What is your credit card rate? - PeachParts Mercedes-Benz Forum

CJ · #1 05-21-2005, 05:21 PM

I do not carry a balance, but checked it anyway and it was 27%!!!!!!! Holy *****!!!!!! It is with MBNA. Glad I have a $0.00 balance. What rate do you have?

Hatterasguy · #2 05-21-2005, 06:49 PM

Visa with Sikorsky credit union. I don't know the rate it is very low, like under 5%. I only carry a very small balance sometimes.

CJ · #3 05-21-2005, 07:30 PM

Sikorsky as in the aircraft company??

Frank X. Morris · #4 05-21-2005, 07:41 PM

Howdy CJ,
I have had a visa card with mbna for a long time ad the rate kept going up untill it got to 20.9%. It took me a year to find a deal where someone would take the balance transfer I wanted. Now I have an American Express card with 2.9% on the life of the transfer.

CJ · #5 05-21-2005, 08:38 PM

I found a great site called creditcards.com

Lots of info there.

Plantman · #6 05-21-2005, 09:00 PM

Quote:

Originally Posted by CJ

I do not carry a balance, but checked it anyway and it was 27%!!!!!!! Holy *****!!!!!! It is with MBNA. Glad I have a $0.00 balance. What rate do you have?

Call em up and tell em to lower it or you will cancel. If they don't, cancel. Who needs 27%?

Tell them you have offers from other companies for a much lower rate, like 8.9 or something like that.

.02

CJ · #7 05-21-2005, 09:14 PM

I guess what fired me up is that since I do not carry a balance I only checked my payment info. When I called them today MBNA told me that they have been raising it a few times a year and that I should look at my statements closer. I told her I was closing my account, they asked why as if she did not know it was the interest rate issue, then she asks me if I want to open up an equity line with them. just for kicks and giggles I did a searcg on MBNA under, "MBNA sucks" and other variations and came up with web sites from former disgruntled customers. Wow!

CJ · #8 05-22-2005, 10:01 AM

I am caught off guard that they have been changing my rate without me knowing. After going over my agreement I found that they sent a notice basically stating that they could rasie the interest rate up to any limit without telling me. If I do not agree to these terms I would have to notify them in writing. If I do not agree, they may cancel my card. I guess the point I am making is that these are very unethical tactics in my opinion.

boneheaddoctor · #9 05-22-2005, 10:11 AM

I would cancel any card that bumped my rate that high....My highest card is 15%...and I don't have to fight to keep them that low.

#10 05-22-2005, 11:01 AM

CJ, call them and ask them to drop the rate. I did a few months ago om my 2 credit cards and they both dropped them by more than half, I think one is 6.5% and the other is 8%. I'm letting the company that is charging 8% get away with it because they have given me an outragous limit, if I ever get into a bind the sky is the limit.

Informing consumers of a rate change with a junk mail looking envelope and letter is the newest tactic of the CC companies.

boneheaddoctor · #11 05-22-2005, 05:22 PM

bad idea to carry an balance......if you can't pay the bill in full when it arrives you seriously need to consider do I really need this.

If you avoid carrying a balance the loan sharks (credit card companies) won't take you for everything you have.

pxland · #12 05-22-2005, 09:26 PM

Quote:

Originally Posted by tkamiya

Why would you want to borrow on credit card though? Most of them carry an interest higher than many consumer loans and home equity loans. Plus, credit card companies playing all sorts of trick to boost their interest income is nothing new.

Aside from people who has no other choice and living beyond thier means (which is a problem in itself), I fail to understand the attraction.... I'm especially surprised at the response from some of the forum members who are (supposed to be) well-to-do.

We have one credit card and carry a small balance. We keep it in case of emergencies, and so we don't fall off of the credit "map" so to speak.

They tried to bump my rate a couple of months ago. I called and did the lower it or close my account thing and got an extra 3% knocked off (from where it was supposed to be). Watch those bastards, and never let them get away with anything.

Palangi · #13 05-22-2005, 09:41 PM

I "fired" MBNA years ago. Them bastids are crooks.

pxland · #14 05-22-2005, 09:49 PM

Quote:

Originally Posted by Palangi

I "fired" MBNA years ago. Them bastids are crooks.

They are all crooks.

Every

last

G'damn

One

Of

Them

Frank X. Morris · #15 05-22-2005, 10:14 PM

Howdy All,
There are times you need to pay for something. By the time my dog's broken leg healed it cost about $3,000 and then I had other vet bills so instead of paying off te balance that was on there it had doubled. Sometimes things happen.

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