CC Interest Rate Increased??

[cbmeeks]

[quote=allyourworth]

Originally Posted by JoyJoy

Just a suggestion....try applying online for a card from HSBC, preferably the HSBC Mastercard. They approve instantly and they offer 0% balance transfer offers.

~~~~~~~~~~~~~~~~
Here is on guys story of HSBC balance transfers :

http://www.consumeraffairs.com/news0..._interest.html

yeah, maybe I should post that link in the other topic I have been posting in....the one where several guys are arguing how great it is to be a part of the "0% interest, cash-back" program.

My point to all of this? CC companies are crooks. They lie, steal, cheat to get your money. PERIOD.

cbmeeks

[stlsweeti]

Originally Posted by cbmeeks

Decent?
I have a better idea. Why not pay what you owe, in full, and burn that damn card?

cbmeeks

I couldn't agree with you more!

[quote=allyourworth]

Originally Posted by JoyJoy

Just a suggestion....try applying online for a card from HSBC, preferably the HSBC Mastercard. They approve instantly and they offer 0% balance transfer offers.

~~~~~~~~~~~~~~~~
Here is on guys story of HSBC balance transfers :

http://www.consumeraffairs.com/news0..._interest.html

and this part pretty much stumped me right off the bat:

John's existing credit card charged just over 9 percent, not a bad rate these days. But being a thrifty consumer, John said he wanted to take advantage of the offer of 12 months without interest. So he applied for a card.

if interest rates matter to him, i.e. he is paying interest, doesn't that make him, by definition, less thrifty than he could be?! (in other words, he should be paying the thing off!)


still overall a good article, thanks for the link.

[cbmeeks]

hehe.

yeah, these people kill me. I don't care what these CC companies offer me...I want nothing to do with them.

[JoyJoy]

Originally Posted by cbmeeks

yeah, maybe I should post that link in the other topic I have been posting in....the one where several guys are arguing how great it is to be a part of the "0% interest, cash-back" program.

My point to all of this? CC companies are crooks. They lie, steal, cheat to get your money. PERIOD.

cbmeeks

I received Balance Transfer checks in my Welcome Package from HSBC and and they are 0% for 12 months.

Right above the checks it states:

"THE ANNUAL PERCENTAGE RATE for these checks is a fixed 0% (corresponding.00000% Daily Periodic Rate) on the balances from these checks for up to twelve months from account opening."


I received a check Saturday and it stated:

"Use of the attached check will constitute a charge against your Account under the terms previously disclosed to you in your Cardmember Agreement and Disclosure Statement. Periodic Finance Charges accrue from the date of the transaction. There is no balance transfer fee for the use of the attached check; otherwise 3% ($5 minimum/$50 maximum) balance transfer fee will apply.

I called and CR said your checks are 0% APR for 12 months and THERE WILL be no charges assessed if I use the checks. I balance transferred online in March, 2006 and I have had no problems.

Chase and Citibank also send out these checks. The best way, I found, is to call and have the bank do your balance transfer so you know what the terms are or do it online where the APR is stated before you do a balance transfer.

Some checks will state that you will enjoy the same APR on your checks that you currently receive on your HSBC Mastercard. I have 0% on my HSBC Mastercard as well for 12 months. Some cards don't have 0% on both the check and the card.

Sooooo it all depends on what kind of offer one gets. I learned a lot about balance transfers on cardratings.com's forum from some people who got burnt with these offers and some who will tell you don't assume; get it in writing first before you sign on the dotted or check line.

[cbmeeks]

Originally Posted by JoyJoy

I received Balance Transfer checks in my Welcome Package from HSBC and and they are 0% for 12 months.

Right above the checks it states:

"THE ANNUAL PERCENTAGE RATE for these checks is a fixed 0% (corresponding.00000% Daily Periodic Rate) on the balances from these checks for up to twelve months from account opening."


I received a check Saturday and it stated:

"Use of the attached check will constitute a charge against your Account under the terms previously disclosed to you in your Cardmember Agreement and Disclosure Statement. Periodic Finance Charges accrue from the date of the transaction. There is no balance transfer fee for the use of the attached check; otherwise 3% ($5 minimum/$50 maximum) balance transfer fee will apply.

I called and CR said your checks are 0% APR for 12 months and THERE WILL be no charges assessed if I use the checks. I balance transferred online in March, 2006 and I have had no problems.

Chase and Citibank also send out these checks. The best way, I found, is to call and have the bank do your balance transfer so you know what the terms are or do it online where the APR is stated before you do a balance transfer.

Of course. Transferring a high interest rate loan to a lower (or even 0%) interest rate loan CAN save you money. If you can pay that off in less than one year, and you make sure there are NO hidden fees...then you might come out ahead.

However, I would be curious as to what the interest rate will be after that one year is up.

[JoyJoy]

Originally Posted by cbmeeks

Of course. Transferring a high interest rate loan to a lower (or even 0%) interest rate loan CAN save you money. If you can pay that off in less than one year, and you make sure there are NO hidden fees...then you might come out ahead.

However, I would be curious as to what the interest rate will be after that one year is up.

Oh I agree with you wholeheartedly!! In the Schumer box when one receives a credit card offer it states what the variable or fixed rate will be after one year. Pay the card off before the year is over and find out from the cc company the new rate. If one has paid well, the cc company will offer a good rate. Otherwise keep steppin' or just say goodbye to ccs. Just my take on the situation. I love the 0% offers!