Credit Card Interest Rate Over 152%

[glockmail]

Yikes!

http://i191.photobucket.com/albums/z256/glockmail/boa.jpg

[Pale Rider]

Who is that for?

[JohnDoe]

Who is that for?

HOLY MOLEY!

USERY!!! If there ever was....!!!!!!!

jd

[Gaffer]

An excellent reason not to bank with B of A. Stopped banking with them back in 1968 and won't ever do business with them or any of their affiliates.

[Yurt]

usery is right...30% alone, raised AFTER you agreed to 15%, with market adjustments...should be usery, ha, its not, because credit cards are exempt from usery laws.

my advice, never, ever, open a credit care in college when those assholes explain to you the great 5% interest rate that will "only" go up according to the fed rate...oh, and btw, here is your school motto on the card, how sweeeeet is that....

paying 29% NOW on a 2500 balance that i closed over a year ago becaue they would not lower the rate. assholes. but my fault for borrowing money.

[JohnDoe]

Suzie Ormond says the Credit card companies are starting to dick the good, credit standing customers to make up for all of their losses on the bad mortgages.

So watch out everyone!

We just paid all of ours off, even the ones with zero percent, because of all the caveats writen in to them, that could make you end up paying a pretty penny.

it used to be law, anything over an annual interest of 20% I believe, was usery....loan sharks would go to jail!

The banks are the loan sharks now and they got the legislation to make them such, legally.

Boy oh boy! Ya gotta just love lobbying!

ps, anything over 10% interest is considered usery in the Bible.*

[Yurt]

Suzie Ormond says the Credit card companies are starting to dick the good, credit standing customers to make up for all of their losses on the bad mortgages.

So watch out everyone!

We just paid all of ours off, even the ones with zero percent, because of all the caveats writen in to them, that could make you end up paying a pretty penny.

it used to be law, anything over an annual interest of 20% I believe, was usery....loan sharks would go to jail!

The banks are the loan sharks now and they got the legislation to make them such, legally.

Boy oh boy! Ya gotta just love lobbying!

ps, anything over 10% interest is considered usery in the Bible.*

usery is normally defined as 10% legally, however, there are exceptions as i mentioned, credit card cos...

[Mr. P]

I have nothing good to say about mega banks or credit card companies.

The CC companies were the sole force behind the bankruptcy law changes a few years back. They didn't seem to like the fact that they could make a bad business decision and issue a card to most anyone that would then bankrupt on them. Now they have their cake and are eating it too. They still issue to folks that can't pay, rape the ones that can, all because it's more difficult to wipe those debts away now and they, banks, are exempt from fair debt collection laws too..their SLIME IMO and Congress should be tared an feathered.

Don't get me wrong, I think everyone should pay their debt, as long as it's fair and NOT STACKED against them INTENTIONALLY through legislation.

[PostmodernProphet]

I think glock may be putting us on a bit....I see from the statement that the outstanding balance was only about $16 and that the 152% can include transaction fees, so there was probably a $25 transaction fee charged that month.....

[glockmail]

I think glock may be putting us on a bit....I see from the statement that the outstanding balance was only about $16 and that the 152% can include transaction fees, so there was probably a $25 transaction fee charged that month..... Bingo. I misplaced two bills last month, this was one of them, and they socked me with a non-payment charge on a balance of less than ten bucks. They still suck though. I've had a credit card through my professional organization ever since college, and they went with BOA about two years ago and the service has never sucked worse. The card's going in the file and won't be charged to again. That way they can spend the maximum effort keeping track of my zero balance account.:poke:

[Abbey Marie]

Fyi, it's spelled usury.

[PostmodernProphet]

I had a run in with a credit card company that caused me to switch cards.....when my daughter turned 16 I took out a card in her name so she wouldn't get stranded someplace without cash to buy gas.....I told them I wanted a $200 limit on it.....wasn't high enough, because I forgot that by the time the billing cycle rolled around there would be two months gas on it.....but, instead of her card being blocked, they not only let her charge more than $200 on it, they charged us $30 for letting her do it.....

I was ticked....

[retiredman]

I highly recommend renting the documentary "Maxed Out" about credit card companies.

A truly repulsive industry.

[CockySOB]

Best practice is to use pre-paid debit cards for your electronic purchases.

1) You can't charge what isn't on the card.
2) Pre-paid cards are not attached to any of your accounts, which means if they are lost or stolen, there is no way to use them to access your accounts.

If you absolutely *must* have a debit card tied to your accounts, make is a stand-alone account with extremely strict access rules and NO overdraft capability. Personally, I use one of these setups for paying my monthly bills and online purchases.

[actsnoblemartin]

arent their professional organizations to help you when credit card companies screw u like that


Bingo. I misplaced two bills last month, this was one of them, and they socked me with a non-payment charge on a balance of less than ten bucks. They still suck though. I've had a credit card through my professional organization ever since college, and they went with BOA about two years ago and the service has never sucked worse. The card's going in the file and won't be charged to again. That way they can spend the maximum effort keeping track of my zero balance account.:poke:

[glockmail]

arent their professional organizations to help you when credit card companies screw u like that
Fifteen bucks ain't worth crying over, as the overall service has been crappy and I plan on dumping the card any way. I've had late payment charges before with good card companies due to my check being a day or two late, and I've called them up on it and asked for it to be refunded. Out of a half-dozen times over many years this request has only been refused once. That one time I gave the gal the option, her refund or my card back to them, cut in half. She got the card back. Maybe she needed it to scrape ice off her windshield or something. She can't use it to make money anymore.

[KitchenKitten99]

Best practice is to use pre-paid debit cards for your electronic purchases.

1) You can't charge what isn't on the card.
2) Pre-paid cards are not attached to any of your accounts, which means if they are lost or stolen, there is no way to use them to access your accounts.

If you absolutely *must* have a debit card tied to your accounts, make is a stand-alone account with extremely strict access rules and NO overdraft capability. Personally, I use one of these setups for paying my monthly bills and online purchases.

be careful with the prepaid cards. Some places and businesses don't accept them because they don't have your actual name on them. I tried using one on the cruise ship I was on two months ago, and since it didn't have my name on it, they couldn't take it. I HAD to put a credit card (i just used my check card) down for my charges.

The Visa cards can be registered in your name, so in case you lose it or it is stolen, you can recover any money lost.