As you can see, the annual percentage rate on this card is 24.50%. I also included the added benefits she likes about the card but with rates that high I think it may be better to stick with cash.
She won't give up the card BUT for any of my readers who are thinking about getting this credit card, think again! a $2000 balance will easily charge well over $40 in interest per month. Simply not worth it, always reject the pressure at the store to open an account and save 10%.
HS
4 comments:
Wow that's a frightening interest rate. No wonder folks who do not pay off their balance each month fall so far behind.
That is a pretty brutal interest rate. But, like your wife, I do not think it's reason enough to stop using the card. Instead, I think it's a very good reason to be very vigilant about keeping a balance you can pay off in full each month and never missing a due date.
It is hard for me to judge how good the rewards are but if your wife finds them beneficial, they're probably not horrible. Just be super careful. This isn't a card where you want to make a mistake. I can't even imagine the default rate on it... if it's not capped (like some cards) at 29.99%... it's easily going to be in the lower to mid 30s.
Wow - that's an insanely high rate!! Good luck getting out of debt, from one fellow H-Towner to another. I'm blogging as well. Feel free to check it out! www.picturemedebtfree.blogspot.com.
Yikes. That's a completey unreasonable interest rate! Just wanted to tell you good luck in your attempts to become debt free - from one Houstonian to another! It's a brutal race but it sounds like you're on your way to winning. We're going through the same thing to. Feel free to take a look at our story: www.picturemedebtfree.blogspot.com. I promise, I'm not advertising. I don't gain anything from the site but my sanity (sort of...). Having more readers might actually keep me honest. Thanks for sharing your story with us!
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