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Gold Mastercard with 31.99% APR

Originally posted by: KK
Originally posted by: Hammer
lol that's almost usury
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what's usury?

KK
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Main Entry: usu·ry
Pronunciation: 'yü-zh&-rE, 'yüzh-rE
Function: noun
Inflected Form(s): plural -ries
Etymology: Middle English, from Medieval Latin usuria, alteration of Latin usura, from usus, past participle of uti to use
Date: 14th century
1 archaic : INTEREST
2 : the lending of money with an interest charge for its use; especially : the lending of money at exorbitant interest rates
3 : an unconscionable or exorbitant rate or amount of interest; specifically : interest in excess of a legal rate charged to a borrower for the use of money

 
I get offers all the time in the mail for cards like that.

$500 limit, $49 annual fee, 24.99% interest... Do they think I'm desperate? Stupid?

rolleye.gif


Viper GTS
 
Originally posted by: Viper GTS
I get offers all the time in the mail for cards like that.

$500 limit, $49 annual fee, 24.99% interest... Do they think I'm desperate? Stupid?

rolleye.gif


Viper GTS
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Buy a house and you'll start getting pre-approved platinum cards with enormous credit limits and decent interest rates. I guess the figure you now have enough diposable income to really rack up charges once you've purchased a house. I get at least one a day in the mail.

 
All my credit cards are 0%.

By the time the 0% runs out... i transfer to a new one with 0%.

I'm never paying my debt! 😉
 
Originally posted by: Viper GTS
I get offers all the time in the mail for cards like that.

$500 limit, $49 annual fee, 24.99% interest... Do they think I'm desperate? Stupid?

rolleye.gif


Viper GTS
Click to expand...

Do you really want me to answer that?
 
Read the article?
The card was Prime + 14.99%. Prime in 5/00 was 9% so the card rate was 23.99%. The 31.99% rate was the "default" or "punitive" rate for having either 3 late payments in a 6 month period or for being more than 60 days late.
 
Originally posted by: Spooner
All my credit cards are 0%.

By the time the 0% runs out... i transfer to a new one with 0%.

I'm never paying my debt! 😉
Click to expand...

Correct me if I'm wrong, but I believe that hurts your credit rating to utilize the 0% APRs.
 
Originally posted by: Marauder-
Originally posted by: Spooner
All my credit cards are 0%.

By the time the 0% runs out... i transfer to a new one with 0%.

I'm never paying my debt! 😉
Click to expand...

Correct me if I'm wrong, but I believe that hurts your credit rating to utilize the 0% APRs.
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Nope. The inquiries hurt & moving balances around isn't the best, but the 0% in and of itself isn't a problem.

Viper GTS
 
Oh yeah - and some of you guys should probably call your CC company and ask if they can offer you a better rate. If you haven't asked before and your rate is obscene, you should be able to get it reduced. Mine is at 8% and the perk of my card before it was acquired was to give me back 3% of that interest at the end of the year. So it's an effective 5%.
 
Originally posted by: Viper GTS
I get offers all the time in the mail for cards like that.

$500 limit, $49 annual fee, 24.99% interest... Do they think I'm desperate? Stupid?

rolleye.gif


Viper GTS
Click to expand...

When you get stuff like this you should take the return envelope (postage prepaid 🙂), put some junk mail in there, and send it back to them. I usually put a competitor CC company's sign up paper.
 
I got my first credit card about 7 months ago. $500 limit, 18.5%, no annual fee. After 4 months, I more than tripled my limit to $1700... Still 18.5% and no annual fee. 18.5% hurts a lot more at $1700 than at $500. 😉 I thought I learned my lesson with a $500 limit, but I feel a lot better about it after having used and abused it at $1700.

Credit is great if you use it properly. Thanks to having had this credit card, and having a cell phone bill to pay every month - it will now be much easier for me to get my first loan. I'm going to take out $5000. I'm still going to need a cosigner - but next to that, it will be a BREEZE to get that loan - and normally banks are VERY strict about loans. My bro who lives on his own with his gf, both working full time - was rejected for a $2500 loan EVEN with a cosigner. I'll be able to get $5k just like that, simply cause I've built a good credit history. 🙂
 
Originally posted by: Marauder-
Oh yeah - and some of you guys should probably call your CC company and ask if they can offer you a better rate. If you haven't asked before and your rate is obscene, you should be able to get it reduced. Mine is at 8% and the perk of my card before it was acquired was to give me back 3% of that interest at the end of the year. So it's an effective 5%.
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this is true. I called discover a week ago saying I wanted to cancel, they dropped me down to 0% for the next 6 mos 10(9.99)% afterwards and raised my limit from 1000 to 2500. With their cashback doohicky, I'm getting paid to spend...kind of.
 
Originally posted by: zCypher
I got my first credit card about 7 months ago. $500 limit, 18.5%, no annual fee. After 4 months, I more than tripled my limit to $1700... Still 18.5% and no annual fee. 18.5% hurts a lot more at $1700 than at $500. 😉 I thought I learned my lesson with a $500 limit, but I feel a lot better about it after having used and abused it at $1700.

Credit is great if you use it properly. Thanks to having had this credit card, and having a cell phone bill to pay every month - it will now be much easier for me to get my first loan. I'm going to take out $5000. I'm still going to need a cosigner - but next to that, it will be a BREEZE to get that loan - and normally banks are VERY strict about loans. My bro who lives on his own with his gf, both working full time - was rejected for a $2500 loan EVEN with a cosigner. I'll be able to get $5k just like that, simply cause I've built a good credit history. 🙂
Click to expand...

Unless he had numerous bankruptcies and the cosigner had the same, I find that incredibly hard to believe.
 
Originally posted by: Spooner
All my credit cards are 0%.

By the time the 0% runs out... i transfer to a new one with 0%.

I'm never paying my debt! 😉
Click to expand...

Keep applying for those 0% cards.. in the end, you'll end up hurting your credit rating in the end. I don't know how much you're in debt, but unless you owe some ridiculous amount it's not worth it.
 
bah,
i have 2 cards form citi,
both with about 11% apr, no annual fee and the line is 2500 for first and 1200 for the second.

<-im 19 btw
 
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