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I have a single card. I use it for weekly food shopping and gas and any major purchases.
I pay in full every month so I could care less what the interest rate is.
The card is free..no monthly/annual "fees".
This is all I've ever had for 20 years...one card with a $5K limit. I've never had any credit problems obtaining a car loan, a mortgage and within the past year a refinance.
Don't believe the propaganda about FICO and "good credit". Who do you think is behind all that ?
Find a local bank/credit union and deal with them. They actually treat you as a valued customer, not someone to squeeze money from.
Until they need a car loan or a new refrigerator. Credit is important.
Yes, and as long as you have a 401K plan going that has more money plus the 10% you lose for taking it out that can cover credit cards, or have money in savings, you can safely use credit cards -- if they hike up the rates, then you pay them off or cancel them.
It's good to have a 401K plan and borrow on it - because you then end up paying yourself the interest.
Really they do us a favor by making credit more difficult. It's better to buy things you can already afford.
Usury is nothing new in America. As long as we allow fractional reserve banking and a private monopoly over our fiat currency by the Morgan Reserve, usury is the least of our worries.
I just got a notice they want to jack rates to almost 30%? I have over an 800 credit rating. screeee rewwww yoooouuu Citibank.
What is this going to do to all those people with thousands on cards? We bailed out the banks and now this? Where is Obama on this one?
For once I am with you, The so called Credit Reform Act did nothing to set a cap on the amount of interest banks can charge. Congress screwed that one up BIG TIME. The rates they are charging would make the Mafia blush
Speak to me. I was going to bust a CD before it matures to pay off an engine replacement. If I can do this it would allow me to save some dough until my CD matures.
Yes, you can do this--for sure. There's usually a deadline in fine print somewhere, so do it asap. Good luck.
I have a single card. I use it for weekly food shopping and gas and any major purchases.
I pay in full every month so I could care less what the interest rate is.
The card is free..no monthly/annual "fees".
This is all I've ever had for 20 years...one card with a $5K limit. I've never had any credit problems obtaining a car loan, a mortgage and within the past year a refinance.
Don't believe the propaganda about FICO and "good credit". Who do you think is behind all that ?
Find a local bank/credit union and deal with them. They actually treat you as a valued customer, not someone to squeeze money from.
I do the exact same this with my credit card, it does make life easier.
About the FICO score though, while it's true that FICO was created by industry, unfortunately it's not 100% avoidable. Due to the nature of my job, my current employer requested my credit score. I've had the same thing happen with friends (in other fields), so I still think it's still important to be aware of how the system works and to know your score.
I do the exact same this with my credit card, it does make life easier.
About the FICO score though, while it's true that FICO was created by industry, unfortunately it's not 100% avoidable. Due to the nature of my job, my current employer requested my credit score. I've had the same thing happen with friends (in other fields), so I still think it's still important to be aware of how the system works and to know your score.
I do agree and that is why I have the single card. One cannot totally leave the system no matter how hard they try. I only purchase what I do to keep the card active for that stupid FICO rating.
I too just got my notice of a 29% increase. They went up to 16% this year and then they went down to 14% because I just so livid and now it's 29%. I am so sick of this "loansharking." I am so livid at our government. They were aware of this months ago and what do they do, they put an enactment that no credit card companies can raise rates after what, February 2010. So, now these credit companies are changing their fixed rates to variable and jacking up rates. My credit rating too is over 800. I'm so over this crap.
Dear 17th Street - you're absolutely right about this. However, I have to tell you that I want nothing to do with Citibank. I agree that my credit score may come down some, but I also am of the school that with such high ratings that I have, that I could get the lower rates. I could have put the credit card in a drawer, but I just can't, in good conscience, keep a Citibank credit card. By the way, I don't owe on the card.
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Citibank.
Citibank, WHAT??
