Fair Credit Card APR for a 798 Credit Score (credit cards, pay, master card)

[denverian]

I haven't been able to find this information online, but I have only one credit card (a master card) w/$12K limit, owe about $1200 right now. The APR is 17.24%. Isn't that high for my credit score? I'm considering calling them and asking them to reduce it, or cancelling/going to another card, but wanted to find out if this rate is reasonable or not.

[broadbill]

yeah, call and see if they will reduce the rate...the worst they can say is "no"!

[Leilani Vasquez]

I've had a Capital One card for years, and have always paid the bill on time. I got a letter last month telling me that they were doubling my APR amount. I only have a $500 +/- amount on it that needs to be paid. I also have to add that before they sent me the letter about my APR increase, they also sent me a letter a few weeks earlier telling me that they were increasing my spending amount.

What's the best thing for me to do?

Should I just pay the balance and not charge anything more to the card, or should I contact them and tell them to cancel it?

[KarlaT2]

Originally Posted by denverian

I haven't been able to find this information online, but I have only one credit card (a master card) w/$12K limit, owe about $1200 right now. The APR is 17.24%. Isn't that high for my credit score? I'm considering calling them and asking them to reduce it, or cancelling/going to another card, but wanted to find out if this rate is reasonable or not.

My credit is around 800+ also, and my card says 10.99% purchases, 19.99% cash advances if that helps.

[denverian]

Originally Posted by KarlaT2

My credit is around 800+ also, and my card says 10.99% purchases, 19.99% cash advances if that helps.

Thanks - yeah, cash advance is higher, but I never have/never will use that option. I'm always getting cc offers for lower rates, so I should look into it. Getting my company to lower from 17% would obviously be the easier option.

[broadbill]

Originally Posted by Leilani Vasquez

I've had a Capital One card for years, and have always paid the bill on time. I got a letter last month telling me that they were doubling my APR amount. I only have a $500 +/- amount on it that needs to be paid. I also have to add that before they sent me the letter about my APR increase, they also sent me a letter a few weeks earlier telling me that they were increasing my spending amount.

What's the best thing for me to do?

Should I just pay the balance and not charge anything more to the card, or should I contact them and tell them to cancel it?

Pay it off and keep it open. Leave it at home if you think you will be tempted to use it. Never carry a balance again....paying 15-17% to borrow money is absurd if you think about it.

[Leilani Vasquez]

Originally Posted by broadbill

Pay it off and keep it open. Leave it at home if you think you will be tempted to use it. Never carry a balance again....paying 15-17% to borrow money is absurd if you think about it.

I figured as much. I've heard that showing you closed an account on your credit report damages your credit.

[darstar]

Credit Cards for the average person , are not wise. Unless you make a lot of money , and can afford to pay it off at anytime , leave it at home . better yet , cut them up and walk a way.... In the old days , the American Express Card , was very handy , and , it had to be paid off every month ! Revolving credit is a rip. The worst cards are the ones issued by the Chain stores. Most Cary high interest.... I find the Debit card a good alternative. If you don't have it , you don't spend it !

[KarlaT2]

Originally Posted by denverian

Thanks - yeah, cash advance is higher, but I never have/never will use that option. I'm always getting cc offers for lower rates, so I should look into it. Getting my company to lower from 17% would obviously be the easier option.

I agree. I've never used the cash advance either, but was just giving you the numbers.

[iluvcj]

It seems that now credit card companies are doing what they please regardless of your credit score. Just watching news and hearing that credit card companies are raising peoples rates that have never been late, have good credit and income, it is totally absurd and it will surely backfire on them shortly. Why raise rates on people when the job market is in such shambles. If people are paying on time there should not be any reason to raise rates. It just going to make people default. Especially if you have a credit balance of $10,000 and they raise your rate from 3.99% to 27.99%, for no apparent reason (just because they can) people are not going to be able to afford them and they are going to stop paying them.