Household Bank Card: The terms

Discussion in 'Credit Talk' started by roni, Apr 17, 2001.

  1. roni

    roni Well-Known Member

    I got the Household card in the mail today. First, it is Gold. Yeepee! Next, it has an intro rate of 3.9% for purchases and balance transfers. YES! This intro period is for the first 6 months. My credit limit is $2000 with $1000 available for cash. Ok, that's all. Jim, I hope this answers your questions.

  2. Mike

    Mike Well-Known Member

    Re: Household Bank Card: The t

    roni, first of all, congrats on getting this card. I also got this a few months ago, but they sent me an update in terms showing increased finance charges on cash advances and balance transfers that will be effective in June of this year. I also noticed that they use two cycle billing so I guess I'll pay this card in full every month. It's a good thing that they post payments right away.
  3. Jim

    Jim Well-Known Member

    Thanks Roni & Mike

    Disapointed to hear that they use 2 cycle billing. I noticed some other posts complaining about Household not posting payments right away.
  4. Donna

    Donna Well-Known Member

    Re: Thanks Roni & Mike

    Just to add my experience, as a Household card holder, I've never had a problem. Customer service has been excelent and my payments are posted promptly.

    Since my six-month period is about up, I'm going to have to be careful not to carry a balance. The interest rate is pretty high; so, if I need to make a purchase and pay over time, I'll use another card.

  5. Dani

    Dani Well-Known Member

    Household Bank

    No problem with Household Bank here either. Always posted on time as long as payment is mailed at least five days before it is due. Congrats.

  6. geekpipe

    geekpipe Well-Known Member

    Re: Household Bank

    What exactly is two cycle billing?

    GEORGE Well-Known Member

    Re: Household Bank


    Author: Dani (
    Date: 04-10-01 13:09

    Hi Aaron,

    I found this posted from Top on February 15 about two cycle billing:

    Two-Cycle Average Daily Balance, Including New Purchases. This balance is the sum of the average daily balances for
    two billing cycles. The first balance is for the current billing cycle, and is figured by adding the outstanding balance
    (including new purchases and deducting payments and credits) for each day in the billing cycle, and then dividing by the
    number of days in the billing cycle. The second balance is for the preceding cycle

    "Assume a consumer starts the first month with a zero balance and charges $1,000, of which the minimum amount due
    (listed on the statement) is paid. The next month, another $1,000 is charged and then the entire balance due is paid
    off. The same pattern is repeated three more times during the year. The stated interest rate on all cards is 19.8% APR.
    The yearly finance charge varies from $66.00 to $196.20.

    Figure 2. Finance Charge Computation Methods*
    Average Daily Balance (excluding new purchases), finance charge is $ 66.00

    Average Daily Balance (including new purchases) finance charge is $132.00

    Two-Cycle Average Daily Balance (including new purchases) finance charge is $196.20

    Two-Cycle Average Daily Balance (excluding new purchases) finance charge is $131.20 "

    Hope this helps.

  8. Preston

    Preston Guest

    Re: Household Bank

    Household Bank a subprime card? Do they offer a good APR?

    GEORGE Well-Known Member

    Re: Household Bank

    NEVER HAD A PROBLEM WITH HOUSEHOLD, until they sold my closed account to FLEET.

    The interest rate was PRIME - 0.15% (weird yea).

    When FLEET got ahold of should have stayed at PRIME -0.15%...BUT THEY SAID I HAD TO PAY THEIR "DEFAULT" RATE OF ABOUT 25%...I
    SAID NO WAY!!!!

  10. Ron

    Ron Well-Known Member

    Re: Household Bank

    I hadn't any problems with Fleet cards so far and I had Edvance card and Fusion Smart Visa card with them for almost two years. Only complain from me they don't have offer on-line payment on their website.

  11. roni

    roni Well-Known Member

    Re: Household Bank

    I dont know of any subprime cards which offer a balance transfer of $2 or 3%. That kind of subprime, I dont mind. Providian, Orchard, Capital one Aspire, take note.


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