topic Re: 79.9 interest credit card interest rate? in Credit Cards

79.9 interest credit card interest rate?

soliloquy — Sat, 13 Feb 2010 01:09:06 GMT

http://finance.yahoo.com/banking-budgeting/article/108839/issuer-of-79.9-interest-rate-credit-card-defends-its-product?mod=bb-creditcards

If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent.

Re: 79.9 interest credit card interest rate?

fused — Sat, 13 Feb 2010 01:13:09 GMT

Shame on FP, that's despicable.

Re: 79.9 interest credit card interest rate?

MattH — Sat, 13 Feb 2010 01:25:26 GMT

@soliloquy wrote:
http://finance.yahoo.com/banking-budgeting/article/108839/issuer-of-79.9-interest-rate-credit-card-defends-its-product?mod=bb-creditcards

If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent.

I think Vito Corleone charged 30 percent!

Re: 79.9 interest credit card interest rate?

Anonymous — Sat, 13 Feb 2010 01:31:32 GMT

Old news ...

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=196702

Re: 79.9 interest credit card interest rate?

fused — Sat, 13 Feb 2010 01:36:53 GMT

Revike wrote:

Old news ...

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=196702

True, and I knew that before my first post in this thread. However, for our newer members, its important that this be shared with them, in the event they're unaware of how shady banks and CCCs can be.

Re: 79.9 interest credit card interest rate?

MarineVietVet — Sat, 13 Feb 2010 01:44:41 GMT

@Anonymous wrote:
Old news ...

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=196702

Not to those who are reading it for the first time.

Re: 79.9 interest credit card interest rate?

Anonymous — Sat, 13 Feb 2010 02:19:22 GMT

@MarineVietVet wrote:
@Anonymous wrote:
Old news ...

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=196702
Not to those who are reading it for the first time.

+1 and LOL!

Re: 79.9 interest credit card interest rate?

Anonymous — Sat, 13 Feb 2010 06:14:24 GMT

Reminds me of the slogan NBC once used for their summer re-runs: If you haven't seen it, it's new to you.

Unfortunately, Yahoo Finance isn't much of a news-breaker, and this isn't the first time they've rehashed a story that's a month or two old. It was no doubt trotted back out for shock value just before the next phase of CCARD Act regulations goes into effect.

The most bizarre fact is that the combination of 79% APR and soon-to-be-capped upfront fees is actually less predatory than what First Premiere used to do ...

Re: 79.9 interest credit card interest rate?

MMart078 — Sun, 14 Feb 2010 06:52:55 GMT

Excuse my french but WTF? Like the minimum payment must be like 7% or something a month 500 balance = $33 Interest Minimum payment $35 No thanx!!~...NOT THAT I CARRY BALANCES!