A few months ago i was shocked in what the credit card companies were raising their interest rates to. Well, some replied that they have not seen that and I should call and complain. Well, since we always pay off our credit cards each month it really has not been an issue, but I really felt for those who do not.

Today i just got my statement from credit card ('CITI') and was curious to what the rates were now. I was surprised to find out that the anual interest rate on standard purchases was now at 36% and the funny part was that the advanced interest is ony 22%. Not sure, but i think with the advance they want to charge you 5% up front.

I am really feeling sorry for all the problems these poor banks and credit card companies are in that they have to charge this much!!!

Also on a side note, our insurance company (Geico) promoted a credit card to put our car insurance on and there would be no charge for it. Since we either lost or misplaced one premium notice we decided that would be a good option. That lasted on premium and the credit card reduced the amount on the card from $8,000 to $600 and since our premium would be more than the $600 the over charge fee would kick in. Luckly, we spotted that right away and cancelled that program.

One wonders how the big wigs in these companies will be able to get those huge bonus's if they price themselves out of business!