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As a senior single woman I have always paid before the due date, and usually five time the minimum payment. I recently got an offer from my no annual charge Credit Card holder to say I could have a loan for six or even seven thousand for 1.5% for six months. I already carry a balance of several thousand with this Card. But was told that I could save money over my other card which is 3.99 the trick was all payments I would make on the six thousand would go to the lowest interest rate purchase, thereby racking up more interest on the standing balance of 7.99. You figure it out who was that going to benefit. When I demurred I was told that the usual interest rate right now is around 17%, and had received a letter from them a few days before to tell me the default rate was going to 23%. I thought the banking regulations were supposed to help the people with lower incomes not allow the banks and lending institutions to rape the customers.
No wonder people are switching to their debit cards, and being more circumspect with their purchases. Face it they are in the business of making money and unless you get a no annual fee card, with low interest rates, and rewards it is best to use you debit card.
Comment by Jo in Delaware — June 14, 2009 @ 9:27 pm