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Watch Out For Your Credit Card Interest Increase

Discussion in 'Non-Vegas Chat' started by Joe Strummer, Jun 2, 2020.

  1. Joe Strummer

    Joe Strummer VIP Whale

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    Increase per purchase -
    This is the AFTERMATH......
    Mine went up
    I called.....took me forever to get to a Human
    and then a Supervisor .
    I was told there was " no recent increase "
    ........I said ....." excuse me ?....that's BS."
    " I've been a customer for 30 yrs "
    .
    Check your bill.
    .
     
    • Informative Informative x 1
  2. thegov2k2

    thegov2k2 High-Roller

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    I keep getting notices lowering my rates. Hmm.
     
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  3. rooster42000

    rooster42000 Brady # 1

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    They should go lower ???
     
  4. notfromconcentrate

    notfromconcentrate Connoisseur of dive casinos and obnoxious outfits

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    It would help if you added more information in your posting, such as what inconsistencies you're seeing that suggest the rate is higher. As I understand it (IANAL) they MUST notify you in writing of any interest rate increases. I've gotten notice of such increases, myself.

    Oddball thing... you haven't bought any lottery tickets or anything similar with your credit card recently, have you? The reason I'm asking is because those types of purchases are generally treated as cash advances which incur a flat fee AND the interest begins right away, with no grace period. That could explain an unexpected spike in interest for a given billing cycle.
     
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  5. jgates8

    jgates8 VIP Whale

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    If your card is based on Prime + XX%, it definitely should have decreased vs. increasing.

    And as mentioned above you would receive a notification if the rate was going up.
     
  6. insin

    insin Speed Spender

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    Mine decreased.

    Some sent notice of special 0% promotional period financing for purchases within a certain time frame.

    If any went UP right now I’d drop them.
     
  7. insin

    insin Speed Spender

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    Omgosh The first pass - My brain processed that as (two words) and I had to laugh like a teenager.

    My brain is dirty or I’ll just blame this on Covid regressIon.

    it’s ok if you don’t understand - I envy your snowflake pure soul.
     
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  8. NYNYGirl

    NYNYGirl VIP Whale

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    I'm not usually concerned about the interest amount on my cc's, only because I pay them off every month.

    What I am concerned about is my credit limits being lowered or the cc's being closed due to lack of usage. So I started putting small, necessary only charges on my cards that weren't getting any usage...
     
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  9. nostresshere

    nostresshere Mr. Anti Debit Card

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    Interest on credit cards? I think some of mine are over 20%, but I really do not check.

    I never, ever pay credit card interest and we have 20-30 credit cards. Never, ever.
     
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  10. cjcjcj

    cjcjcj High-Roller

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    yeah legally they have to give you notice. But it could be as small as a small blurb on your statement, easily missed.

    Keep in mind with a credit card If you carry a balance and make a new purchase there is NO grace period so that new purchase accrues interest instantly.

    We dont carry balances either. Other than a 0% interest promo or once I did a 1.9% 18mo promo and stuck it in a 5% CD (this was 2007ish).

    The ones to watch out for are furniture and/or electronic cards. They advertise 0% interest but really its deferred interest for X amount of time. If you fail to pay the entire balance within X time, you pay all the interest from the purchase date. So a 2k couch at 0% promo could cost you $500+ more if interest if you fail to pay off in promo time or miss a payment..
     
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  11. BlueBellThunder

    BlueBellThunder VIP Whale

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    In dire need, credit cards can keep you afloat. I’ve been checking my limits, so far haven’t drop, nor has my interest rate gone up. I get many email with 0 interest on new purchases. Fortunately I pay my cards in full every month, and have savings, plus I’m collecting unemployment. And my wife is working. I currently have around $100,000 in available credit, I hope and pray I never have to touch it, but it’s nice to have.
     
  12. BlueBellThunder

    BlueBellThunder VIP Whale

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    Our furniture salesman was honest enough to point that out to us when be bought furniture with a 12 month no interest loan. He suggested paying it off in 11 months so that’s what he did. He said on the 12 month it’s a possibility they’ll “forget” to process that payment and hit you up with the interest from the date of purchase.
     
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  13. Roccoscollar

    Roccoscollar VIP Whale

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    Same here. Pay it off every month!! If you need to carry a balance I'd suggest a HELOC or something like that to pay as little interest as possible.
     
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  14. h0und10

    h0und10 VIP Whale

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    I never pay attention to the interest rates as I have never paid any interest. I suppose it would be a good idea to see where they are in case of emergency
     
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  15. oghuman

    oghuman VIP Whale

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    I never pay interest anymore, I always pay in full and all my cards are set up to debit my checking account automatically for the full amount. Only one card doesn't do that and I seldom use it. I learned the hard way many years ago don't buy what you can't afford. I was paying double digit interest
    and couldn't pay it off. I cut down the number of cards I used and just cut out any non-necessities. It took me about a year and a half and I had everything paid off, but I did it.
     
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  16. bubbakitty

    bubbakitty Doing retirement again and happily so....

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    We get airline miles. We use it like a checkbook to keep track of purchases. You buy something bring the receipt, enter it in the ledger, get a running total, and put the receipt in the back. Statement comes, you write a check and do it all over.
    They charge interest? No kidding.

    Had one late payment it college and it was ridiculous what they charged for 10 days (snail mail) fee. Never again he said.
     
    At last, and finally it's close.
  17. Calder

    Calder High-Roller

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    I'm a pay-it-off guy, as well, but I did a double take here. This is not allowed in WI, but I see it is in many states.

    I admit, I'm astonished.
     
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  18. FullPay

    FullPay When the going gets weird, the weird turn pro

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    I pay them off every month, except when I forget. Sometimes I’ll make a notation in my checkbook and forget to process the electronic payment. Then next month when I see the interest and penalties, that really catches my eye! Never had a problem getting those forgiven, but I still insist on a paper statement to help me remember.
     
  19. ken2v

    ken2v Wish I was in Bend

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    Our banks do a very good job of alerting us in advance about most everything. But the due dates for CC payments are constant so after so many years we just know on the __th or__st to transfer funds.
     
  20. jgates8

    jgates8 VIP Whale

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    The one thing I have noticed right now is a total lack of balance transfer offers (and actually new card offers also).

    We have one card we have used this on for a few years. When the promo period expires, Redo it & extend it. If it were my own changes I would pay it off. But DD is paying that one. A combo of 4 years college then 12 mos at a private was $$$$. I couldn’t fork out anymore at the time & a student loan doesn’t make much of a dent in a $52,000 tuition bill lol.

    Regardless - this card as well as my 3 Chase cards have sent a transfer offer continually for more years than I can remember. Until now. My guess is they don’t know who is working & who isn’t & actually might be tempted to pull their entire line & walk away (?). They did give 7.99% for 6 mos when I called to ask. But for her that is a jump from 0% on a big balance. (And yes I could pay it off from our Home Equity at 3.25% but they are pouring $35,000 worth of concrete today lol!!!!)

    One of these days maybe a new card offer will show up. With those at least you have to state you are employed .