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I finally told Citi to suck it...


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#1 ER Pemberton

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Posted 02 December 2019 - 03:33 PM

I've had a Citi Simplicity credit card that I use as a backup (emergencies, etc) since 1994.  My credit score is 830.  The interest rate on the card has been 19.99% for as long as I can remember.  I have called to ask them to lower it and they won't.  Today I was on the "chat" with them and asked them to close it.  "Whoa, whoa, whoa.  We don't like to lose long-term customers, what's the problem?!".  15 minutes of that and the card was closed.  I used NerdWallet to look for something new.  They have it separated by travel, rewards, low-interest, etc.  I went through those and applied for a Capital One Quicksilver.  No annual fee, 0% interest for 18 months, 1.5 to 2% cashback on everything and I qualified for their lowest interest rate for when the rate kicks in... 15.74%.  They also have a 21ish and 24ish%.  I have no plans to rack up debt on it but I like to have a backup in case I need it.  Feels like a win.  



#2 Dave

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Posted 02 December 2019 - 03:38 PM

Nice

My main CC is 9.99%, been that since I got it in the late 80s/early 90s.


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#3 ER Pemberton

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Posted 02 December 2019 - 03:44 PM

Nice

My main CC is 9.99%, been that since I got it in the late 80s/early 90s.

You don't see that anymore.  



#4 Vagus

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Posted 02 December 2019 - 03:55 PM

 Feels like a win.  

u turn, bro?


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#5 Trub L

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Posted 02 December 2019 - 04:08 PM

Nice
My main CC is 9.99%, been that since I got it in the late 80s/early 90s.


Same.

Mid 90s, anyway.
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#6 bdutton

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Posted 02 December 2019 - 04:45 PM

I pay 0% because I pay it off every month.


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#7 Trub L

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Posted 02 December 2019 - 04:51 PM

That's not really what we're talking about. I assume most of us pay cards off every month. Except stain, I guess. :D
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#8 djinkc

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Posted 02 December 2019 - 04:52 PM

I pay 0% because I pay it off every month.

Same, I have no idea what my Citi card rate is.  I could cover my credit limit if necessary - wouldn't want to though.  1% when I buy and 1% when I pay.  For my wants it is fine.


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#9 Vagus

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Posted 02 December 2019 - 04:56 PM

I'm more interested in having a high limit. In case I go ... crazy
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#10 GaryNConcord

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Posted 02 December 2019 - 05:04 PM

19.99 is insane.  I'm really surprised they didn't at least offer a different card at a realistic rate.


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#11 matt6150

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Posted 02 December 2019 - 05:13 PM

19.99 is insane. I'm really surprised they didn't at least offer a different card at a realistic rate.

This. I think my highest is 13.99 but I have one from BofA that's 9.99.
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#12 Trub L

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Posted 02 December 2019 - 05:19 PM

Isn't the default rate, if you completely flake out and just stop paying your bill, like 24%?
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#13 ER Pemberton

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Posted 02 December 2019 - 05:22 PM

I agree the rate is insane especially for someone who had the card for 25 years.  My #1 banking weapon is a business Visa debit card that's connected to my account.  I can use it anywhere and it just deducts from the account, no statement, no interest, etc. and that's the way I like it.  I was burned in my 20s by abusing cards and I swore I wouldn't do that again.  That said, if I needed $2k of car repairs and my account was shorter than usual for whatever reason, I need access to another card so that's why I carry something else.  My wife has an American Airlines card and we discussed getting one for me so we could rack up miles but I just chose what looked best and went with that.  If you go onto NerdWallet and look at the "low interest" list of cards, there aren't many lower than this 15% jobbie.  I did see a 12% on one of them but there were a number of "cons" that went with it... possibly an annual fee.  We'll see how it goes.  The NW site points you right to the various sites and makes it easy.  Now I can say, What's in your wallet?  Condoms.  :P

 

Isn't the default rate, if you completely flake out and just stop paying your bill, like 24%?

A quick search said that the highest allowable interest rate on a card is 29.99%.  



#14 GaryNConcord

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Posted 02 December 2019 - 05:27 PM

Isn't the default rate, if you completely flake out and just stop paying your bill, like 24%?

I should have specified I was talking about situations like ER where you have a good credit score and have a history of paying your bills.  

Have your cards maxed out and routinely late in making payments?, yeah, you're going to pay dearly.


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#15 SchwanzBrewer

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Posted 02 December 2019 - 06:26 PM

Im paying off cc debt as fast as possible but I have a balance on most. Been playing the 0% transfer game for about a year now to keep from paying super high interest.

You would think that even though the debt is unsecured, you couldn't charge interest more than 3x the prime rate or something like that. The cc companies are borrowing at ridiculously low rates and charging customers usurious rates.

I dunno, I'll be unsecured debt free except student loans in less than 2 years I think. Could take 10 years to be completley debt free from student loans and everything assuming I dont put a bun in the oven. Then I'm fecked.
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#16 VolFan

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Posted 02 December 2019 - 06:34 PM

I never really thought to look at mine since it's paid every month but it's 16.74%. Costco Visa and I've been a member 5+ yrs with a credit score over 800. Not sure I'll go shopping around but it may be worth a phone call. They send emails about every 3 months asking me to up my limit from 5K but I don't need it. 


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#17 SnowMan

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Posted 02 December 2019 - 06:48 PM

I don't pay credit card interest. Never have. Why does the rate matter?
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#18 VolFan

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Posted 02 December 2019 - 06:56 PM

I don't pay credit card interest. Never have. Why does the rate matter?

 

 

It's the principal (no pun intended). If you're a loyal member with a good credit score why should it be 20% interest?


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#19 porter

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Posted 02 December 2019 - 07:08 PM

When people start carrying balances on credit cards instead of other types of planned credit like HELOC or a planned loan from their bank, they are a much higher risk of defaulting, for a couple of reasons.

My bank gives me a 9.9% rate on unsecured personal loans, their lowest rate. This was set up automatically. I actually used it once when I didn't coordinate a few debits and deposits correctly. No sweat, just cost me a couple bucks and no overdraft fees. I guess this rate might be what people expect from their CC, but my bank knows my inflows and outflows and that I've made all my financial obligations with them.

Interest rates for savings-secured loans are in the 4-5% range for those with good credit.

Currently I just have my mortgage on a 15 year note as my only debt.

I have no idea what my credit card interest rates are, those are used to get cash back and shield my checking account.
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#20 Trub L

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Posted 02 December 2019 - 07:13 PM

I should have specified I was talking about situations like ER where you have a good credit score and have a history of paying your bills.
Have your cards maxed out and routinely late in making payments?, yeah, you're going to pay dearly.


That's what I mean. He's got a good history, and was paying close to the default rate on many cards.
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