In response to new government regulations on credit cards, credit card companies are changing their minimum payment rules and their interest rates. In general both are going up.
I don’t have many credit cards and only use one regularly, but my rarely-used Sears card is the first one to send me details on changes that will be effective in September. My nominal interest rate will rise from 28.8% per year to 29.9%. The actual yearly rate with monthly compounding is going from 32.9% to 34.4%. These rates are extremely high, but not too different from each other. Read More…
Always pay down your balance in full each month and your credit score will love you and the banks will hate you (they make money off late payments).
30% is insane!
Well there is no need to keep my credit card going. Where’s my scissors?
I thought the new regulations were suppose to help consumers not drive them away?
This is so rediculous. Rates keep going up and we see no added value.
I see no concern if you are like me and pay off your entire balance in full each month.
Yup already received a notice from MBNA that my fees are going up. 66% increase in minimum payments! Ouch! Can you say “Cancelled”!