Comments on: Examine Your Credit Card Interest Rates Often http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/ A case study on paying off all debts Fri, 05 Sep 2008 19:30:19 +0000 http://wordpress.org/?v=2.2.1 By: Jen http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-127 Jen Thu, 21 Feb 2008 16:51:50 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-127 I keep a spreadsheet with details about all of my current debts. I include the APR and credit limit on this sheet in addition to the balance, due date, etc. Every month I review what the APR is so I know how much things have changed. Unfortunately, I'm one of those folks who is currently being screwed by Bank of America and HSBC by getting my APR raised for no apparent reason. I keep a spreadsheet with details about all of my current debts. I include the APR and credit limit on this sheet in addition to the balance, due date, etc. Every month I review what the APR is so I know how much things have changed. Unfortunately, I’m one of those folks who is currently being screwed by Bank of America and HSBC by getting my APR raised for no apparent reason.

]]> By: Mr. Debtbeater http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-102 Mr. Debtbeater Wed, 13 Feb 2008 02:01:23 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-102 @veronica - Well, I got another one of those little pamphlets today. It made me think of your comment. ;) I really hate credit card companies at this point. @Zach - I saw mint when it was first launched and it looked interesting. I'm weary of some database somewhere having all of my financial information even though I'm familiar enough with web security to know that it's probably OK anyway. I'd almost rather write my own tool to go look up my rates for me and report back any differences, but alas...I think I'll just make a habit of checking them on every statement as I pay them since it's the path of least resistance. @veronica - Well, I got another one of those little pamphlets today. It made me think of your comment. ;) I really hate credit card companies at this point.

@Zach - I saw mint when it was first launched and it looked interesting. I’m weary of some database somewhere having all of my financial information even though I’m familiar enough with web security to know that it’s probably OK anyway. I’d almost rather write my own tool to go look up my rates for me and report back any differences, but alas…I think I’ll just make a habit of checking them on every statement as I pay them since it’s the path of least resistance.

]]> By: Festival of Frugality - #112 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-88 Festival of Frugality - #112 Tue, 12 Feb 2008 13:39:45 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-88 [...] Beater says that you should examine your credit card interest rates often. I suggest not getting credit card debt [...] […] Beater says that you should examine your credit card interest rates often. I suggest not getting credit card debt […]

]]> By: Zachary Spencer http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-77 Zachary Spencer Thu, 07 Feb 2008 21:46:44 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-77 Have you looked at using mint (http://www.mint.com) to keep tabs on your credit cards? It keeps the interest rate at the forefront so you *know* what the rate is on your card. Also provides you with offers for Credit Cards with better interest rates. Pretty useful. I don't like using it for it's intended purpose (spending tracking) becase I do that using a spreadsheet,but I do like how you can pull up charts at a moments notice with it. I'm pulling for you man! Debt sucks, from one IT guy to the other, I know you can pull through! Have you looked at using mint (http://www.mint.com) to keep tabs on your credit cards? It keeps the interest rate at the forefront so you *know* what the rate is on your card. Also provides you with offers for Credit Cards with better interest rates. Pretty useful. I don’t like using it for it’s intended purpose (spending tracking) becase I do that using a spreadsheet,but I do like how you can pull up charts at a moments notice with it.

I’m pulling for you man! Debt sucks, from one IT guy to the other, I know you can pull through!

]]> By: veronica http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-70 veronica Thu, 07 Feb 2008 14:13:02 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-70 Ah yes, the sneaky "changes in terms and conditions" pamphlet. That happened with one of my Chase cards (yes, I had two). I noticed that my minimum balance had dramatically increased, and when I looked, my interest rate had ballooned about 10 percentage points. And for no reason on my part. I immediately transfered the balance to another card that had a low fixed rate and even was able to enjoy an even lower promotional introductory rate for several months. I never could figure out how or why that other interest rate had changed without my knowledge, but then about five months ago, I received another little pamphlet from Chase regarding the other card. And yes, buried in the fine print was a notice about the upcoming change in the rate -- another significant jump. If I didn't agree to the new terms, I had to jump through their stated hoops within a fairly short time period to inform them that I absolutely did not agree to the new terms. In return, my rate would remain the same, BUT my account would be closed and I wouldn't be able to use the card again. Yeah? So what! I wasn't using that card anymore anyway. What burns me is that they send these little pamphlets in what looks like junk mail, making it easy to overlook and even throw away. Ah yes, the sneaky “changes in terms and conditions” pamphlet. That happened with one of my Chase cards (yes, I had two). I noticed that my minimum balance had dramatically increased, and when I looked, my interest rate had ballooned about 10 percentage points. And for no reason on my part. I immediately transfered the balance to another card that had a low fixed rate and even was able to enjoy an even lower promotional introductory rate for several months.

I never could figure out how or why that other interest rate had changed without my knowledge, but then about five months ago, I received another little pamphlet from Chase regarding the other card. And yes, buried in the fine print was a notice about the upcoming change in the rate — another significant jump. If I didn’t agree to the new terms, I had to jump through their stated hoops within a fairly short time period to inform them that I absolutely did not agree to the new terms. In return, my rate would remain the same, BUT my account would be closed and I wouldn’t be able to use the card again. Yeah? So what! I wasn’t using that card anymore anyway.

What burns me is that they send these little pamphlets in what looks like junk mail, making it easy to overlook and even throw away.

]]> By: Mr. Debtbeater http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-69 Mr. Debtbeater Thu, 07 Feb 2008 14:07:36 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-69 You know, I did that a couple years ago and even though I saved money on interest, I just ended up with more credit cards and an overall credit card debt that was much higher than we started with. I've considered doing it again, but if I do it won't be with 5 different card issuers all giving me piddly little $1500 and $2000 limits. I'm wanting to scour through my current card list and give them the option of being my one single card for the next year or so while I start closing down some of the others. (Keeping my oldest card still open for FICO scores and overdraft protection.) If none of them are willing to play, I may consider playing the credit card transfer game again. You know, I did that a couple years ago and even though I saved money on interest, I just ended up with more credit cards and an overall credit card debt that was much higher than we started with.

I’ve considered doing it again, but if I do it won’t be with 5 different card issuers all giving me piddly little $1500 and $2000 limits. I’m wanting to scour through my current card list and give them the option of being my one single card for the next year or so while I start closing down some of the others. (Keeping my oldest card still open for FICO scores and overdraft protection.)

If none of them are willing to play, I may consider playing the credit card transfer game again.

]]> By: Mrs. Accountability http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-66 Mrs. Accountability Thu, 07 Feb 2008 13:32:28 +0000 http://www.debtbeater.org/examine-your-credit-card-interest-rates-often/#comment-66 Mr. D, why settle for 8 -10%? You can transfer balances over to ZERO percent interest rate cards. That's what I'm planning to do very soon, using one of the offers from this site: http://www.direct-credit-card.com/categories/balance_transfer_credit_cards Typically they expect you to pay 3% of your balance transfer, capping the fee at $75 or $100. One of the cards there extends the 0% interest for 12 months. I figure it is going to cost me $200 to transfer over my two credit cards to one 0% interest card, but since I'm putting out about $130 in interest each month, that initial $200 investment will pay for itself within 2 months. Mr. D, why settle for 8 -10%? You can transfer balances over to ZERO percent interest rate cards. That’s what I’m planning to do very soon, using one of the offers from this site:
http://www.direct-credit-card.com/categories/balance_transfer_credit_cards

Typically they expect you to pay 3% of your balance transfer, capping the fee at $75 or $100. One of the cards there extends the 0% interest for 12 months.

I figure it is going to cost me $200 to transfer over my two credit cards to one 0% interest card, but since I’m putting out about $130 in interest each month, that initial $200 investment will pay for itself within 2 months.

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