Concerns Regarding Credit Card Offer

Guest: TomfromCT
Credit Expert (100+ Posts)
Post subject: Concerns Regarding Credit Card Offer
Posted: Sat Mar 25, 2006 3:22 pm

I just got a card offer in the mail.

"pre-approved" but when I went online they wanted EVERYTHING on me unlike other preapproved offers I have received where they just want a couple of basic items.

The rate is 12.99 with 0% on BT until 4/2007

and the pentalty rate of Index + 26.5%

So let me get this straight......


If they sense I am having trouble......they can jack my rates to MAKE SURE I AM HAVING BIG BIG TROUBLE.....


This is like playing with fire if you have any need to carry a balance.
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sat Mar 25, 2006 4:36 pm

Don't the terms spell out what's needed for the penalty rate to kick in?
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Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

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Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sat Mar 25, 2006 6:40 pm

Quote:
This is like playing with fire if you have any need to carry a balance.


It really is worse if you consider 2-cycle billing. I forgot to pay off a small amount on my discover card a couple of months ago (paid the min. payment and was going to return something and didnt get to it). The 2-cycle billing looked terrible. I did pay it off right away when I noticed and asked discover to waive the finance charges and they said ok.

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Guest: heavyjay
Posted: Sat Mar 25, 2006 8:51 pm

maddybeagle wrote:
Quote:
This is like playing with fire if you have any need to carry a balance.


It really is worse if you consider 2-cycle billing. I forgot to pay off a small amount on my discover card a couple of months ago (paid the min. payment and was going to return something and didnt get to it). The 2-cycle billing looked terrible. I did pay it off right away when I noticed and asked discover to waive the finance charges and they said ok.


Does two cycle billing mean you pay interest on money you've already repaid?
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Jay

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Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sat Mar 25, 2006 11:50 pm

with 2-cycle, they charge for the current month and also go back to charge you for the previous month, so you will get double charged.

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