Credit Card Rates?

LizMarie

New Member
Messages
2,002
Location
NYC
I'm not very knowledgeable about credit cards neither is my mom with her horrible credit. Well two years ago I opened up a Discover Card account in the hopes to open up credit, then later on I opened up an Old Navy account. Since I don't have a job and both were open with my mothers permission I told myself that's my limit and use them for sales or to shop online. Anyway I was looking at my account and I was wondering what's a good credit card interest rate. My old navy credit card is almost always paid in full before the next billing period because I just do use it for the store discounts and the times that it wasn't paid in full the remainder of like $40 had only gained less than $2 interest rate. While my discover card only gains around $6 a based on like $300-$400.. the highest it ever was, was $10 based on like $600-$700. Does that sound like a good interest rate? And where can I find my interest rate? My statement shows. Daily and annual rates....

I guess I should have asked this BEFORE I got the credit card.
 

Kristi23

Ghoulish Geckos
Messages
16,180
Location
IL
Store credit cards usually have a very high rate.

Right now, many major cards are changing their rates. I had to cancel my bank of america card because it jumped from 10.24% to 24.99%! I called and they said they had to do it to everyone and there was nothing they could do.:main_angry: My minimum payment more than doubled in one month.

I think anything under 12% is a decent rate. 9.99 is very good for a credit card.
 

LizMarie

New Member
Messages
2,002
Location
NYC
Store credit cards usually have a very high rate.

Right now, many major cards are changing their rates. I had to cancel my bank of america card because it jumped from 10.24% to 24.99%! I called and they said they had to do it to everyone and there was nothing they could do.:main_angry: My minimum payment more than doubled in one month.

I think anything under 12% is a decent rate. 9.99 is very good for a credit card.

Ok. I'm going to check my credit cards. I opened it as a student account and I know with the recession things are going to start to change and I don't want to get stuck in a hole like my mom did a few years ago.

When you say 10.24% to 24.99% is that the annual rate?
 

Mel&Keith

Mod Squad Member
Messages
7,180
Location
Pasadena, TX
The APR (Annual Percentage Rate) on your bill should be your current interest rate. There are fixed rate credit cards but I think most of them are adjustable. I just checked our last bill and the APR has also jumped to 25%. Thank goodness we don't carry a balance on it!
 

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