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The rate applies to your entire balance.
My credit card rates were raised dramatically for being ‘overlimit’. My limits were lowered by more then 50% to just a little over what I owed on them right before they added the interest for the month. For instance, I had a card that had a limit of $8000, I owed 3195 on it. They lowered the limit to 3200 right before they added on the interest for the month. Once they added on the interest (I was about 9.5% APR) I was over the limit. As soon as I was over the limit, they immediately added an over limit charge of $35 the day after they added on my interest. Then, I got a letter in the mail the because of my recent overlimit and continuation close to the limit that my interest was being increased. My interest increased to 22%. The next month, my interest increased to 33% which is my interest rate on most of my cards now once that hit my credit report..
If you can pay it off, pay it off. Then only use your credit card and pay it off in the same month. Make them handle all your transactions and not make a dime off of it.
I lost my job three months ago and my husband lost his job 4 months ago. SO, between that and the skyrocketing minimum payments, I can’t afford to pay them back anymore even though my debt is not really all that high. But, that’s okay, they got greedy and now they won’t get anymore money from me as I filed for bankruptcy.
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May 7th, 2010 at 8:41 pm
The rate applies to any balance you have on the card including older charges.
Are you maxed out?
Credit card companies consider maxing out touching 70% of your available credit limits.
This sends red flags waiving in the air to them.
Make it a goal to pay off this card and get revenge by not paying them interest.
By paying in full each month you not only achieve top scores, but you do not make banks rich.
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