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 03/22/2007 12:28:06 PM · #1
In spirit of the "I just got my first credit card" thread, lets compare interest on major credit cards(Visa, Mastercard, etc). Give the actual APR for purchases not an lowball introductory rate.

I'll start:

Capital One "No Hassle Mastercard"
4.9% fixed
 03/22/2007 01:34:49 PM · #2
I have a 1st Bank of USA, I have 0% on purchases up to $250 (haha, I am at 20 times that right now). So, My APR is around 15% or so because I had a few late payments a while back.
 03/22/2007 01:35:49 PM · #3
Mine is at 9.99% right now. Time for a transfer. :)
 03/22/2007 01:40:36 PM · #4
I have not had a credit card in ten years. If I don't have the cash in my pocket then I can't buy it. I have good credit, I have a house and 2 cars. Just don't want to borrow money every month.
 03/22/2007 02:26:03 PM · #5
how in the heck is yours so low? i have had mine for about 10yrs and the only time i use it is for online purchases and i pay it off within the month. they keep raising my limit and i have outstanding credit. i asked them why my rate was so high and they said that thats what it is and will stay. its 19.99%?

Originally posted by NstiG8tr:
In spirit of the "I just got my first credit card" thread, lets compare interest on major credit cards(Visa, Mastercard, etc). Give the actual APR for purchases not an lowball introductory rate.

I'll start:

Capital One "No Hassle Mastercard"
4.9% fixed


Message edited by author 2007-03-22 14:26:44.
 03/22/2007 02:34:22 PM · #6
Originally posted by Chinabun:
how in the heck is yours so low? i have had mine for about 10yrs and the only time i use it is for online purchases and i pay it off within the month. they keep raising my limit and i have outstanding credit. i asked them why my rate was so high and they said that thats what it is and will stay. its 19.99%?

Originally posted by NstiG8tr:
In spirit of the "I just got my first credit card" thread, lets compare interest on major credit cards(Visa, Mastercard, etc). Give the actual APR for purchases not an lowball introductory rate.

I'll start:

Capital One "No Hassle Mastercard"
4.9% fixed

Some credit companies are like that. In the terms, it will show what they base their rates at. Usually it's Prime plus a percent or two, some by default are just higher. Those offering credit through department stores are usually higher, but they will credit a lot of different people. If you go to creditors that are more picky, then your starting rate is usually better.
 03/22/2007 03:24:56 PM · #7
well i just got off the phone with the capital one RETARDS! they told me that i could easily <---- quote "easily" close my existing account and apply for a new card so that i could get the lower rate because i have outstanding credit history with them. I said do you freakin realize how many things i would have to change my credit card number on? its 2007, i dont see why they cant just lower my rate in the computer. They said that when i originally got the card that was the "offer" they had given me. They didnt even have all this capital one whats in your wallet bull crap in 1998! I am so irritated right now.

Originally posted by amirt:
Originally posted by Chinabun:
how in the heck is yours so low? i have had mine for about 10yrs and the only time i use it is for online purchases and i pay it off within the month. they keep raising my limit and i have outstanding credit. i asked them why my rate was so high and they said that thats what it is and will stay. its 19.99%?

Originally posted by NstiG8tr:
In spirit of the "I just got my first credit card" thread, lets compare interest on major credit cards(Visa, Mastercard, etc). Give the actual APR for purchases not an lowball introductory rate.

I'll start:

Capital One "No Hassle Mastercard"
4.9% fixed

Some credit companies are like that. In the terms, it will show what they base their rates at. Usually it's Prime plus a percent or two, some by default are just higher. Those offering credit through department stores are usually higher, but they will credit a lot of different people. If you go to creditors that are more picky, then your starting rate is usually better.
03/22/2007 03:27:09 PM · #8
I detest Capital One! Them and Wells Fargo.
 03/22/2007 04:02:37 PM · #9
Originally posted by thegrandwazoo:
I have not had a credit card in ten years. If I don't have the cash in my pocket then I can't buy it. I have good credit, I have a house and 2 cars. Just don't want to borrow money every month.


I didn't have one for quite a few years either and in the beginning I didn't miss having one at all. I finally broke down and got one to make life "easier". Traveling became a real bitch without one. Want to rent a car, need a CC. Never made sense, I can rent a $30,000 car with a card that has a $500 limit but I can't give any sort of cash deposit and they won't accept cash for the rental fee. Want to reserve a hotel room, need a CC. Even if you've pre-paid or are paying cash most won't give you the key to the room without a CC at check-in. Not to mention that businesses have taken to looking at people who write checks like they have the words scumbag thief tattooed on their foreheads.
 03/22/2007 04:08:44 PM · #10
I have had credit cards for 5 years, just got a new one with 0% introductory APR for a year.. but don't use it unless I really have a need to!

bottom line, I spend only the amount I can pay off without paying any interests or late fees! I use credit cards for convenience, not to borrow money!
 03/22/2007 04:09:07 PM · #11
Originally posted by TechnoShroom:
Originally posted by thegrandwazoo:
I have not had a credit card in ten years. If I don't have the cash in my pocket then I can't buy it. I have good credit, I have a house and 2 cars. Just don't want to borrow money every month.


I didn't have one for quite a few years either and in the beginning I didn't miss having one at all. I finally broke down and got one to make life "easier". Traveling became a real bitch without one. Want to rent a car, need a CC. Never made sense, I can rent a $30,000 car with a card that has a $500 limit but I can't give any sort of cash deposit and they won't accept cash for the rental fee. Want to reserve a hotel room, need a CC. Even if you've pre-paid or are paying cash most won't give you the key to the room without a CC at check-in. Not to mention that businesses have taken to looking at people who write checks like they have the words scumbag thief tattooed on their foreheads.


I feel ya! However I have a visa debit card and I travel, rent cars, stay in hotels and have never had a problem. Went to NYC last summer and we tore it up! I always have enough cash in the bank to cover any expenses on a trip. I plan, save and go.

I am sure somewhere down the line, when me and the miss have kids, I may get one but until then I love being cash only. One less bill to worry about. I would have to pay the money back to them, so why not just have it on hand without owing anyone anything.

Message edited by author 2007-03-22 16:10:07.
 03/22/2007 05:18:56 PM · #12
Originally posted by thegrandwazoo:
Originally posted by TechnoShroom:
Originally posted by thegrandwazoo:
I have not had a credit card in ten years. If I don't have the cash in my pocket then I can't buy it. I have good credit, I have a house and 2 cars. Just don't want to borrow money every month.


I didn't have one for quite a few years either and in the beginning I didn't miss having one at all. I finally broke down and got one to make life "easier". Traveling became a real bitch without one. Want to rent a car, need a CC. Never made sense, I can rent a $30,000 car with a card that has a $500 limit but I can't give any sort of cash deposit and they won't accept cash for the rental fee. Want to reserve a hotel room, need a CC. Even if you've pre-paid or are paying cash most won't give you the key to the room without a CC at check-in. Not to mention that businesses have taken to looking at people who write checks like they have the words scumbag thief tattooed on their foreheads.


I feel ya! However I have a visa debit card and I travel, rent cars, stay in hotels and have never had a problem. Went to NYC last summer and we tore it up! I always have enough cash in the bank to cover any expenses on a trip. I plan, save and go.

I am sure somewhere down the line, when me and the miss have kids, I may get one but until then I love being cash only. One less bill to worry about. I would have to pay the money back to them, so why not just have it on hand without owing anyone anything.


I never carry cash. I use a credit card for everything. We pay them off completely every month. I am not sure what our interest rate is but we never pay interest so it doesn't matter. I don't carry cash because I spend more when I do. I will be more likely to by small stuff like candy or drinks from a machine, so I end up saving a pretty good amount every month from not buying the small stuff.
 03/22/2007 05:24:21 PM · #13
Originally posted by Elvis_L:

I never carry cash. I use a credit card for everything. We pay them off completely every month. I am not sure what our interest rate is but we never pay interest so it doesn't matter. I don't carry cash because I spend more when I do. I will be more likely to by small stuff like candy or drinks from a machine, so I end up saving a pretty good amount every month from not buying the small stuff.


That's the way I am. It's either my bank card or a credit card. Cash is too easily lost. We usually get to the ATM maybe once or twice a month for times we need cash. Usually the change (bills included) get stuck in the change jar.

Stuff that goes on the CC are usually purchases that are discounted when used in conjunction with the credit card. One department store regularly give sales 15-30% off when using their credit card
 03/22/2007 05:26:07 PM · #14
Originally posted by Elvis_L:

I never carry cash. I use a credit card for everything. We pay them off completely every month. I am not sure what our interest rate is but we never pay interest so it doesn't matter. I don't carry cash because I spend more when I do. I will be more likely to by small stuff like candy or drinks from a machine, so I end up saving a pretty good amount every month from not buying the small stuff.


For sure that is the smart way to do it and you have kids so that makes perfect sense.

But I learned early on that "Cash is king" and "It's a wise man that knows the value of small change" so I kinda like living like that. But like I said when I have some kids I know that will change a little.

Message edited by author 2007-03-22 17:27:22.
 03/22/2007 05:26:37 PM · #15
I support CC's when used appropriately but even if we pay it off each month to avoid FC or pay cash we all pay 4-7% because of credit cards at most if not all places. It is calculated into the pricing of the product.

Visa, MC, and most cards charge merchants 4 or 5% of the purchase and American Express is the highest around 7%. Each month I had to balance my p&L and there were three thing added to the price of products other than the cost of theft. Base price + 3.0% shipping + 3.5% handling + avg 5.0% merchant cost to get the retail price.

Message edited by author 2007-03-22 17:27:37.
 03/22/2007 05:32:35 PM · #16
Originally posted by thegrandwazoo:
But like I said when I have some kids I know that will change a little.


you aren't getting any younger you know. what are you waiting for:P
 03/22/2007 05:33:04 PM · #17
Originally posted by Elvis_L:
Originally posted by thegrandwazoo:
But like I said when I have some kids I know that will change a little.


you aren't getting any younger you know. what are you waiting for:P


No shizzle huh? :-P
 03/22/2007 05:40:03 PM · #18
Originally posted by thegrandwazoo:
Originally posted by Elvis_L:
Originally posted by thegrandwazoo:
But like I said when I have some kids I know that will change a little.


you aren't getting any younger you know. what are you waiting for:P


No shizzle huh? :-P


whats funny is i am not much younger than you and and if my eldest son has a kid at the age i was when i had him, I will be a grandfather by the time I'm your age:/
 03/22/2007 05:43:59 PM · #19
Originally posted by Elvis_L:


whats funny is i am not much younger than you and and if my eldest son has a kid at the age i was when i had him, I will be a grandfather by the time I'm your age:/


Wild man! My dad and his second wife had kids late in life. Now he is in his 60's with 2 girls 14 and 16! Poor Dad... LOL

Me and my girl hope to get something started in the next few years so at least I will still be able to do little league and the like.

end hijack. :-P

Message edited by author 2007-03-22 17:46:02.
 03/22/2007 10:40:29 PM · #20
Originally posted by Chinabun:
well i just got off the phone with the capital one RETARDS! they told me that i could easily <---- quote "easily" close my existing account and apply for a new card so that i could get the lower rate because i have outstanding credit history with them. I said do you freakin realize how many things i would have to change my credit card number on? its 2007, i dont see why they cant just lower my rate in the computer. They said that when i originally got the card that was the "offer" they had given me. They didnt even have all this capital one whats in your wallet bull crap in 1998! I am so irritated right now.

Originally posted by amirt:
Originally posted by Chinabun:
how in the heck is yours so low? i have had mine for about 10yrs and the only time i use it is for online purchases and i pay it off within the month. they keep raising my limit and i have outstanding credit. i asked them why my rate was so high and they said that thats what it is and will stay. its 19.99%?

Originally posted by NstiG8tr:
In spirit of the "I just got my first credit card" thread, lets compare interest on major credit cards(Visa, Mastercard, etc). Give the actual APR for purchases not an lowball introductory rate.

I'll start:

Capital One "No Hassle Mastercard"
4.9% fixed

Some credit companies are like that. In the terms, it will show what they base their rates at. Usually it's Prime plus a percent or two, some by default are just higher. Those offering credit through department stores are usually higher, but they will credit a lot of different people. If you go to creditors that are more picky, then your starting rate is usually better.


Chinabun...get back on the phone with them and since you will most likly get someone else, ask them what you need to do to drop your interest rate. If they give you the same B.S. answer tell them that if you need to cancel your card to get a better rate then you are just going to change companies altogether. They don't need to know how many problems it will be to change companies, if they know they have you over a barrel they will keep you there. Let them know that you have gotten other pre-approved credit card offers for a much lower rate and unless they agree to reduce the interest of a very dedicated customer you are gonna walk. I know people that do it quite often with no problem. If it's gonna cost you a bit of work to change to another company it would be worth it not to have the higher interest rate...of course a high interest rate is sometimes a good incentive to pay it off every month. :)

Part of the issue, which may sound weird, may also be that they aren't making money off of you cause you pay it off all the time, so it's not beneficial for them to lower the rate. If they keep it high there is the chance they will make some money in interest charges.

Good luck
 03/22/2007 10:43:57 PM · #21
One of the things that affects your credit score is how long the credit account has been open. So, I'm not sure closing an account you've helds since 1998 is going to have the exact effect you are looking for, since with a lower credit score you wouldn't necessarily be eligible for all those lower rates.
 03/22/2007 11:25:05 PM · #22
great list of 0% balance transfer cards

:)
 03/22/2007 11:26:00 PM · #23
ps -- according to my bank today my credit score FREAKIN' ROCKS and i balance transfer all the time.
 03/22/2007 11:27:33 PM · #24
I have a pretty shitty rate (19.5), but my limit just got bumped to 6500!

Its gonna be hard to keep my LBA in check now...
 03/22/2007 11:33:35 PM · #25
Originally posted by muckpond:
ps -- according to my bank today my credit score FREAKIN' ROCKS and i balance transfer all the time.


The key is to get cards with not only 0%, but also no transfer fee or at least very low. Citicard and Chase both have excellent cards I've used for years. With citicard, I had a year of 0%, no transfer fee, $25K limit. After the year was up and I paid it off and called to cancel, they extended it for another year. :)

If you do transfer money to a 0% card, NEVER buy anything with it. They'll take most or all of any payment and apply it to the 0% and hit you for finance charges on the purchases at whatever rate that is.

And the other trap to avoid, of course, is to always pay the minimum. Never miss one payment. And finally, never miss a payment to anyone else, either, because they'll often raise your rate if you do.

The other key is to set up automatic online payments from your bank. Both Chase and Citi will do that for you for free. That way you never miss a payment.
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