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Laurenlou wrote:Wow.... Veee, your post made me go check my statements... Ive never paid much attention to my APRs since I carry a small balance, but when I just looked I'm astounded!Right now my APR is 23.99%, which I initially thought was extremely high. Then I started looking back to before I found this forum, when I had late pays and my card was maxed out----- 28.49% APR! I've never even heard of an APR that high!!
Veee wrote:Check this out ... in 2005 cl is still 800.00 but apr's are ...July & August 22.99%Sept 23.24%Oct 23.49%Nov missingDec 23.74%slowly creaping up OMG I can't belive my eyes!Jan 23.99%Feb & March 24.24%April 24.49%May & June 24.74%July 24.99%Aug 06 - March 07 25.24%In Aug 06 I started PIF at least every other month I guess I finally got tired of finance charges!!Guess what happens in April????April of 2007 CLI to 5000.00 (cash limit 250.00)Everything stays the same until November 2007 - CL stays the same but cash limit is now 2500.00 and apr finally starts moving down 24.74%Jan 08 24.49%Feb 24.24%Mar, Apr & May 22.99%June 22.24%July 21.99%
haulingthescoreup wrote:
Unfortunately, they really can. Somewhere in the microscopic print on the terms and conditions statement that they mail with new accounts (and we all read those, don't we? ), they state this.
This is one of the biggest reasons not to carry balances that you can't pay off immediately, if necessary. Not only do high balances trigger rate increases --think of them saying, a-ha! we can make some money off of THIS one! --but you're at their mercy until you can somehow pay them off.
msn's ConsumerMan has a good description of the "Credit Card Holders' Bill of Rights," one of the features of which would require lenders to state in the initial documentation what triggers would set off a rate hike.
ConsumerMan Article
Interesting discussion, and there are links in there to the actual bill and to a summary. We had a brisk debate going about this on the Credit in the News board a while back.