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Discussion in 'Credit Talk' started by curiouser, Apr 12, 2000.
If you have an Associates card, check to see if your interest rate has jumped.
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My interest rate has jumped to 13.75% APR from 8.5% APR. So the 5 points seems to apply, however they do make money from my account. I am willing to let them make money as long as I make money. Treat credit as a commodity, it cost money, but you can profit from it.
Yes, we are aware "you" are making money off of this account.
But what I want to know is what is your advice for others who may not care that their card company just spiked their interest rate 3.75% higher than the past years interest rate.
For those using it "strickly" as a credit card should they bite their tongue or dump it as unacceptable gouging as curiouser and curiouser did.
If carrying the card is not costing you anything, why would you dump it?
If there is an annual fee and you feel 13% APR is too high by all means dump it.
Isn't that a common sense approach?
CreditWorks- So my question would be if the
Fed goes 1.75 this year, will Associates
jump another 5%. This could make a difference
for someone wanting to apply with them. This
is not meant to be a silly question that
requires a response of, if you don't like it dump it. My mother just dumped good ol
CCB and is looking for a new company to replace them. Your advice would be helpful
Bob, all my responses are based on my personal experience. I am not a credit expert. I cannot say with any certainty what Associates will do or not do. I just simply doubt that they would raise 5% every time the Feds goes up 1.75%. If you deal from strength you can always dump them or make them charge you a more reasonable rate. Given the rates I see quoted by some of the other creditors, the 13.75% Associates is charging is a reasonable rate.
Compared to CCB it is a tremendous bargain.
Just my opinion.
The next time they bring that subject up ("You never carry a balance and never pay any finance charge, so we don't make any money on you.") remind them that they make money every time your purchase something with their card because they take 1-3% (for Amex, as much as 7% for low-volume accounts) of the purchase amount from the merchant.
Single-digit credit card interest rates are rapidly disappearing. Fleet dumped their 7.99%APR Titanium Cards and FirstUSA is madly trying to raise the rate on all of the 9.9% "fixed-rate" cards they have out there. (The postage stamp one your last payment was not properly aligned within the designated box on the payment envelope, so we have no choice but to change your interest rate to a variable Prime +6.9% rate...)
Oh, I know. At that point and after the 5% raise and with credit offers in my mailbox every week, I decided that they just weren't worth it. It reminded me of the bank officer who, while testifying to the House Banking Committee, referred to convenience users who pay their bill in full each month as "deadbeats." He said that the banks only make a few cents on the dollar for each transaction. My thought at the time was, "That's a few cents more than you'd make if I wrote a check or paid cash."