What is the highest Credit Card APR you are seeing?

User Forum Topic
Submitted by Coronita on April 9, 2009 - 4:36pm

I always pay off my credit card monthly so I'm not subject to interest charges BUT I'm curious, what is the highest APR you folks are seeing?

I just looked at one of my credit cards and the APR is *drum roll please*

39.6%

by yours truely, Bank of America.

Whoa. For folks that don't pay off their balances....Talk about bending over!

Submitted by Coronita on April 9, 2009 - 4:49pm.

And to prove I'm not b.s.ing....

BofA Usury

Submitted by an on April 9, 2009 - 5:00pm.

My rates range from 7.25% to 15%, with most around 9-11%. 7.25% is actually from yours truly, Bank of America :-D. What have you been doing flu?

Submitted by davelj on April 9, 2009 - 5:04pm.

I hear you flu, but... after a 15-year period during which credit was clearly WAY under-priced across the board, should we complain about it when someone - particularly a bank that owes We the People a lot of money - starts to price in risk in earnest into their credit products? I agree that's a high rate. But imagine how much better off we'd be right now if BofA and their ilk had starting charging rates north of 30% a decade ago.

Submitted by Coronita on April 9, 2009 - 5:21pm.

AN wrote:
My rates range from 7.25% to 15%, with most around 9-11%. 7.25% is actually from yours truly, Bank of America :-D. What have you been doing flu?

I don't know. Maybe I've been getting too many freebie's and they are trying to get back at me....

I have two safe deposit boxes that are free, I have 2 checking accounts with no fee,1 savings account which has no fees. I pay off my credit card balances, and I have a cash back CC that pays me back for using it. I take advantage of BofA relationship with China Construction Bank to move money overseas when needed, and when I'm traveling there, I use CCB's ATM's without paying additional fees. Since my checking and savings account don't have a min balance, I put the bare minimum in there ($5) and transfer routinely between online savings banks that pays higher interest when bills are due. I have a mortgage which I make regular payments the day before things are due, and even make additional principle payments. I use their cool ATMS which scans checks and prints a copy of them on the ATM statements regularly and when I do stop in the branch offices, I take their free doughnuts, starbucks coffee, and candy.

I guess they are trying to play "gotcha"

Submitted by Coronita on April 9, 2009 - 5:22pm.

davelj wrote:
I hear you flu, but... after a 15-year period during which credit was clearly WAY under-priced across the board, should we complain about it when someone - particularly a bank that owes We the People a lot of money - starts to price in risk in earnest into their credit products? I agree that's a high rate. But imagine how much better off we'd be right now if BofA and their ilk had starting charging rates north of 30% a decade ago.

Oh, I'm not complaining. I'm just curious what I did to get this incredible rate. I'm pretty sure my credit score is above 800. Maybe I should check again.

Submitted by mwtosd on April 9, 2009 - 6:38pm.

flu the real credit score people myfico.com is giving free credit score and monitoring for 1 month. Hope this helps you. You have provided lots of info on this forum! Thanks!

Submitted by carmelrenter on April 9, 2009 - 7:46pm.

I carried a small balance one month and was shocked to see my APR was over 40%. Turns out there was an international transaction (I think it was that Radiohead album they sold online in GBP). There was a couple dollar fee for the conversion factored into the APR. A small fee divided by a small balance looks like a huge APR.

Submitted by GoUSC on April 9, 2009 - 7:59pm.

My Chase Visa is 5.25% for purchases and 19.24% for cash advances.

Submitted by Coronita on April 9, 2009 - 9:57pm.

mwtosd wrote:
flu the real credit score people myfico.com is giving free credit score and monitoring for 1 month. Hope this helps you. You have provided lots of info on this forum! Thanks!

thanks for the tip.

I know that the three credit bureau's are suppose to give you three free credit reports each year via annualcreditreport.com

https://www.annualcreditreport.com/cra/i...

Did not know about myfico.com

Things sort of more complicated, because I have a credit freeze on my account, and as such, you can only request a report via snail mail. I'm pretty sure there's nothing wrong with my credit, as i can't image someone has stolen my SSN. I can't even get my own credit report easily with this credit freeze, let alone someone who doesn't have my unfreeze pins.

Submitted by mwtosd on April 10, 2009 - 5:51am.

Yes the annualcredtireport is from the US govt allowing it. Best to do one report from each credit agency every 4 months so you can really get a good monitoring of your accounts.

The other one that is advertised on TV is not the same one. BUT the credit score the 3 credit score given out is not the real credit score. The only one is the FICO score. This was the first time I was aware you could get it free through myfico. I think it was $19.95 or $29.95 before.

It is free score and one month monitoring. (They want a credit card) cancel before the 30 days to so you are not billed for usage beyond the first 30 days.

Submitted by GH on November 24, 2009 - 9:15am.

It is my understanding that folks with balances are defaulting after rates are driven to 30% ++. I believe it is a scam run by banks to either force default so they can claim TARP money, or collect massive interest and make high profit if you stay on board with it. I believe the correct course of action would be to close accounts of credit rating suspects but leave the interest the same. What are defaults running right now? 15% or so on credit card debt I believe? but I would not be surprised if the highest percentage of non payers carry a balance and have been caught in the trap as it closed.

Submitted by ucodegen on November 24, 2009 - 12:25pm.

@flu
I hope you are not carrying a balance on that card. Some of the banks are jacking up the rate to try to squeeze you.. and hoping that you don't notice or protest on the rate. It happened to my S.O. and she called in an complained literally with.. "whats up with this rate change". They lowered her back down near to where she was. If you have a good FICO and have not been late, they are likely to lower it if you call in and complain.

NOTE: The banks are trying to give themselves headroom before the new credit laws take effect.

http://www.marketwatch.com/story/credit-...

Submitted by Coronita on November 24, 2009 - 1:30pm.

ucodegen wrote:
@flu
I hope you are not carrying a balance on that card. Some of the banks are jacking up the rate to try to squeeze you.. and hoping that you don't notice or protest on the rate. It happened to my S.O. and she called in an complained literally with.. "whats up with this rate change". They lowered her back down near to where she was. If you have a good FICO and have not been late, they are likely to lower it if you call in and complain.

NOTE: The banks are trying to give themselves headroom before the new credit laws take effect.

http://www.marketwatch.com/story/credit-cards-gouge-consumers-ahead-of-new-law-2009-11-06

Thanks for your concern. I never carry a balance and all my cars are paid in full. Citibank, BofA, and Amex always owes me rebates because I charge everything, and get the bonus cash/credit back.

I just thought it was ridiculous that I'm seeing close to 30-40% APR on these. Man, I can't imagine folks really living by paying minimum balances on these things.

Submitted by DWCAP on November 24, 2009 - 1:57pm.

yah I hear yah FLU. CITI just cancelled my favorite card, the whole line went out the window, not just me. It isnt about the credit scores or anything, I was just costing them money and they got sick of paying me to use their card. Now I gotta go get another card, and for damn sure it wont be with them after all the crap they tried to pull on me.

All the big banks are making alot of people angry right now, it is just stupid. Anyone remember that card that was in the media (mish????) that had the 80% interest rate with a couple hundred dollar credit limit? That just has to be a PR nightmare for the entire industry. 80%? DO loan sharks charge that much?

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