WOW, 79.9% interest CC!

http://finance.yahoo.com/banking-bu...t-card-defends-its-product?mod=bb-creditcards

Unfreaking believeable. 79.9%??? Who the heck would sign up for that? It is supposedly legal, so if any of you are applying for a CC, please read the fine print. I would suggest a Debit card, but if you go the CC route, watch out.

 

The recent laws just passed by congress sure are allot of help arnt they.

I was reading a Readers Digest (March edition - New Credit Card traps) article on the latests CC scams. Its worse now with the new laws than before.

Thats probably the only reason the new laws passed in congress. They knew it wouldnt really effect anything, wouldnt cause any enimies and yet it did give them a opportunity to look like they did something.

 

Welcome to MajorGeeks XCross! I posted this as a warning, read the fine print before you sign. Won't get into politics. :-D

 

I thought some years ago the credit card places got introuble for the interest rates they were doing and also the fees and also raising stuff without notifying the person about it. Anyways my mom has credit cards and they did that to her and they went sky high then the gov. punished and it went back down to normal.. But yeah that is a high interest rate.

 

Good Lord! :eek I can get you a better deal from a guy named Lennie that used to lurk around downtown Indy when darkness fell!

. . . though if you default on the credit card payment I doubt there are any broken kneecaps to worry about. LOL

Bizarre . . .

 

I think i've mentioned this before but anyway's Halifax a bank over here have just changed there interest rates on debit cards just before Christmas,instead of the 18% or whatever interest charged annually they are now charging £1 per day for any overdraft even if you go into the red by a penny its £1 a day until the penny is paid back plus £1 a day interest of course.

So if you go into the red by £1 by accident and don't realise until the end of the year you'll be charged £365.

36,500% interest :-D

They say they've done it to make over draft charges easy to understand rolleyes

 

I was thinking the same thing! ( I think I know that guy, too:-D) LOL

Halo, they did the same to me. Reduced my credit, and raised the interest rate, and even imposed a FEE for NOT using it.. Their answer to me, was "We are in the business to MAKE $$$. You always paid your CC bill in full, therefore not paying any interest. So, we had to implement some changes." Well, it didn't take long for me to tell them what they could do with their CC, either No, I don't miss it at all.

 

But why, Fred? :-D

Unfortunately, this may be the only way for a select few to repair or even establish their credit. Make small purchases and pay the complete balance each month...

 

LOL, doncha y'all love the 'merican way?:-D

 

Suspect you know why PapaDuke..

I still think it would be better to use a debit card. Too many people can fall into the CC trap. Sure, make a small purchase that you plan on paying off, then you have a blowout, and have to buy a tire...

I am not a financial genious, but if you are that close to the edge, credit could push over someone who was honestly trying to rebuild. If you got hit with that high of an interest rate, you could be in big trouble fast! They may limit your credit limit, but they won't cap your balance!