Credit Card Interest Rates

User Forum Topic
Submitted by GoUSC on February 21, 2008 - 5:19pm

I keep hearing about CC rates going through the roof. I don't know about you but for those of us with good credit and no balances our rates are going way down. In the past two months my CC rate (Chase) for purchases has gone from 9.99% to 7.99% (not that it appears to me). Anyone else experiencing the same?

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Should say (not that is
Submitted by GoUSC on February 21, 2008 - 5:19pm.

Should say (not that is matters to me).

I just noticed last night
Submitted by DWCAP on February 21, 2008 - 5:32pm.

I just noticed last night that my rate fell by 1.5%. Maybe those rate cuts by the FED last month working?

Might went from 14 to 18 but
Submitted by barnaby33 on February 21, 2008 - 5:52pm.

Might went from 14 to 18 but I have a citibank AA miles card.

Josh

Mine hasn't changed (still
Submitted by CMcG on February 21, 2008 - 6:05pm.

Mine hasn't changed (still high), which surprises me because I'm with the dreaded Capital One. I intend to change as soon as I have time to go through the mountain of cc offers I keep receiving.

I pay mine off every month
Submitted by cr on February 21, 2008 - 10:26pm.

I pay mine off every month so I don't care what the rate is, but I'm starting to get more offers again.

If I keep getting them I'll start returning them with "REMOVE" on the app and send it back in their prepaid envelope.

One today was fixed at 9.9%. Apparently that was supposed to entice me not to rip it up. It didn't.

I don't carry a balance, but
Submitted by doofrat on February 21, 2008 - 10:43pm.

I don't carry a balance, but between Nov 06' and now it's gone down just over 2%.

On a side note, I recently found out how to submit a fraud alert online to all three agencies with a short online form. It didn't work the first day I tried it (because it's new), but it was successfully submitted the next. You have to resubmit every 90 days:

https://www.alerts.equifax.com/AutoFraud...

radelow Typically credit
Submitted by Raybyrnes on February 22, 2008 - 12:41pm.

radelow

Typically credit card companies work off of an average credit score for their entire portfolio. Theirfore they offer teaser and low rates to strong credit candidates which produce little profit or potentially a loss on this upper tier but what it allows them to do is offer middle and lower tier people offers that will be far more profitable.

With respect to the rates they are derived off of some financial index. If the index goes down your rate will go down. If you are paying your bill in full each month it should not matter.

What I am seeing in the Credit card market is that they are reducing their benefit option. A year ago you could transfer account with good credit and their wer no tranfer fees. Now, most card companies are charging 3%. Better offers are 0 percent for a year and max transfer fee of 50 or 75$.

For those who are looking for a credit card they best deal that I have rfound for purchases is American Express Blue. O% on PURCHASES for 15 months. No brainer to put all purchases on this credit card and stick you money in an interest bearing account. At the 14 month mark you pay the balance in full and pocket the interest earned on the account.

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Submitted by Raybyrnes on February 22, 2008 - 12:53pm.

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