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I have a chase credit card that i have always paid the full balance on time now for years. My current apr is 5.74% but eff.7-09 my apr increases to 12.24%. I was going to purchase stuff this summer & pay it off over time but i dont think so now. It seems chase is increasing everyones apr. The credit card industry is going to really hit the consumers until the new laws go into effect in 9 months. My credit is excellent & have never been late. Next thing they will do is lower credit limits.
Location: Georgia, on the Florida line, right above Tallahassee
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They could raise my rate to 23481209581094715 percent and it wouldn't matter, since I pay it off every month. However, I hear the NEW change is "immediate" interest, charged from the moment of purchase, unless you pay a yearly fee. Something to the tune of 40 -60 dollars.
Now, 60 bucks a year is 5 dollars a month to have a credit card. Some would say that is reasonable.
I tend to look at it from this viewpoint.....
My credit rating is high. How high? Pretty darn high. I have one card with a 10K limit, and one with a 9K limit. I could have much more. Do I need much more? Short answer: No. We have a few other cards, store cards, like Kohls and Levitz (HAHAH, like that one's worth anything now.) etc., that might add up to 2 K or something. Why do I even need these cards?
Why, to keep a good credit score. And what happens if I don't use these cards? Why, they eventually get cancelled. And why would I pay a montly fee for cards, when I could just use my debit for everything? Why, it's that pesky credit score thing. Let's say both cards get cancelled due to non-use. Before my debt/credit ratio was 0/19,000. Now it is 0/0. *Kerplunk* That's the sound of your credit rating hitting the bottom of the pool.
Credit scores used to serve a purpose. Today, I think they serve a different purpose. Before, they were used to see who was "trustworthy" and to tell you the truth, they're crap. If they were so great, then every company wouldn't have their own "standards" for scores. All the "standards" would be .... ..... ... STANDARD. In other words, they're would be no difference in "weight" for what was "good standards" and what was "bad." So, in other words, they just make crap up to be different, so that people have to buy three different scores.
I think credit scores now are used to determine just to what nth degree the debt mongers can bend you over and make you feel the pain.
I'm wondering if I want to pay 60 bucks a year to keep a good (better) score. Some people say you don't need credit cards. Some people have never tried to rent a car or buy plane tickets in a foreign country without a credit card.
I have a chase credit card that i have always paid the full balance on time now for years. My current apr is 5.74% but eff.7-09 my apr increases to 12.24%. I was going to purchase stuff this summer & pay it off over time but i dont think so now. It seems chase is increasing everyones apr. The credit card industry is going to really hit the consumers until the new laws go into effect in 9 months. My credit is excellent & have never been late. Next thing they will do is lower credit limits.
My BOA card, the limits were cut in half. I don't use it a lot and pay it off every month.
As long as they don't charge annual fees and as long as i pay off my balance every month, they better not charge anything extra. I will cancel if they do.
Anyone doing business with a bank that took TARP money is part of the problem anyway. Tell them to stick it and find a bank (or better, a credit union) that isn't on the front lines sticking it to every one of us.
Build a fire for a banker, keep him warm for a few hours Set a banker on fire, keep him warm for the rest of his life
I have two different Chase cards. So far only the interest rate has been raised, which doesn't bother me.
I've been waiting to see if the CashBack changes or if an annual fee is added.
For convenience, if it's one OR the other I'd probably keep using it as the rebate would more than pay for the annual fee
I doubt all credit cards would require annual fees... otherwise I would move to debit cards... and if debit cards required annual fees, I would move to cash... I have lots of credit cards and use about $1500 every month so I am sure they love me... if they ever decided to add annual fees to me, they would lose my revenue generating power... its a lose-lose if they added annual fees... I do however expect them to raise interest rates on EVERYONE... Obama is sort of making them do this by implementing the new rules in 2010... they are good rules to implement but at a cost... the cost is higher interest rates for EVERYONE... some rates are so high that those with lower credit scores would no longer have credit cards cause they couldn't afford the rates anyways...
There has been talk about credit card companies charging a annual fee to make up for the money they expect to lose with the new law. If thats the case then ill just cancel my cards.
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