29.99% interest.
Ok, this is the post that will tell credit card users to WATCH THE FUCK OUT! i used to have a Capitol 1 card. $200 and 19.99% interest. Not much to speak of but the only problem was their people were pricks. So i picked up a Providian card, $2000, 12.99% for the first 6 months going to 19.99% fixed. Well at least thats what i thought. For the past year and a half, my wife and i have been paying $120-150/month on a $68/month payment to get ourselves back out. Turns out we are actually falling BEHIND! so after finally realizing the pattern *i must be a fool for not looking sooner* i called in after looking at my online account. So this chick starts telling me that i am not paying on the princaple. So i flip out saying we are sending twice as much per month then you ask for what do you mean? She returns your intrest rate is above that. *enter dead silence drop jaw sound here* well what is my interest rate at? 29.99%. WTF!?!? i signed on at a 19.99% fixed rate, why did you jack me? i am sorry sir, our computer says that you are on a variable rate not a fixed. i told her I AM ON A 19.99% fixed! no sir you are not, you are on a variable, and our computers are never wrong!. *enter a long line of explisitives here* I finally told her that i will be closing out my account soon, and i will inform everyone in my area of the shit your pulling. and she says, sir is there any way i can help? and i scream sure raise my rates another 10% no thanks get lost, your service sucks and i have no wish to ever do business with you again. and then i hung up. I am getting a new card, better limit, better rewards through my bank *personal friends with our bank rep, so i will be doing MUCH better, wish i had done this in the begining* and do a balance transfer to the new card *prolly at 16.99%*
Moral of the story:
NEVER TRUST YOUR CREDIT COMPANY, AND ALWAYS ASK QUESTION WHILE YOU KEEP AN EYE ON YOUR ACCOUNT. CHECK OFTEN!
Moral of the story:
NEVER TRUST YOUR CREDIT COMPANY, AND ALWAYS ASK QUESTION WHILE YOU KEEP AN EYE ON YOUR ACCOUNT. CHECK OFTEN!
posted by Niccio Dartsmouth at 9:19 AM
4 These people wished to share:
Or, challenging as it can be, try not to pay interest in the first place. Just charge what you can afford, and you will be better off.
yeah well, i kinda had a hayday on the first day we had the card, and next thing i knew we were maxed. that was about 2 1/2 years ago. I learned what a fool i was. But buying only what we can afford is what we have been practicing since.
You already realize you messed up with the card, so you're doing better than most! Paying it back will take time, but once you're there, you can use your credit companies.
One credit card co gives me 5% cash back at grocery stores. I use this card for all my groceries, come home and write a check to stick in the file. Once the bill comes, the money is already there waiting... AND once every couple of months, the company sends ME a check (which I use to buy stock!)
I hate that companies prey on people, offering shady deals to people just starting out, college kids, etc.
I know this company wants me to screw up. THey keep raising my limit, trying to lure me into to buying something I can't really afford, but it's not going to happen ! THe good thing about getting into credit trouble when you're young (like I did) is that you learn all the tricks they pull. You'll be a wiser consumer from here on out. As your score improves, you'll be offered sweet deals like 0% balance transfers and fixed rates of 5% on purchases. I haven't paid a two-digit interest rate in years. (and I'm 32, it deosn't take long to boost your rating once you know how).
You might try giving discover a call. When I bought my rental property I got a loan against my house for the downpayment. The bank was charging me $35 per month in interest. Discover let me transfer the balance at 0% for the life of the balance, as long as I made two purchases per month at the regular interest rate (7.99% I think). So every month i go to the gas station, swipe my discover card and buy $1.01 in gas, hand up the handle and swipe again... another $1.01 worth of gas.
It's a hassle. But I made a graph that shows how much faster the balance is going down... it's totally worth the extra effort.
I want to write a book about household finance. I love money. I'm good at money. I want to be the weird old lady who drinks too much and drives a beat up buick, but has millions in the bank to have fun with. If you ever have money questions PLEASE let me know. I'll do my best to help and I don't charge a fee.
In my case, miss jones is very wrong about women and fine print!
lol Rachael.. thanks for the offer, anything turns up i'll let you know.
Brig.. its not that scary, well, it is, but its not hard to get out of it.
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