I have had the $500 limit card from DMB for 7 months. It is secured by a $99 deposit. I called them today to ask that they lower the 24% APR. This has been my APR since I received the card. I was transferred to the department "that handles these matters". Well this department told me that they can't lower the APR on secured cards nor increase the limit without a deposit. They also said upon my anniversary my account would be reviewed for unsecured status. If granted, I can negotiate APR and limit. Well I wasn't happy so the rep gave me $20 credit for maintaining an excellent account. I appreciate the $20 but a lower APR is a better reward for paying on time and never exceeding limit. I asked for the criteria for unsecured conversion and he said the typical stuff including pulling credit report.
RE: DMB...They should do bette Sorry Killer, geez 20 bucks for being a good customer, that stinks. mom
do the math If you average $200 balance, a %10 interest deduction would net you about $20 a year. $400 balance at 5%, etc... If you are talking a low limit like that it doesn't make much difference. It just sounds better to get the interest lower. These figures don't even include a grace period
RE: do the math Marvin, I have paid more than $20 in interest since getting this card. In addition, I paid an annual fee along with the $99 deposit. Don't get me wrong, I really appreciate the $20. It offset some of the associated costs but I'd rather have a lower APR!
