How much is your CC interest rate?

[Anne_in_VA]

I've been getting lots of mail from CC companies like Capital One and Citi.  Most of them are no annual fee, 0 interest for about a year then 23.24% interest after that.  I'm not interested in getting another credit card and have just been shredding them.  I already have a couple of cards, one Amex through work that is only used for business, and one from my credit union that has a rate of around 7 or 8% interest which we use for the points and pay off monthly.

I can't figure why these companies are sending me these invitations all of a sudden and why they think I'd be interested in a cc with such a high interest rate.  I have a good, but not great credit score, pay my bills on time, etc.  We did recently take out a loan to pay for the new HVACsystem we had to put in, but that was at our cu at a really good rate and we're going to pay it off early.

Could that be why?  I guess I just don't get it.

[justme]

Most credit cards are in the high teens or twenties, not including promotions. I honestly don't know what my cards are. I've only paid interest once or twice when I was sick or something and forgot to set up bill pay.

[Deleted]

Don't know. Don't care.

[tallguy]

How much is your CC interest rate?

What?  Credit cards charge interest?  Who knew?  

[Deleted]

I'm not being flippant, but I couldn't tell you. I just know they are "high" considering how little interest gets paid on savings accounts. But I'm going to go check.

• Chase Amazon     11.48%
• Chase Freedom    13.24%
• Chase Freedom Unlimited   14.24% (but 0% right now)
• American Express Everyday  13.24%
• Discover  12.24%
• Other Discover 11.24%

These rates are on purchases.  I honestly don't charge that much.  Right now Chase Freedom Unlimited is getting most of my business with a small part going to Amex because they are slightly higher on gas, grocery stores, and dining.  That is, I think they are higher.  I can't keep track of revolving categories, etc. and have decided to quit trying.  The Chase Amazon is for buying on Amazon and drugtores.

[obelisk]

Too much!!!!

[Tiny]

I think my cards are between 13.99% and 29.99%. I don't pay much attention since I don't carry a balance and because if I needed to carry a balance - depending on how long I needed to carry that balance - I would transfer to a low fee 0% offer OR I would transfer the CC balance to my HELOC (lower interest rate than the cards and currently no balance). If I didn't have the other options I would be more careful/aware of the interest rates on my cards.

I too have recently gotten credit card offers from Citi and Capital and BoA I think it was just their every 6 month mailing of offers. I was bad and didn't really read the offers before throwing it all away.

Hmm, I wonder if they think you might be interested in some other aspect of the high interest card?  Maybe the rewards or potential for low balance transfer options? or some other perk?    If you never carry a balance (and have a 'back up plan' for if you did need to carry a balance) the interest rate doesn't matter very much.    I know my highest interest cards are the one's the offer the best balance transfer deals.  They are both pretty crappy every day cards - poor rewards and of course the stupidly high interest rate... so I just use them for balance transfers. 


I think when it comes to credit cards the only way they can make money off of dead beats (people who pay in full every month) is to have their card be your main card - so you use it daily and make lots of transactions (and fees).     And I suspect that's a lucrative "safe" way for them to make money.   So, maybe they are hoping you'll like the rewards or other offers and start using your new card from them for ALL your purchases.  

ADDED much later:   checked the statements on my 3 main cards:  Discover 12.24%       BoA Signature     15.24%       Chase Freedom   13.42%     What I noticed is that all three had a wide variety of possible interest rates I COULD be charged listed - and all of those rates were over 20%.     I didn't check the lesser used cards - but I'm very positive those have rates over 20% for purchases. 

[Anne_in_VA]

Thanks everyone.  It seemed that at around 24% that interest rate was really high!  I don't charge much, mostly Uber and Lyft since I don't drive and use them to get around without having to depend on DH or the kids.  I usually pay everything off before the billing period, so don't usually get charged any interest, so I don't really pay attention to that. 

[TheOtherMe]

My lowest is from the credit union and it is their best rate of 9.25.  If I can't pay something in full, it will go on that one.

The others run from 9.25 to 24.99 for the Amazon Chase.  Will never pay a dime of interest on that!

Chase Freedom and Chase Freedom Unlimited are 10 points lower than that when the 0% intro expires. 

[❤ mollymouser ❤]

I honestly don't know ... haven't paid credit card interest in at least 15+ years.

[msventoux]

I just looked and one is 9.2% and the others range from 13.99% up to 26.99%.  The new credit card offers seem to ebb and flow, as do the offers for balance transfers. 

[Deleted]

I had no clue what the rates were on any of my cards so looked up a few that I use the most.  Most were 14-15%.  Target is 23%. 

[Anne_in_VA]

I've thought about getting a Macy's one since I like some of their store brand items and they seem to have good sales.  I rarely pay full price for anything.

[cael]

I think my BoA card is 14% (I called them and got it lowered 7 or 8 years ago from 20 I think) but my Old Navy card, which I don't use right now and luckily has no balance, is like 24.99% or something

[Knee Deep in Water Chloe]

For purchases being carried over? That I don't know. We have one that holds a BT at 4.99% for life. The two others we use I pay off a few times per month because I just want the rewards. There are two more that have BTs on them for a 3 or 4% fee and then 0% APR for 18 months. 

[movingforward]

I have no idea what my interest rates are as I pay them off every month (like others have said).  I have been getting a lot of CC offers lately though.  I shred them all; however, I did take a look at the Venture Capital One card offer. They offer 20,000 points just for getting the card and then you get 1.25 points on every dollar spent.  You can them redeem your points for ANY travel expenses (e.g. airline tickets, cruises, hotel, rental cars, etc.).  There is no annual fee.  I didn't pay the interest rate any attention though.  Not sure I will apply for it as I like the cards I already have but I am intrigued. 

[Deleted]

Just got a notification on the new Fidelity Visa we're getting: 14.99% on purchases, 24.99% on cash advances. We pay in full so I don't care, but I can see why credit card debt is so hard to pay down!