account? Reason: I received my bill yesterday and the finance charges seem ridiculous on a $700 balance. Under the finance charge section they have several different methods listed (12 to be exact). The rep claims that everybody uses the same method. I find that hard to believe, why would you have someone in a category and have the different methods listed if everyone gets the same method. If you have this card can you tell me what your method is. Mine is 2D - meaning they calculate finance charges daily and add the finance charge to your balance so that the next day you are paying finance charges for your regular purchases plus the finance charge from the day before. Does that make sense to anyone, or confusing? Sorry, if it's confusing. BTW, the APR on this account is 21% (too high ~ I know).
Re: Does anyone else have a Lo Kim, I have a Home Depot account (MCCBG-same as Lowe's), and also have the 2D method. My available credit drops daily, but the balance remains the same until my statement drops. Fortunately, I have a 6-month 0% deal, so it will all be credited back in August (so they say!).
Re: Does anyone else have a Lo Thanks for your response JacquiG. I looked up the application and they have the same method listed on the terms and conditions. They must be trying to use up all this statement paper with these other methods, or they have accounts that grandfather to other methods. Either way it's very annoying to have 12 different ways listed and some of them are obviously better than method 2D. Thanks again ~ this will be the first card I pay off. Charges too high. You know I really thought I wanted all these new cards, fact is ~ I really don't, when I know how much finance charges I'm paying. Especially when I could have waited for my purchases and paid cash.
Re: Does anyone else have a Lo I'm with you on that one. Target and Aria are the next cards I plan on paying off. Target is 21% and Aria is 23.99. I know it makes more sense to pay the one with the highest interest off first, but for my budgeting purposes, I find it easier to pay the lowest balances off first and add that monthly payment to the remaining cards. I have a gateway card through Hurley State Bank which has an interest rate that is ridiculously high, but I am paying it off next month. I have a home depot and was trying to get a lowes, but I now realize, I don't need or want all these cards. It's like throwing money away. I just got a Citibank AAdvantage card that I want to use and may get them to lower my rate within the nexe 3 months. Does anyone know how long you have to have this card before they increase your limit or lower your interest rate?
Re: Does anyone else have a Lo kim, I have Lowe's too, but preferr to have HomeDepot because I shop at HomeDepot, closer to home. You are right, interest rate is quite high. I don't plan on using it. Just wanted to have it as a retail card in my credit portfilio. I hope they consider Lowe's a retail card. Newcomer, CitiBank lowered my rate to prime+6.9 within a few days of openning the account. I was doing a balance transfer and didn't even request for one when the Customer Rep. and I were discussing all the different rates on the card when she voluntariy offered. No problem here!
Re: Does anyone else have a Lo kim, I had Lowe's account two years ago and we had no Lowe's stores nearby . So I closed the account. At the end of the last year, I request to reopen because they have one nearby. They denied me because too may inquiries on my report. By the way you don't want to owe on the store they charge at least 23% or more and if you want to carry balnces on the card. You had better to use bankcard. Lowe's also accept bankcards besides their store cards with the low rate. Even the most high APR rate of the bankcard is lower than Lowe's card. If Lowe's doesnn't offer 6 months no interest like Best Buy cards, you don't want to use it for purchase. Ron.
Re: Thanks Himmel! Thanks everybody. My plan is to definitely stop usage unless it's an absolute emergency. I only used it to begin with to purchase a washer/dryer for my home. Home Depot denied me. At any rate, i'll be paying off shortly and setting on the shelf for emergency usage only.
Re: Thanks Himmel! kim, From time to time Lowe's card offer you 6 months for purchase over $299 like Home Depot and i recieved a mailing from them yesterday. By the way, Sears had 0% financing from time to time more than Lowe's and Home Depot. Why don't you apply for Sears card? Right now I finace my computer for 12 months at zero% finacing. Ron.
Thanks Ron, but ... No more applications for me. New homeowner, 4 new cards ~ I'm not big on owing too many people and am already frustrated that I can't pay them all off now. LOL!
Re: Thanks Ron, but ... kim, I don't like to owe big purchases on the store card and I already had a computer on my Sears card and I almost pay off half of my computer. Sears offer me 0% financing for 12 months. If I don't have enough money , I will not buy it. I'm afraid that I cannot pay offf the balances. Ron.
