loginandtonic Posted September 20, 2009 Share Posted September 20, 2009 how many people do you reckon realise what their credit card is charging them by way of APR ? if they have a less than AAA credit rating they'll be asked for 34.9% by one company I could mention. One of Britain's biggest issuers. the sheeple think that as base rates are ultra low so will their cards, but the 0% until... will end, and for many that rude awakening has already started. i have never seen sales so poor on ebay, only 1 of 10 items have sold this week (the last 1 sold just as i posted nothing had sold, apologies). and that only got one bidder. whats the govt going to do, slap every private credit card company round the head until they drop rates? put a gun to everyone's head to make them spend (and run up even more debt in a country where the personal debt must be the world's worst or close to it) how much longer has this gravy train of credit got to run d'ya think? real world economics are about to bite the arze off anyone who thinks they can ultra low rates & play cloud cuckoo land with the economy indefinitely. 35% APR with base rates at 0.5% - that'll do nicely until the punters realise...and i think thats happening er right about now Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted September 20, 2009 Share Posted September 20, 2009 People who need cards don't think about stuff like that- more like a "Get out of Jail free" card to them. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted September 20, 2009 Author Share Posted September 20, 2009 People who need cards don't think about stuff like that- more like a "Get out of Jail free" card to them. ask the cab how long the current debt queue is, it cant afford to get any longer, its a timebomb of debt Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted September 20, 2009 Share Posted September 20, 2009 (edited) how many people do you reckon realise what their credit card is charging them by way of APR ?if they have a less than AAA credit rating they'll be asked for 34.9% by one company I could mention. One of Britain's biggest issuers. The high interest charges are required because of defaults on poor lending decisions in the past. Failure to properly assess risk coupled with a fear of losing market share has highlighted yet another market ineficiency which will be slow and painful to correct. Edited September 20, 2009 by happy? Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted September 20, 2009 Share Posted September 20, 2009 ask the cab how long the current debt queue is, it cant afford to get any longer, its a timebomb of debt Many many people CANT do anything about their outstanding balances- except wait for them to go pop. And when they go pop, they can no longer buy stuff they need to survive, or pay their mortgage, until the - oh it doesn't matter- cards are EVIL Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted September 20, 2009 Author Share Posted September 20, 2009 Many many people CANT do anything about their outstanding balances- except wait for them to go pop. And when they go pop, they can no longer buy stuff they need to survive, or pay their mortgage, until the - oh it doesn't matter- cards are EVIL a member of my family got themselves into terrible trouble with cards about 10 years ago, they kept paying that minimum + it went right out of control, its such a trap for people, but just wait because they will soon start realising this recovery talk is almost certainly just an electioneering mirage - in fact i think they already have judging by my sales figures for this week Quote Link to comment Share on other sites More sharing options...
Guest DissipatedYouthIsValuable Posted September 20, 2009 Share Posted September 20, 2009 What is Card Apr? Is it thickened paper in April? Quote Link to comment Share on other sites More sharing options...
Prof Posted September 20, 2009 Share Posted September 20, 2009 Yes, the only thing they look at is the Minimum Payment, that's all that matters and this is normally quite low. I don't know how they work the minimum payment out as I always pay it all off, always have. A credit card IMHO is for covenience and the in-built insurance. That`s the way to use a credit card. Not forgetting that a few cards actually pay you to use them. 1% of your yearly spend is a nice little bonus. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted September 20, 2009 Author Share Posted September 20, 2009 What is Card Apr?Is it thickened paper in April? DYIV there, reconstructing a typical response from mr + mrs packofbandh, thank DYIV, very realistically done if i may say so Quote Link to comment Share on other sites More sharing options...
Guest DissipatedYouthIsValuable Posted September 20, 2009 Share Posted September 20, 2009 DYIV there, reconstructing a typical response from mr + mrs packofbandh, thank DYIV, very realistically done if i may say so What is packofbandh? Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted September 20, 2009 Share Posted September 20, 2009 how many people do you reckon realise what their credit card is charging them by way of APR ? I've no idea what the APR on my card currently is ... chiefly because I pay it off in full every month and it doesn't matter to me. Quote Link to comment Share on other sites More sharing options...
FortuneFTB Posted September 20, 2009 Share Posted September 20, 2009 I buy absolutely everything with my Tesco Clubcard Credit Card, mostly at Tesco for the extra Clubcard points, I expect the APR would be horrendous if I didn't pay it off every month. I know theres better cashback cards but I love those clubcard points, you can use 4X the value for lots of things like shows and days out, mostly shows and days out I'd normally not bother with but I suppose thats how they get you... I've piloted a glider thanks to my Card Quote Link to comment Share on other sites More sharing options...
Ride_on Posted September 21, 2009 Share Posted September 21, 2009 How many people who have credit cards and use them for actual regular credit actually know what APR is? They just see the no interest for 6 months and think '6 months is forever'. I have a particular hatred of teaser rates and marketing/sales in general. Quote Link to comment Share on other sites More sharing options...
MarkG Posted September 21, 2009 Share Posted September 21, 2009 I've no idea what the APR on my card currently is ... chiefly because I pay it off in full every month and it doesn't matter to me. Ditto: we use credit cards because we get free groceries that way (the supermarket we use who issue the cards give 1-10% back in groceries depending on exactly what you buy). I don't care what the interest rate is when I'm just using it as a substitute for cash. Quote Link to comment Share on other sites More sharing options...
Mammon Posted September 21, 2009 Share Posted September 21, 2009 how many people do you reckon realise what their credit card is charging them by way of APR ?35% APR with base rates at 0.5% - that'll do nicely until the punters realise...and i think thats happening er right about now Banks making huge profits lending on credit cards to subprime borrowers = more money to lend to prime borrowers for mortgages = bullish for house prices in the best areas Family homes in the best areas have hardly budged off 2007 levels. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted September 21, 2009 Share Posted September 21, 2009 I neither know nor care the rate on mine. I love the convenience, and the fact that the direct debit goes out of the current account a day or two after the paycheque goes in is great for cashflow. The cashback, and the market-leading exchange rate when travelling, are just the icing on that cake. Quote Link to comment Share on other sites More sharing options...
DementedTuna Posted September 21, 2009 Share Posted September 21, 2009 One of my friends is having to move out with 2 weeks notice. Her (male) housemate chucked loads on credit cards and now can't afford the rent. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 21, 2009 Share Posted September 21, 2009 Huge defaults in US. Credit card lending is unsecured. try that here, and they will add a charge to your house. Quote Link to comment Share on other sites More sharing options...
Captain Cavey Posted September 21, 2009 Share Posted September 21, 2009 No idea what my APR is, like many on here I use it as a convenient payment vehicle (sometime the only one you can use for car hire etc), but pay every penny of it every month. If you can’t afford something now, save for it. However my sister-in-law got in big trouble with credit and store cards a few years ago, but we managed to get her to take scissors to all of them. Now we’ve received an email asking us if we can help as she’s a few K short for a house deposit !! – She’ll pay us back within 6 months of course. - Have a guess what my response was plus ça change, plus c'est la même chose Quote Link to comment Share on other sites More sharing options...
benthebuilder Posted September 21, 2009 Share Posted September 21, 2009 Huge defaults in US. Credit card lending is unsecured. try that here, and they will add a charge to your house. If you own one. They're buggered if you're a tenant. Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted September 21, 2009 Share Posted September 21, 2009 If you own one. They're buggered if you're a tenant. Only if you're the only one - once the risk goes big time the taxpayer picks up the tab through failed banks. Are credit cards a gateway drug? Quote Link to comment Share on other sites More sharing options...
Johnny Storm Posted September 21, 2009 Share Posted September 21, 2009 I have no idea what mine are, but I pay them off every month. However, Im pretty sure it tells you on every statement what the rate is, and how much interest you pay if you dont clear the balance. So its not rocket science is it. Quote Link to comment Share on other sites More sharing options...
Mr Yan Posted September 21, 2009 Share Posted September 21, 2009 (edited) Hm, I thought I knew (6.3%) but it turns out I was either: 1) Like everyone else with no idea. 2) It's gone up recently. http://www.barclaycard.co.uk/personal-home...city/index.html Edited September 21, 2009 by Mr Yan Quote Link to comment Share on other sites More sharing options...
Nationalist Posted September 21, 2009 Share Posted September 21, 2009 I have no ideas what the APR on any of my cards is. That information is irrelevant to me. My only interest in credit cards is to get the consumer protection a CC gives you - if goods don't turn up or are defective the CC supplier can be held liable. Quote Link to comment Share on other sites More sharing options...
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