Answers
Just trying to get a rough idea of how much interest I should be looking for with a credit card so I'm not paying to much interest
I would expect 19% or higher. You might get lucky with 10%-15%, but it won't stay there for long. The lower interest rate is a sucker bet. Get you into their system, then change the rates and rules.
Economic Weather report Domestic card spending slowed sharply in March, pressure from fuel, food mortgages But, it's clear we can't pay ...
what was the average credit card interest rate in 2000
Hi,
My boyfriend and i are going to apply for a credit card.
But i thought i'd do a little bit of research first !!
Does anyone know the average amount we should be paying for interest on a credit card p.a?
And please leave ur opinion on whether u think credit cards are good or a bad idea.
Thanks !!
If your credit score is too good, you might get around 9.99 to 14.99 p.a. And also might be eligible for 0% for the first year.
If you don't have that good score it might vary from 10 to 30 %
check also http://cashorcredit24.com for credit card related questions
"Overall, the average variable rate is about 11.25%, down from 14% about a year ago. "The point for consumers is, don't take this sitting down. If you have good credit, there are better terms available. Shop around," McBride said, describing good credit as a score of 700 or higher."
For instance if credit card A has an interest rate of 12% and the balance is $7000, cc B has a rate of 9% and the balance is $1300, cc C has a rate of 16% and the balance is $3000,...........................
What is the average interest rate?
A website that explains how to calculate it would be helpful also.
I think you're looking for more of a weighted average:
7000 X 12% = 840
1300 X 9% = 117
Add the 7000 and 1300 = 8300
Add the 840 and 117 = 957
Divide the 957 by the 8300
your average weighted interest is 11.53%
Credit Card Interest Rates Jump to 29.99%
By Eva Norlyk Smith, Ph.D.
Credit cardholders across the country got a nasty surprise last week, as Citigroup informed thousands of cardholders that the interest rate on their credit cards would be raised to 29.99%.
The rate hike puts cardholders’ interest at levels that in the past were considered default interest rates, previously reserved for cardholders that had several late payments in a row or were more than 30 days behind on their credit card payments. Cardholders across the board were hit with the interest rate hike, whether they carried a balance on their card or not, and whether or not they always pay on time.
Dante's Virgil: Credit Card Catastrophe
This is one of the smarter regulations put in by the government. It is not the credit card companies that want people to pay more, they realize when individuals only pay the minimum 2% balance on their cards now they are not touching the principal portion of their debt and will never be able to pay off their balance. So, they have a consumer right where they want them a lifelong slave to the credit card company. By increasing the minimum payment balance to 5 percent it is ensuring that individuals who should've never put themselves in financial crisis to begin with by using credit instead of actually spending money they had, will actually begin to put a dent in the financial mess they created...
News
Congressional Fail: Don't Let Congress Take CreditHuffington Post (blog) - Oct 23, 2009
Congressional Fail: Don't Let Congress Take CreditThe delayed implementation, as the Times editorial notes, has allowed credit card companies to systematically raise interest rates by an average 20 percent, and more »MarketWatch - Oct 23, 2009
CardSmart.co.uk but agreed to exempt smaller credit card issuers from the new deadline. Specifically, the law would only allow interest rate hikes on existing balances Capital One Profit Rises 14 Percent, Beats EstimatesCapital One Reports Third Quarter Net Income of $425.6 million, or $0.94 per shareCapital One Financial Corporation Q3 2009 Earnings Call Transcriptall 154 news articles »
New York Times - Oct 23, 2009
NewsHourInstead of backing away from exploitation, credit card companies have intensified it. For starters, they have driven up already outrageous interest rates by Credit card rates flat as banks look for other ways to boost profitsCreditCards.com: Weekly Credit Card Rate ReportCard rates remain flatall 68 news articles »
Credit Card Guide News - Oct 23, 2009
BankaholicIncreasingly, angry and frustrated cardholders, feeling betrayed by credit card companies’ onslaught of interest rate hikes, might just decide that if Credit Cards or Credit Crash? The Assault on Consumers ContinuesCredit Card Changes You Need to Know AboutCD Rates Settle Lower This Weekall 13 news articles »
Dallas Morning News - Oct 23, 2009
Obviously, an angry customer can find enough card, but that's not the point. What's a good interest rate -- built from responsble money management -- really and more »Bankrate.com - Oct 22, 2009
The average interest rate for all variable-rate credit cards has inched up from 10.86 percent all year, and this week the mean APR scooted 4 basis points to and more »Subprime Blogger - Oct 23, 2009
PR-Inside.com (Pressemitteilung)Just because you miss a credit card payment your interest rate gets jacked up drastically. With so much going on in such a fast paced society it can often Debt Consolidation Loans Can Reduce Your Monthly Payments and Take the Stress Bad Credit Debt Consolidation – Lower Interest Rates on Credit CardsBad Credit Debt Consolidation – Reduce Your Credit Card Debt Todayall 42 news articles »