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34.49% APR !!!!

Baja 252

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We pay off all of our charge cards monthly, so we pay no interest, but WOW my wife's Macy's card just sent her a notice of change in their APR.
34.49% , I can't believe it. Am I out of touch, is this the norm these days?
Thanks Brandon

IMG_4970(1).jpg
 

was thatguy

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We pay off all of our charge cards monthly, so we pay no interest, but WOW my wife's Macy's card just sent her a notice of change in their APR.
34.49% , I can't believe it. Am I out of touch, is this the norm these days?
Thanks Brandon

View attachment 1398891
Get rid of all your retail cards.
Retail cards are not good.
Never confuse a retailer and their underwriter with your actual bank.
 

bowtiejunkie

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Wife's Macys card rate is same. Seems criminal. Prime rate is crazy high to warrant that rate. Her's is set on auto pay in full, so not to miss a payment. I realized most Macy's deals don't require their store credit card. Cancelled mine years ago.
 

DarkHorseRacing

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Yeah we saw that and closed the account, and we were sure to tell them why.
 

Mr. C

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Just got a card in the mail.
18 months 0% percent. After that. ( even without out being late or missing a Payment) 28. Something.

Ya it got tore up as well.
 

boatpi

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No retail cards here we have AMEX and Visa both tied to Marriott points and now I have a MasterCard with Hawaiian Airlines to get some miles with them. I’m knocking on the door of 2 million Marriott Bonvoy points.
 

LHC Kirby

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No retail cards here we have AMEX and Visa both tied to Marriott points and now I have a MasterCard with Hawaiian Airlines to get some miles with them. I’m knocking on the door of 2 million Marriott Bonvoy points.
what cards are those AMEX and Visa
 

SoCalDave

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My wife had and I mean had a JC Penny card for years until about a year ago when interest rate went to 35%. She has it no more...
 

ChrisV

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I need to get a credit card. Feel like it’s a trap
 

rivermobster

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I need to get a credit card. Feel like it’s a trap

Only if you carry a ballence...

They reason they charge those crazy interest rates (for people that carry a ballence), is to pay the rest of us all that great cash back money!

I haven't paid a cellphone bill in years, due to the cash back I get for using my Verizon CC. They offer 5 percent at the pump and the grocery store. That Easily pays my cellphone bill every month.

The only other CC I have is my Amazon card, that also pays 5 percent cash back on all my Amazon and some other places too.

So thanks to all you people paying that 35 percent interest rate, so I can get free money just by using my card!

👍🏼👍🏼
 

ChrisV

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Only if you carry a ballence...

They reason they charge those crazy interest rates (for people that carry a ballence), is to pay the rest of us all that great cash back money!

I haven't paid a cellphone bill in years, due to the cash back I get for using my Verizon CC. They offer 5 percent at the pump and the grocery store. That Easily pays my cellphone bill every month.

The only other CC I have is my Amazon card, that also pays 5 percent cash back on all my Amazon and some other places too.

So thanks to all you people paying that 35 percent interest rate, so I can get free money just by using my card!

👍🏼👍🏼
Part number old man
 

outboard_256

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I used to work at a department store and people would come in and pay off there credit card each month. But they would only pay the minimum payment and wonder why their balance would grow each month even though they were paying on time. They would buy something for like $200 bucks, pay $10 a month for a year and still owe over $200 on the card. Minium payment wouldn't even cover the interest each month. Some people just don't understand credit cards.
 

boatpi

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Go to Marriott website, the Chase Visa is for personal, AMEX for business. They give bonus points for signing up with some requirements for spending the first few months. Our business uses the AMEX, it adds up quickly. I have had the Marriott Chase Visa for 20+ years. Last year I posted we took all 4 of use to Italy. All 5 star hotels, JW, Etc. I paid maybe $15 for a few fees, saved at least $25,000 in room costs. Keep in mind book well in advance for a trip like this or rooms will fill up. The Westin in Rome was $1,300 a night 1 month before we left, it adds up quickly.
 

Wizard29

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I haven't paid a cellphone bill in years, due to the cash back I get for using my Verizon CC. They offer 5 percent at the pump and the grocery store. That Easily pays my cellphone bill every month.

Well yeah, when you have a flip phone...
 

2Driver

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LOL maybe Biden’s last attempt at reelection will be to cancel credit card debt.

Fuck and I have friends that call me a loan shark doing hard money at 11%
 

2Driver

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No points? I might need a million once I get some blue prints approved and permits in hand.

Ill at least “look” at most stuff. Broker takes a couple unless I write the deal up myself.
50-65 LTV
While I have some stuff in Durango I stick to AZ all non-owner occupied investment properties for the most part. Done a few bridge loans and second homes but only to repeat borrowers.
 

rrrr

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We pay off all of our charge cards monthly, so we pay no interest, but WOW my wife's Macy's card just sent her a notice of change in their APR.
34.49% , I can't believe it. Am I out of touch, is this the norm these days?
Thanks Brandon





View attachment 1398891
My wife received one of those a few weeks from the bank servicing her JC Penney card. She didn't know was still active, hadn't used it in years.

The amount of credit card debt carried by Americans is astounding to me.

According to CNBC, here's the average credit card debt broken down by generation:

Generation Z: $1,963
Millennials: $4,322
Generation X: $7,155
Baby boomers: $6,043
Silent generation: $3,177

A $5,000 balance charging 34.99% requires a monthly $150 payment just to cover the interest. Over ten years, that will accumulate to $18,000 in interest payments.
 

NicPaus

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Home depot is 29.9% that's why they always try to get you at checkout to sign up. $50 off first purchase.

My Lowes Amex probably the same. But I make sure to pay it off.
 
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