Credit Card Interest Rates Just Jumped—Anyone Else Seeing This?

Help Needed / Question Forum
1

I’ve been getting letters from my credit card companies saying they’re increasing my interest rates. Some of my cards are now charging over 30%! :astonished: It’s not a huge issue for me since I usually pay off the full balance each month, but I can’t imagine how bad this is for people who carry a balance.

What’s really confusing is that the Fed just cut interest rates, so I don’t understand why this is happening. Is anyone else experiencing this? Are there any good strategies to deal with these rate hikes?

2

I recently did the prequalification for a Verizon card, and it came back with a 28.99% interest rate. I couldn’t hit “no” fast enough…

3

I don’t care if the interest rate is 100%. As long as there’s a grace period, I’m fine. For those who carry a balance…it’s just the consequence of making poor decisions.

4

they are killing the people that are carrying a balance.

True, but these people make lucrative SUBs feasible. This is weird since the Fed just cut interest rates.

I think your reaction time is delayed. Interest rates have spiked the last year or two, and they’re recently starting to retract.

5

They could charge 10,000% interest, would make no difference to me

6

I don’t care and don’t know about my cc interest rate as i pay them in full.

7

It shouldn’t matter as long as you pay on time; you have nothing to worry about.

8

lol credit card interest. If you care about credit card interest rates you probably shouldn’t be using credit cards.

9

If credit card interest rates worry you, then you probably shouldn’t be using credit cards. My rates might be 30%, or they could be 10%. Honestly, I have no idea because I pay my balance in full every month.