>>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.
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>>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.
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>>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!!!
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>>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.
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>>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!
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>They will figure it out somehow.
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>Hopefully one lesson has been learned from this whole mess. Bankers are not our friends.
You could better learn from this board discussion couple months ago, re: Credit Card Reform Made By Messiah. If I remember correctly you steadfastly denied that removal of late payments and extra fees for delinquent cardholders may somehow affect regular customers.
Edward Pikman
Independent Consultant