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does rate matter if no revolving balance?

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    does rate matter if no revolving balance?

    I got my mastercard statement today. I never have a revolving balance(pay off at each end of the month) but I happen to notice my interest rate was 19 point something percent.
    If I had a balance, that would really suck.
    Does it matter since I pay it off each bill? (I have a good credit score)
    I think that rate is higher than my department store credit card. geez.
    Should I ask for lower? Can they just raise stuff like that on us?

    #2
    In my opinion, the short answer is "NO."

    I'm the same way, I refuse to carry a balance. I've never cared what the interest rate was on any of my credit cards, because I never have to pay it.

    If there's any sort of possibility you could carry a balance at some point, it might be worth asking for a reduced rate, citing your good credit score and good payment history with the company. Heck, you can do it even if you don't expect to carry a balance.... 19% is pretty high--even my highest rate is "only" 10.99%, which is a standard rate for ANYONE with the card (good credit or bad). The rest of mine are below 8%, and I've only got a "decent" score (low-700's).

    Lastly, yes... most CC companies reserve the right (found in your customer agreement) to change your interest rate at any time for any reason.
    "Praestantia per minutus" ... "Acta non verba"

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      #3
      yes I might ask just to see what they say, but that rate is a crock

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        #4
        I'd say no, as well. I have no clue what the rates are on our cards. We never carry a balance and never will. I wouldn't even waste my time calling them.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

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          #5
          Ditto to the above.

          If I needed to borrow money, I wouldn't use a credit card. So I can't see any reason to care about the rates. I already know they are ludicrous, anyway.

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            #6
            I have similar rates on many of my cards (15 percent) and I always tell my wife to pay MORE than the balance due to make sure we never get a finance charge.

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              #7
              I always pay mine off but watch the rate on my secondary card, though not neccesarily on my primary card. I don't ever imagine having to use credit card debt but a lot of things happen that you imagined wouldn't. In a dire emergency where all other resources are exhausted and that route would buy time, I'd like to know I have a low interest rate emergency card available.

              I have a 7% rate from Chase that I try to monitor closely in the current enviorment. I'll seek something else if they jack me up.

              I might be a little paranoid but I prefer the upper hand on cc companies as much as possible. They're trying to screw you, and will, if given a chance so get the best deal if possible.
              "Those who can't remember the past are condemmed to repeat it".- George Santayana.

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                #8
                Smart answer is no.

                But it does seem insulting in a way. I don't carry any balances, make over $250k/year and nearly 800 FICO, yet I have some cards with 24.99%+ APRs.

                The latest insult was my Amex card, the one where I charge $2k to $3k a month, going from 9.99% to 16.99%. I flirted with the idea of cutting it up.

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                  #9
                  Originally posted by wincrasher View Post
                  Smart answer is no.

                  But it does seem insulting in a way. I don't carry any balances, make over $250k/year and nearly 800 FICO, yet I have some cards with 24.99%+ APRs.

                  The latest insult was my Amex card, the one where I charge $2k to $3k a month, going from 9.99% to 16.99%. I flirted with the idea of cutting it up.
                  I'm in the same boat as you, wincrasher. I never carry a balance, but I almost feel like I've been slapped in the face when I get a rate increase notification. I almost wish there was a super high-end card with an ABSOLUTELY fixed rate, but then I remind myself that I will never pay a cent in finance charges...

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                    #10
                    It feels insulting to me as well,i do know that" it does not matter if you pay in full "
                    but I deserve better I pay my bills and they should be honored that I would choose to do business with them. I think the problem is no one is really there or owns anything so there is no one in these companies that could possibly care at all about individual customers

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                      #11
                      We pay our cc off every month, and our rate just went to 15.99%. That doesn't bother me in the least.

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                        #12
                        snoopy cool-why would your rate go up does that not seem weird? do they suddenly think you are risky to do business with? how could you not take it personal?

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                          #13
                          My theory is that since I pay in full, they don't get me on interest so they want to really hammer me if that ONE day I did miss a payment or get it in late.

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                            #14
                            i never take it as an insult - here the rates go up when the reserve rate goes up. so if i hear of a reserve rate increase, i know my loan and credit card balances go up, likewise when they go down. i never take it as a slap in the face - i think thats a little extreme. it doesn't even bother me when they DONT go down when the rest of them are. it's not a big deal to me. it's just a company, you don't need to take it personally. if you don't carry a balance, why does it matter THAT much?

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                              #15
                              It does not bother you if your loan rate goes up?
                              I do not borrow money but if I did it would be at a fixed rate

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