• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Credit card APRs skyrocketing?

Page 3 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Mines has always been 18%-ish, no idea if they touched mine, but I have never carried over a balance since I started using credit cards.
 
If you pay your balance in full each month, who cares what the APR is?
Click to expand...

This.

I have a Citi MC and I just noticed its 36 PERCENT annual on standard purchases lol.

I use it for my business and have never cared because it gets paid in full every month and it has a pretty high total each month......

That about half pisses me off I think I will look for another card now.....

Thanks for nothing citi biotches.....
 
Originally posted by: NFS4
I've had this card since 2001, and currently have a balance of about $700 on it ($4,500 limit).

They're jacking the rate from 7.9% to 17.9% effective April 17. WTH? I've paid on time, never been late, never gone over my limit and have a pretty decent credit score (around 740).
Click to expand...

In your cardmember agreement:
"We reserve the right to change your APR at anytime for any reason"

If not then "If you wish to dispute this change in your member agreement you can.....resulting in you canceling your card"

 
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
 
Originally posted by: Zugzwang152
Originally posted by: TallBill
My USAA is holding still at 7.4%
Click to expand...

USAA has always been good to my family. I shoulda got in there when I was still a dependent. :|

My Chase Business card is holding steady at 8.99%. Hopefully this trend is onlyfor personal cards.
Click to expand...

you can still be a secondary cardholder on your parent's credit if that's the way you want to roll.
 
Originally posted by: NFS4
I've had this card since 2001, and currently have a balance of about $700 on it ($4,500 limit).

They're jacking the rate from 7.9% to 17.9% effective April 17. WTH? I've paid on time, never been late, never gone over my limit and have a pretty decent credit score (around 740).
Click to expand...

You're not making them any money by paying your bills on time and not going over your credit limit.
They have a right to do that.

More than anything, you're even be making them lose money.
 
Actually the CC companies never want you over your limit...that puts them in a dangerous spot since they rated you based on keeping you under a certain limit.
 
Originally posted by: NFS4
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
Click to expand...

capital one? i received same letter today... either 7.99 or 8.99 up to 17.99

im keeping it though - 0% forex fees and its my absolute oldest card
 
Originally posted by: LS21
Originally posted by: NFS4
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
Click to expand...

capital one? i received same letter today... either 7.99 or 8.99 up to 17.99

im keeping it though - 0% forex fees and its my absolute oldest card
Click to expand...

Yup, Capital One.
 
ChaseFreedom still at 13.24%.
Strangely, it was 13.99% in November.

I would be pissed if they increased it for no reason.
 
Originally posted by: NFS4
Originally posted by: LS21
Originally posted by: NFS4
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
Click to expand...

capital one? i received same letter today... either 7.99 or 8.99 up to 17.99

im keeping it though - 0% forex fees and its my absolute oldest card
Click to expand...

Yup, Capital One.
Click to expand...



I have a Capital One Prime Rate card. If they go up I cancel.





 
Originally posted by: NFS4
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
Click to expand...
No need to quit using the card. Just don't put more on it than you can cover every month. We use them strictly for the convenience factor. I have ours on auto-pay too, so there is no chance of missing a payment. I've never had an issue doing this.

They're still making a percentage of every purchase and they're going to have to learn to live with that. If they can't, we can go back to writing checks, using the debit card or carrying around more cash.

 
Originally posted by: boomerang
Originally posted by: NFS4
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
Click to expand...
No need to quit using the card. Just don't put more on it than you can cover every month. We use them strictly for the convenience factor. I have ours on auto-pay too, so there is no chance of missing a payment. I've never had an issue doing this.

They're still making a percentage of every purchase and they're going to have to learn to live with that. If they can't, we can go back to writing checks, using the debit card or carrying around more cash.
Click to expand...

I'm just not gonna use because I get no benefits from the card. Once I pay it off, that's it. I have two other CCs that at least give me rewards.
 
Originally posted by: ja1484
Originally posted by: Zugzwang152
i can see if they're hurting they need to make some more money...

i'm no businessman, but isn't this juts encouraging people to not spend on their cards?
Click to expand...


After seeing what the housing bubble did to banks, all the big boys are now scared shitless of their enormous credit card bubble.

Recall, since people can't use their house as an ATM any more, they'll be turning to credit cards more and more to make ends meet. Eventually they'll default on these loans as well.

The best part is, credit cards are unsecured debt. There's nothing to repossess in a lot of cases. If someone blows their mortgage payments, the bank can at least take back the house and recoup some losses. But if someone defaults on their credit card, how do you repossess that dinner they paid for on credit? That DVD they rented? How do you get that tank of gas back?

It's arguably a more dangerous bubble than housing was.

This country has been running on debt for so long now people have forgotten what actual fiscal responsibility looks like.


My credit line sure as hell won't be changing though. Pay the card off every month, to the penny, well before deadline. Banks used to hate people like me for not paying any interest or fees, which is where their profits come from on CCs, but now they're just thankful I'm not destroying their bottom line like most of suburban America.
Click to expand...

Don't kid yourself.
You're still not contributing anything to their bottom line by paying it off and they know it.
They still hate you, and there is ample ancedotal evidence to suggest they will raise rates on you as well.

 
Originally posted by: NFS4
Originally posted by: boomerang
Originally posted by: NFS4
The funny thing is, the letter starts off saying, "Due to the extraordinary changes in the economic environment, we're reviewing our existing credit card accounts..."

Yeah, we're gonna fuck you over even more 🙂 I'm just gonna pay off the balance and not use the card. It's the first CC that I got, so closing it would be a no no IIRC.
Click to expand...
No need to quit using the card. Just don't put more on it than you can cover every month. We use them strictly for the convenience factor. I have ours on auto-pay too, so there is no chance of missing a payment. I've never had an issue doing this.

They're still making a percentage of every purchase and they're going to have to learn to live with that. If they can't, we can go back to writing checks, using the debit card or carrying around more cash.
Click to expand...

I'm just not gonna use because I get no benefits from the card. Once I pay it off, that's it. I have two other CCs that at least give me rewards.
Click to expand...
Got it. There's another thread going on about CC's now. In it I said that I'm wondering how long these rewards are going to remain in affect. I can't imagine the bean counters being very happy about sending out checks.
 
Originally posted by: AlienCraft
Originally posted by: ja1484
Originally posted by: Zugzwang152
i can see if they're hurting they need to make some more money...

i'm no businessman, but isn't this juts encouraging people to not spend on their cards?
Click to expand...


After seeing what the housing bubble did to banks, all the big boys are now scared shitless of their enormous credit card bubble.

Recall, since people can't use their house as an ATM any more, they'll be turning to credit cards more and more to make ends meet. Eventually they'll default on these loans as well.

The best part is, credit cards are unsecured debt. There's nothing to repossess in a lot of cases. If someone blows their mortgage payments, the bank can at least take back the house and recoup some losses. But if someone defaults on their credit card, how do you repossess that dinner they paid for on credit? That DVD they rented? How do you get that tank of gas back?

It's arguably a more dangerous bubble than housing was.

This country has been running on debt for so long now people have forgotten what actual fiscal responsibility looks like.


My credit line sure as hell won't be changing though. Pay the card off every month, to the penny, well before deadline. Banks used to hate people like me for not paying any interest or fees, which is where their profits come from on CCs, but now they're just thankful I'm not destroying their bottom line like most of suburban America.
Click to expand...

Don't kid yourself.
You're still not contributing anything to their bottom line by paying it off and they know it.
They still hate you, and there is ample ancedotal evidence to suggest they will raise rates on you as well.
Click to expand...

This is crap. Credit card companies make their money by charging fees to vendors. Making interest off of cardholders is just a bonus. The only way you don't contribute to their bottom line is if you don't use the card at all.
 
One of my cards that started as one bank and switchd hands so many time that I lost count, is now Chase, and I received a letter about a month ago stating my apr is going from 4.99 to 14.99 because, get this, they (Chase) need to remain profitable!!!!! It actually says this on the letter. So I paid the card off in full, sent them a copy of the letter with the part stating THEY need to be profitable, highlighted and said in the letter, "no more profits from me, go get you bail-out-Bush-Bucks". I didnt close the card because it leaves a bad mark but it has been shredded. I will close it in about 6 moths or so.
 
Originally posted by: Oyeve
One of my cards that started as one bank and switchd hands so many time that I lost count, is now Chase, and I received a letter about a month ago stating my apr is going from 4.99 to 14.99 because, get this, they (Chase) need to remain profitable!!!!! It actually says this on the letter. So I paid the card off in full, sent them a copy of the letter with the part stating THEY need to be profitable, highlighted and said in the letter, "no more profits from me, go get you bail-out-Bush-Bucks". I didnt close the card because it leaves a bad mark but it has been shredded. I will close it in about 6 moths or so.
Click to expand...

ROTF 🙂 I know they need to remain profitable, but you don't put that in the letter to the customer 🙂
 
Originally posted by: Oyeve
One of my cards that started as one bank and switchd hands so many time that I lost count, is now Chase, and I received a letter about a month ago stating my apr is going from 4.99 to 14.99 because, get this, they (Chase) need to remain profitable!!!!! It actually says this on the letter. So I paid the card off in full, sent them a copy of the letter with the part stating THEY need to be profitable, highlighted and said in the letter, "no more profits from me, go get you bail-out-Bush-Bucks". I didnt close the card because it leaves a bad mark but it has been shredded. I will close it in about 6 moths or so.
Click to expand...



While this a one good way to go at'em. I cancel when I get letters like this.
I tell them nothing has changed on my end and I would rather cancel than stay in business with company that is in such bad financial shape.
I feel that keeping the card and not using it they don't really get the message.


Usually them come back with the BS about damaging my credit score and maybe ending up having to pay a higher rate. I tell them I would rather pay a little more to their competitor than take what the are trying to do just because I am willing to pay my bills on time.

From postings here and other sites it appears the rates are being raised on the people that are for the most part the customers that effort should be made to keep.


Canceling the card cost them money to replace YOU. With an unproven customer.
They need your money. YOU can survive without their card. I know some people who are thriving without revolving credit.











 
You must log in or register to reply here.

TRENDING THREADS

Back
Top