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this post was submitted on 30 Mar 2024
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I have a 800-810 credit score. I have positive networth. I have no mortgage, no student loans and one car loan with less than 5k left. The best interest rate on a credit card i could find was over 18%. I didn't actually apply so the rate might go lower but still, that's criminal imo.
All credit cards are 0% if you pay the balance in full every month. Then it's just a matter of if the perks are worth the fees (if that's not something you're already taking advantage of).
Edit: reworded to not use the word balance twice in different contexts.
Many of them have 'hidden' fees, annual charges etc that add up to a hefty chunk. Interestingly the credit cards offered to high net worth individuals (rich people) have much lower rates and no hidden fees, even things like automatic overdraft protection and robust identity theft protection not offered to the rest of us.
That's a fair point. Credit card companies are not our friends, and it's absolutely in character for them to try and nail us in the fine print.
For my part, I know of my annual fee and the rewards I get more than offset it (though not considerably) but it's certainly not always so clear cut.
Yes, because they make their money from volume with them, instead of rate. Free overdraft protection being free to people who never overdraft with millions in the same bank....ffs....what a mystery
I haven't paid a balance in a decade but here's the thing: I'm probably a small minority of your <250k earners. Combined our household AGI is ~150k so it's anecdotal at best. For those who have to use the card it's stacked so far against them it's insane.
Where do you go when there are maxed ??
Note: I am not a financial expert. And my limited knowledge is for the US credit system.
You want your monthly credit use to be pretty low. I believe under 10% is generally considered good. If you have a low enough limit that maxing it is a concern, then you'll want to limit the amount of your monthly expenses you put on a credit card.
Not in Canada. They're 3 percent but only at purchase. I dont use my cards no more.
Credit unions offer much lower interest rates. My credit card is 10% interest, and 8% for cash advances.
Credit cards at any interest rate are stupid if you are carrying a balance. Take out a proper loan.
Yeah I've got no one to blame for me not looking into then more. I have a savings account with them for my "car loan" which is just me putting money away for the next car and it's got a great interest rate. I really should move my banking to them but they aren't really local.
I had a 7.99% fixed card for a long time. Then after having a few kids we didn’t use it for a while and I went back to look at it they had raised the rate to 15.99% (this was years ago now). We also have credit over 800. Absolute garbage (yes, I know it’s in the TOS). Dropped them and changed companies to get the same 15.99% rate with other perks since the original didn’t have any.
These CC companies seriously need more regs. They can’t be trusted to do anything in the interest of consumers and don’t deserve their business anymore, quite frankly.