RMR: Rick's Rant - Credit Card Rates

[huttet1]

If you don't want to pay 20% more for your shampoo, then don't carry a balance on your card. Pay off your credit card bill every month, then you don't have to worry.

[makeiteasyable]

ty

[vladtepes97]

and focus on the what?

[footluv71]

the rants are getting very old.

[jackiechan511]

We need legislation that will cap credit card interest rates to prime plus 5% only and interchange fees to 1.5% only. Problem solved.

[Starbits7]

I work for a credit card company & not only are the fees insane, they treat employees horribly. They don't allow us to hang up even if a customer is swearing & tells us to f-off. Some calls will go on for hours like this. There's little pay for us it's even worse for overseas employees. Overseas employees can get an equivalent to $4-$5 an hour for the same job here in Canada. It's criminal since the cc company makes billions in profits each year.

Seriously, how greedy can they get?

[whildreth]

As a money broker I can actually get you private not street money, with a 5% up front fee and 1% per month, even if you only need it for a year. In the finance business this is called "hard Money" in the Credit Card business they call this a "fool's breakfast " look what they could be charging!!! Good for you why don't we all holler together. ____k VISA !

[ThoughtfulThoughts7]

Im not joking... My parents stopped using credit cards in 2010 too.

[alan4sure]

Very simple, just pay it off in 29 days and use the banks money for free. It's not rocket science.

[akje93]

"no! I dont have an optimum card! "

That drives me CRAZY whenever i go to Shoppers, AHHH!!!

[blassfen]

wow...took you this long to figure out your credit card rate?!?!?!? did you even look at your application form?? obviously not!

[Charles2337]

I agree. I only use credit when paying for gas.

[IBMeddling]

People should stop shopping at these stores where the cashiers have to ask customers to sign up for their store card.

[rayme4raw]

My interest rate is now 29.99%. I've cancelled all my cards.

[ButtersStotch7000]

It's worse if you're a student. I swear I'm going to be still paying off my first year books by the time I graduate, and I put down a hell of a lot more than the minimum payment when I get my bill.

[silverboyzzz]

Pay off the statement balance in full and you won't be charged interest. Could be worse, 407ETR is 26.82% and you better believe I pay them off in full every month.

[bpidduck]

Hmmm ... how about NOT borrowing money? Or perhaps checking your rates BEFORE you borrow?

[larrydallas187]

tell that to the teenagers that are preyed upon buy the credit card companies.

[jackiechan511]

Rick Mercer should advocate a interest rate cap (say a max of 10%)

[corky064]

"...And I felt like the dude from the Devinci Code. Looking at the parchment, trying to decipher what exactly happened over the holidays."

LOL.

[Chanceis]

Ummmm..... If you don't want to pay 20% interest then pay your bill when you get it and don't roll it over into the next month.

[BootstrapBranding]

I share his resolution. My goal is to eliminate ALL CC debt within the next 12 - 18 months. I will only have one CC, for my online business transactions and emergency use... and of course, travel. Which brings up this point...

Ever tried to pay for a hotel room with cash or debit card? They want a $200 deposit (minimum) just so you can keep that charge OFF your card! You are being 'punished' for being fiscally responsible. Makes ya wonder... keep CC companies and credit counsellors in business.

[rayme4raw]

@BootstrapBranding One youtuber recommended opening a second checking account for free and getting a second debit card. Keep only $500 in the second checking account and use it for online business transactions.

[imaginetheresno]

Credit Cards can be a wonderful slave or a terrible master....YOU have to decide which you want to live with!

[MarcZou]

Loan sharks...lol...

[quixote22]

Amen!

[Robotman42]

"Don't spend more than you can afford." end of story.

[starscream1122]

awesome rant!

[desolate2]

"examine some protozoa" that was hilarious lol

[lazar88]

The credit card industry is extremely expensive to operate. Without high rates it couldn't exist, particularly considering most people pay off their bills before any interest is charged. If the rates are too high people will stop using them, or a competitor will lower their rates. Why do none of them lower their rates to get all of the customers? See my point above.

[aqnd]

Fees are paid by merchants, not by Visa, Mastercard, et al.

So if no one carries a balance, there is no net cost to the CC companies.

20% interest in a 2% interest market is absurd.

[HWGuyEG]

@aqnd

Banks get money for under 1% and then re loan the money for 5-1000%, that's how they make billions every quarter.

[XRayden]

Words!