CompuCredit Interest Rate Information

Author: Guest
Posted: Wed May 05, 2004 3:23 pm
Post subject: CompuCredit

According to cardweb.com , CompuCredit, the issuer of Emerge and Aspire credit cards, made $17.7 million profit in first quarter by charging their customers 35% interest rate.

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Author: Guest
Posted: Wed May 05, 2004 3:26 pm

P.S cardweb.com does not say that CompuCredit charge 35% interest rate. Sorry.

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Author: Guest
Posted: Wed May 05, 2004 3:29 pm

Compucredit is a for-profit business, so of course the goal is to make money. If they charge 35% interest (AND CUSTOMERS PAY IT) it is only because those customers have nowhere else to go. Compucredits only crime is to solicit cards to these folks or buy other banks portfolios that have lots of these customers in them. If folks had good enough credit and/or money in the bank, it would be super easy to leave.

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Author: marlboro
Guest
Posted: Thu May 06, 2004 1:00 am

you assume they charge everyone 35% interest actually the average for DEFAULTED customers is 29.99%. there are thousands of customers in good standing with company with competitive interest rates. the thing is no one complains about an interest rate if its too low, but somebody misses a couple of payments and their apr is jacked up guess what, that's one of the multitude of reasons to stay current. Compucredit doesn't just go around buying accounts right under the original issuers nose, the companies such as providian said "hey you know what i need to get rid of some accounts" or liquidate some assets as they call it. providian is just as responsible in this sense, infact there a couple of people who have been handed off more times than a football. some emerge customers were providian customers that were first union customers. but that's the way the game goes.

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Author: Guest
Posted: Thu May 06, 2004 4:31 am

Marlboro, I think you work for CompuCredit.

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Author: Verne
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 487
Location: Midwest
Posted: Thu May 06, 2004 8:42 am

I remember reading (can't find the source) that Aspire's average rate was near 30%. I did find the following from a somewhat dated article at: bankrate.com/brm/news/cc/19991220.asp
"Different versions of the (Aspire) card have annual percentage rates from 18 percent to 35 percent, delinquency APRs of 24 percent to 41 percent, and a $35 fee for tardy payments and stepping over the credit limit" At the bottom of the article there are some excellent tips for consumers who have a high-interest card of this sort.

Verne
Any agreement that can be changed at any time, for any reason, is no agreement at all.

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Author: marlboro
Guest
Posted: Fri May 07, 2004 1:14 am

well compucredit is the 17th largest credit card issuing company out there according to the nilson report, so they definately know what they are doing. i could be an employee or maybe not (cue scary music)

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