Credit Card Apr

I've been thinking as long as you pay off your credit card balance in time before their due date, you only pay for what you swipe. I thought APR kicks in ONLY if you don't pay in time.

Am I wrong or right? Please explain. Thank.

You are right. As long as you pay the balance every month you will not be charged any interest. Unless you do cash advances and those you are charged interest right away.

2007-12-07 12:06:21 by trime

The APR (average paid rate) is the percentage that a credit card company will charge for their service. Learn more about how APR works on credit ...

Chase refuses to lower my husband's credit card APR below 29.99%, even with a credit score of 692. He's never been late on a payment. We're hesitant to just transfer to a new card, since his score will take a hit for it. Does anyone know why Chase would be so difficult or have suggestions on how we should approach this? Thanks!

Don't worry about the hit! You should NEVER EVER, EVER have to pay an APR of 29.99% with that kind of credit.

692 is respectable, and they are giving you a totally disrespectable rate.

The hit will only be a few points (unless you've had tons of inquiries in the past 90 days or so.)

Get a better card. Try a credit union. That is robbery and it makes me sick to hear that they are doing that to you. Call and cancel, cut it up and never do business with them again.

2007-05-28 08:33:31 by Laura D

Price: $5.95

In my June-July statement my APR was 15%. The next statement it went up to 23%. I did not have a late fee or anything on my capitol one credit card, so why has my APR gone up 8% over the period of 1 month?

maybe your balance is close to your limit and they see you as high risk now, not only on the card you have with them but overall. financial companies that you have an account with can refresh your credit a couple times per year (don't worry they do it to everyone and it does not count as an inquiry, its a soft pull) best thing to do is call them and request an explanation as there could be many reasons why.

2009-10-02 13:22:17 by Tim F

Price: $9.99

I bank and have a BOA credit card. I have never been late in the 3 years I have had this account. All of a sudden they raised their apr to 26% and they say they can't do anything about it. Because of my revolving credit I have not been able to do a balance transfer to a different account and my fiance is layed off to make things worse. Any solutions?

pay 'em off and then change banks.

i'll give you a clue though -- Chase won't be any better [i know because they closed my account].

the best deal is 'usually' at a credit union.

***
what were you thinking by carrying a balance anyway? That's the sure road to financial poverty. There is no reason why any consumer should carry a balance on any non-investment credit, ever. You don't pay interest on things that lose value or get consumed before the bill is paid -- pay cash.

[yes, investment debt is different. AND, my rule of thumb for investment degt is that the expected average income rate has to be twice the interest rate on the debt, or no deal.]

2009-04-09 16:04:17 by kristy h

I have some debt on my zero APR credit card not much, and I am getting a lot of 0 APR card offers, I am thinking of transfer my balance from my card to a new 0 APR credit card. My score is i believe somewhere around 750-800. How will it effect to get a new card?
My 0%APR period is expiring soon, I can close the account by paying it, but it does not affect my score too much I can move to another offer.

You credit score will be minutely affected by getting a new card. Because your score is so strong...it can only help to shop around for a better deal in regards to the credit available. A 0% APR is pretty darn good if you ask me.

But thats not the only thing that makes a card. With credit like yours, you may want to get a card that offers cash back...or other rewards.

And I would personally like to know your secret. I'm 20 and my score is pretty good...650. You have my dream...or better yet my goal score. Thats awesome.

2006-08-23 10:38:27 by Burak B