Discussion in 'Credit Talk' started by Jim, Jul 10, 2001.

  1. Jim

    Jim Well-Known Member

    Thanks for all the Nextcard info. I realize that you are angry and rightly so!

    I went back and checked my Nextcard original paperwork from April.

    What I got was a 6.9% teaser for 3 billing cycles. No annual fee, rewards program, $6,500 limit.

    During the 4th billing cycle, my rate is to change to "prime + 7.99%". Not to be less than 15.9%. The disclosure also mentioned that the rate on April 1, 2001 was 15.9%.

    I am expecting my statement any day now. If my new rate turns out to be "prime + 8.99%; it will be obvious to me that Nextcard is trying to minimize the impact of the Fed rate cuts.

    My Nextcard will just join Providian in being cards that I use every month but never pay a balance on.

    Your situation is quite different than mine because my credit was not as good in April as it is now. You and your wife have stellar credit.

    Thanks for making all of us Nextcard holders closely examine our statements.
  2. Jim

    Jim Well-Known Member

    I forgot to add that my Nextcard has a 25 day grace period. The billing is one cycle (good) not two cycle (bad).

    Also, I was not charged a BT fee at all on the initial balance transfers.

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