Credit card Interest Rate Hike

[Aqua Pro Builder]

Guys if you are still owing money to your credit cards, it's time to check your current rate because MANY banks have started increase the rate to make as much as possible before the the new laws set in (I believe) by May.

Take special notes on the Airtran card by Barclay Bank.
Some members are changed to 30.24% APR. Anyone know if that's legal to charge so high. Isn't it we have a loan shark law of some sort?

BTW, I was at the Civil Court yesterday, at least 1/10 of the people in the line are dealing with some credit card lawsuits.

 

[juiceguy]

i have seen banks charge up to 59% on those ppl who miss a payment. the banking industry is cashing in on everything with no regard to anyone or anything.

 

[SWITCH420]

there was something on yahoo about credit cards charging 79.9 percent!!!!!!!!!!!!!!!! and its legal???????? glad i dont have any more cc thats just f ing wrong..

 

[Aqua Pro Builder]

guys,we should stop buy and selling corals for awhile and pool the cash together to form a legal loan shark conglomorate of reef community. LOL

 

[LIZETTE]

OmG and I complain about mine 18% ok reefers time to stop reefing and pay back my debt..lol.. SCARY...

 

[jason18]

OmG and I complain about mine 18% ok reefers time to stop reefing and pay back my debt..lol.. SCARY...

I hate to say it but i might have to do the same.lol

 

[jackson6745]

I can't believe people actually use credit cards with such a high interest rate. Those banks will never get paid.

 

[Aqua Pro Builder]

I can't believe people actually use credit cards with such a high interest rate. Those banks will never get paid.

I believe many people do not even know they are charged at this much higher rate until couple month later.

The card issuing bank will not charge that high at the beginning, but once the promotional period is over or when you missed one payment by 1 sec, the new rate will kick in. That's why some of the new regulations concerning credit cards are that the fine print must be much bigger, any new payment must put towards the higher interests portion first instead of whatever the banks feel like. Currently, many bank will apply payments towards the portion that is at the lower rate first rather than by order it was loaned out-in effect a memebr who has not paid in full will always pay the higher interests.

 

[ZANYMASTER]

They did it to my wife and they said they can do whatever they want until the bill passes.Capital ones..you bastards:letitallo

 

[jackson6745]

Wow that's f-ed up. The banks really suck these days.

 

[Aqua Pro Builder]

Wow that's f-ed up. The banks really suck these days.

and we saved them from falling apart right before the previous administration exit office.:frown::screama: