does rate matter if no revolving balance?

[whitestripe]

i'm sorry - i wasnt clear.
i meant to put that it doesnt bother me when credit card rates dont go down (because i dont carry a balance). a loan is a different thing in terms of rates staying high when they should drop. while i understand that when the reserve bank raises interest rates - my loan will go up as well as credit card rates - i signed up for that, so i understand it and im not going to take it personally.
as for credit cards, well, i've never carried a balance, so it really DOESNT BOTHER ME if the interest rate was 5% or 80% - i don't spend money i don't have. if an emergency came up, well, i have an emergency fund for that.
if its such a big deal, why have the card at all??? you've been given a card that effectively allows you to spend X amount of money that's technically not yours - those are the conditions upon which you were given the card and thats the interest rate the bank has set it at.

[simpleyme]

if only all loans could change your terms with just a letter in the mail,the world would be a better place;-)
I would like to think if the rates were that are originally offered were that high people would not sighn up for loans and cards but I guess we all know better

[SnoopyCool]

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?

Well, I guess I don't care what they think of me. I think they are hoping I slip so they can recoup some of the money they've lent me for free (thus a rise in the interest rate), but that just isn't going to happen. I think they think everyone is a risk right now. I don't take that personally.

But as for them just changing terms willy-nilly... I agreed to the terms my credit card set forth, which allows them to do that. I knew that going in, but still agree to do business with them. If I were using a credit card and not paying the balance off each cycle, that would present an issue, but still I had that knowledge before I used the card that they reserve the right to change the rate.

[wincrasher]

It would be one thing if the rate increases were "reasonable". Such radical changes at one time just strike people as unfair, unreasonable and unjustified.

Especially in an environment where the banks are getting essentially free money from the government. It's not covering losses - it's greed pure and simple.

My response to them will be to make them bear the cost of keeping my account open. I'll reward the CC company that hasn't screwed with my account by using that card for my monthly and travel expenses.

[SavingCash]

Same here - I have no idea what my rates are because I pay them off in full every month.