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New Contributor
Posts: 61
Registered: ‎05-20-2011
0

GE APR Surprise!!

This is the first time I have held a balance on a GE card and I almost fell over when I found out the APR was 26%+ on ALL their cards. I was told by the CSR that they had raised it as of last year. I asked the CSR if they worried this might make most folks shy away from using any GE backed cards and he told me he warns everyone of the APR before they apply..JEZZ I need to pay attention! No more holding a balance even if it is for a short time..

 

EXP FICO 8/12/13 717 TU FICO 8/12/13 707

Valued Contributor
Posts: 2,039
Registered: ‎01-24-2012
0

Re: GE APR Surprise!!

I don't know any store card that has a low rate. It's not just them that have the high rates.

Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: GE APR Surprise!!

Their MC has a high APR too. Great for CLI's not so good if you have to carry a balance.
Frequent Contributor
Posts: 358
Registered: ‎06-25-2012
0

Re: GE APR Surprise!!

Store cards really are meant to be used as charge cards rather than credit cards. Think of it like an Amex charge card that gives you the option of caryring a balance for a short period.

 

I'm not proud that I carried a balance on my GE Walmart card for a few years, although it did help me get credit line increases.

Senior Contributor
Posts: 4,011
Registered: ‎10-02-2012
0

Re: GE APR Surprise!!

+1 they do they help your mix of credit

Banking with Citi, Chapter 7 Bankruptcy Discharged on --/--/--
Current Credit Scores EX FICO 483, EQ FICO 481, TU FICO 449
No credit card or loan of any sort. (Awaiting Discharge)
Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: GE APR Surprise!!

The APR doesn't surprise me. However...I do laugh at the little balance transfer section. Like I'd really do THAT at 26.9%! Lol.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






New Contributor
Posts: 61
Registered: ‎05-20-2011
0

Re: GE APR Surprise!!

To be fair It's my fault. I got use to my APR being so low on my major credit cards I forgot GE cards are store cards subject to higher APR.. I only have 2 GE cards and I like both but next time I'll keep in mind the 26%+ thingy when I need to hold a balance a few months..Live and learn!!

Frequent Contributor
Posts: 353
Registered: ‎03-03-2008
0

Re: GE APR Surprise!!

GERCB = 20+% on all line of credit normally.

 

 

There are some co-branded options they have that have Tiers though that differ depending on  your profile.

 

 

SAM'S CLUB® DISCOVER®

Annual Percentage Rate (APR) for Purchases14.90% for Account Type 1 or
22.90% for Account Type 2
7/27/2015 - Discover EX 744 / AMEX EX 742
4/16/2015 Mortgage pulls 719 EX / 729 TU / 703 EQ
Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
Scores by lender (Mortgage) 4/25/11: EQ 705 / EX 743 / TU 735

Combined CU CL's - 79K (lower rates / higher limits)
Combined Bank CL's - 32.5K (higher rates)
Highlighted
Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: GE APR Surprise!!

Most GE cards have special financing so you don't need to worry about the APR anyway. I currently have a balance with Living Spaces 2500 balance with 18 month financing. No idea what my APR is but I've never paid on it and I've had 3 previously paid off balances with this card. What can I say...I love Living Spaces!

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






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