Why are credit card rates so high reddit

I also have a credit union account that's unassociated with those cards. I feel like I can probably get the interest rates on my cards lowered which is great Learned an expensive lesson: before you pay, carefully inspect plastic packaging to  Generally the interest is too high, late fees and other penalties are drastic. You should use a credit card to (1) add a layer of protection between your transactions 

28 Jan 2016 So when you see an opportunity to amass enough points to earn you free airfare who makes a lot of expensive purchases using their credit cards, racking up fly with them at no additional charge for however long the pass remains valid, The offer seems pretty straightforward: open a credit card, make  22 Feb 2019 If you applied for credit cards when your score was 670, or maybe even 700, then you probably have an annual percentage rate that's too high. 7 Mar 2017 Instacart's fees may be higher than advertised Flickr/Polycart. Their groceries cost 40 percent more than they would have in the store. And that  13 Sep 2018 So we ran some tests to see how well Reddit advertising works. It's the dream platform for every marketer: a highly self-selected, targeted audience Yeah, you'll be able to save a credit card, but the manual process is only  7 Jan 2016 One Reddit user found that his friends drifted away when his family lost their money 'I go to a $50,000 a year boarding school for high school. Why are are Credit Card interest rates so much higher today than 10 years ago?? Discussion. Average card interest rates are 7-10 percentage points higher today for those with equivalent credit scores b4 the Great Recession.. In many cases a 50-100 percent increaseWhy is this, and how are banks getting away with it?? This Sub Reddit needs The FFR is for overnight loans between giant banks. Credit card rates are for Joe Plumber to buy a TV and pay it back over months. Joe Plumber has a lot higher chance to default or be late on his payments than Chase Bank does to default on an overnight loan, therefore Joe has to pay more in interest.

Perhaps the number one reason why credit card interest rates remain high is because they are unsecured loans. In comparison, mortgages are secured by houses and car loans by automobiles. If the person with this type of loan fails to pay on it, the lender can always repossess the car or the house. But the credit card companies can’t do this.

8 Jul 2019 And when you save your credit card information online so that you don't Pay off the highest interest rate firstThe Reddit guy paid off the lowest  18 Feb 2020 The personal finance subreddit is filled with interesting and helpful advice. of home price declines, home maintenance, real estate taxes, and HOA fees. [We] learned it needs expensive UV bulbs that last about 6 months and about a money decision you don't agree with (racking up credit card debt,  It may be worth the effort to augment your existing general-spending credit card with a secondary card that earns an even higher rate in certain everyday  3 days ago Unlike airline credit cards that often don't offer strong enough perks to justify paying an ongoing annual fee, most hotel cards offer extremely  21 Aug 2019 Do you have too many credit cards already? 2x Miles on All Spending, $95 Annual Fee waived, TSA PreCheck Credit. These one-time bonuses are free cash, especially if you are going to make a large purchase soon. Some credit cards charge even higher rates, on average. The type of rate you get will depend in part on the category of credit card you own. For example, even  With over 100K active communities, on Reddit you can laugh, think, discuss and dig deep into topics that matter to you. Reddit is free and open for everyone to 

Pace your payments. Pay off large credit card purchases with installments at a lower interest rate so you can get that home theatre. Don't have a CIBC credit card 

I've rarely ever carried a balance on my credit cards and use them exclusively over cash. I have a Discover card since 2007 and the APR has been climbing ever since. I put about $1500-$1800 per month on the card and pay it off in full every month so I rarely even think about what kind of APR they are giving me since I never carry a balance. Perhaps the number one reason why credit card interest rates remain high is because they are unsecured loans. In comparison, mortgages are secured by houses and car loans by automobiles. If the person with this type of loan fails to pay on it, the lender can always repossess the car or the house. But the credit card companies can’t do this. Rates are high compared with auto loans and mortgages, which we’re used to seeing in the single digits for borrowers with good credit. But credit card rates are not high compared with payday loans, which can run well over 100% APR. In the first half of 2019, the average credit card interest rate was around 17%, If you’re in the market for a new credit card -- depending on the card – the advertised interest rate could be as low as 11 percent or as high as 26 percent. The national average is currently 14.96 percent. For example, Wells Fargo’s (WFC) Cash Back card offers a zero percent introductory rate to new customers.

3 days ago Unlike airline credit cards that often don't offer strong enough perks to justify paying an ongoing annual fee, most hotel cards offer extremely 

However, interest rates on credit cards tend to be quite high, so card issuers intentionally make the minimum payment low (1% of the balance due is not uncommon) to incentivize people to make the minimum payment to avoid getting a late hit on their credit report but to maximize the balance on which they can charge interest. 20% on a credit card is about average (15% is average, but for a new customer it can be as high as 30%). If you're looking to make a large purchase and pay it off over a period of time, your best bet is to look at getting a personal loan. I've rarely ever carried a balance on my credit cards and use them exclusively over cash. I have a Discover card since 2007 and the APR has been climbing ever since. I put about $1500-$1800 per month on the card and pay it off in full every month so I rarely even think about what kind of APR they are giving me since I never carry a balance.

3 days ago Unlike airline credit cards that often don't offer strong enough perks to justify paying an ongoing annual fee, most hotel cards offer extremely 

18 Feb 2020 The personal finance subreddit is filled with interesting and helpful advice. of home price declines, home maintenance, real estate taxes, and HOA fees. [We] learned it needs expensive UV bulbs that last about 6 months and about a money decision you don't agree with (racking up credit card debt,  It may be worth the effort to augment your existing general-spending credit card with a secondary card that earns an even higher rate in certain everyday  3 days ago Unlike airline credit cards that often don't offer strong enough perks to justify paying an ongoing annual fee, most hotel cards offer extremely  21 Aug 2019 Do you have too many credit cards already? 2x Miles on All Spending, $95 Annual Fee waived, TSA PreCheck Credit. These one-time bonuses are free cash, especially if you are going to make a large purchase soon. Some credit cards charge even higher rates, on average. The type of rate you get will depend in part on the category of credit card you own. For example, even  With over 100K active communities, on Reddit you can laugh, think, discuss and dig deep into topics that matter to you. Reddit is free and open for everyone to  30 Jan 2020 And remember that Reddit users probably aren't student loan experts. Plus, on- time payments only do so much to improve your credit score. High payments are a burden for many, especially if you're struggling to find a *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry.

Utilization is high (most between 90-100%) and my interest rates are painful. the cards and I took them off of my online shopping accounts so there shouldn't  11 Jan 2020 The Chase Sapphire Reserve annual fee is going up to $550 starting January 12, 2020, second-guessing whether it's truly the best luxury travel credit card. such as Reddit, with existing cardholders complaining about the fee and Below , CNBC Select breaks down the value of the card so you can  8 Jul 2019 And when you save your credit card information online so that you don't Pay off the highest interest rate firstThe Reddit guy paid off the lowest