Fixed Rate Credit Card Tip

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Posted: Thu Jan 13, 2005 3:35 pm
Post subject: Fixed Rate Credit Card Tip

Jimmy Whiteside
Date: 5/8/2000 11:36 am CDT

I would love some info on cards that have low FIXED
interest rates that are really fixed rates.
I have several cards that stated on the envelope and in
the cardholder agreement that their low interest rates
were not an introductory rate, but were fixed rates. I
thought that meant they could not be increased like the
interest rates of my mortgage. I guess I was wrong. They
are increasing my rates by as much as 3% and say it is
because of the government raising its' lending rate. Is
there anything I can do? Thank you.

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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archive
Posted: Thu Jan 13, 2005 3:35 pm
Post subject: Fixed Rate Credit Card Tip

Board Monitor
Date: 5/8/2000 11:41 am CDT

Jimmy,

Thanks for your recent inquiry! Unfortunately, there is no such thing as a
truly "fixed rate" card. The only advantage of a fixed rate card is that
the rate does not change as much as a "variable rate" card...but "fixed
rate" cards do vary from time to time, especially in rising interest rate
environments like we currenlty are experiencing.

The only option available to you is to seek a lower rate card. You can find
a list of the lowest rate cards in the country in our "Low Rate Report".
The web address for our report is...

http://www.cardratings.org/rankings.html

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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archive
Posted: Thu Jan 13, 2005 3:36 pm
Post subject: Fixed Rate Credit Card Tip

Gingereeno
Date: 5/9/2000 4:34 pm CDT

You are right, I wish I had found this site before. Thanks for your bulletin board.

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archive
Posted: Thu Jan 13, 2005 3:36 pm
Post subject:Fixed Rate Credit Card Tip

Kathleen Herring
Date: 5/10/2000 1:29 pm CDT

This is my first visit to your site and I went directly to NextCard Visa to apply for their advertised 2.9% intro card with a fixed 9.9% thereafter. Their homepage confirms the 9.9% rate however after a quick online approval their terms on the Platinum card are now 2.99 intro and 12.99 fixed. I canceled my application and will look at other offers on your site. Thanks for doing most of the legwork on this mission to find a suitable, low-rate card!

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archive
Posted: Thu Jan 13, 2005 3:36 pm
Post subject: Fixed Rate Credit Card Tip

Board Monitor
Date: 5/15/2000 5:47 pm CDT

Kathleen,

Thanks for your inquiry! NextCard does still offer a fixed 9.9% rate, but they make "tailor" interest rate offers depending on
your credit history/income/etc. The fact that you were offered a 12.99% rate, however, does not indicate that your credit history is poor or that your income is below normal. Their offers are all automated (by computer) and quite complex. Many consumers with "perfect credit' have not been offered the preferred rate, but, at the same time, many consumers with "less than perfect credit" have. Unfortunately, the only way to know if you qualify is to actually apply. And, as in your case, you can always cancel the application.

You might find the Capitol One card more attractive. This card features a 0% purchase intro rate for 6 months!You can apply online via the link on our "Low Rate Report" section. Link below..

http://www.cardratings.org/rankings3.html

Hope this helps!

Regards,
Jackie Hughes
Board Monitor
CardRatings.org