!
2. Your credit report shows how well you manage your POTENTIAL for indebtedness. For instance, if you have two credit cards with an available credit limit of $5000 each, and you have a $1000 balance on each one, this will give a better rating than one credit card with an available limit of $5000 and a balance of $2000.
3. When you pay off a card, don't cancel it. Just keep it in a drawer and don't use it. This will show up on your credit report as available credit that you are managing well.
4. There are better ways to build credit than using a credit card!
Here is one example of a smart way to build credit:
Save up $1000.
Go to the bank and open a $1000 CD for, say, 18 months.
Then apply for a deposit - secured loan of $1000, secured by that CD. Most banks will only charge about 3 percent interest (above the rate that your CD is earning) on a deposit secured loan.
Put the $1000 in a savings account at that bank.
Set up an automatic payment on the loan, from that savings account (remember to add in the interest you will pay!).
Sit back and watch your credit build - at a cost of only 3 percent interest. At the end of the the payoff, you will still have your $1000 CD, plus the interest it has earned. Voila!
Terrywoodenpic
Oldest Heretic
Mostly I use a debit card...
However in the UK a credit card purchase gives a lot of extra protection where a supplier or product fails.
I always pay the balance in full.
However in the UK a credit card purchase gives a lot of extra protection where a supplier or product fails.
I always pay the balance in full.