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(Time)   Most Americans still have no idea how much interest their credit cards actually charge them   ( time.com) divider line
    More: Facepalm, financial crisis, Late-2000s recession, new study, basic financial literacy, National Capability Study, Americans, FINRA Foundation, unpaid medical debt  
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3475 clicks; posted to Main » on 14 Jul 2016 at 12:16 AM (1 year ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



219 Comments     (+0 »)
 
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2016-07-13 08:59:16 PM  
And I like to keep it that way -  by never getting to the point where they charge me interest.
 
2016-07-13 09:23:19 PM  

RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.


I have no idea either for that exact reason. I pay off my credit card every month on the due date.
 
2016-07-13 10:10:58 PM  
THIS JUST IN: Americans suck at personal finance.
 
2016-07-13 10:12:03 PM  
More than Vinnie  on the corner.
 
2016-07-13 10:16:56 PM  
Uh... did they try reading their bills?
 
2016-07-13 10:21:01 PM  
zero interest - I pay off the balance every month
 
2016-07-13 10:31:39 PM  
I dont know and no, i dont pay mine off every month.    *shrugs*
 
2016-07-13 10:32:49 PM  
Or you could, you know, pay of your Dog Damned credit cards.

/ sometimes, I think that some people need minders
 
2016-07-13 11:08:20 PM  
Sure I do, it's 7.50%, the lowest rate of any card around.
 
2016-07-13 11:14:47 PM  
Face it, such details most Americans do not find...interesting
 
2016-07-13 11:24:42 PM  
I used to have Capital One. They had a pretty low rate, then for no reason they jacked up my rate ridiculously high to somewhere around 17-18%.  I have fantastic credit and never did I miss a payment.  I don't carry much of a balance at all which I'd like to imagine is part of the problem, but in reality it's not. They're just farking greedy.  So instead of making the 3% interest on all my charges and a nominal monthly amount, now they get zero.  Fark them.  I moved my credit cards and now I'm paying down around 8% on the times when I do carry a balance.

Go fark yourselves, Capital One.  Fark yourselves with a big stick of salt-encrusted razors.
 
2016-07-13 11:57:18 PM  

bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.


You wait til the due date? Are you poor? I pay mine off weekly.

/kidding about the poor thing
 
2016-07-14 12:19:39 AM  

bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.


Third.

I can't remember the last time I carried a balance.

I'm not wealthy by any stretch of the imagination. Not even close. I just know my fiscal limitations and live within my means.
 
2016-07-14 12:19:49 AM  
Interest?  who pays interest?  (okay I don't always pay off at the end of the month but I usually do).
 
2016-07-14 12:19:53 AM  
It's not that we don't know by accidental ignorance.
We DON'T WANT to know.
It's intentional ignorance.
 
2016-07-14 12:20:29 AM  
Just pay it off every month.
 
2016-07-14 12:24:51 AM  
I think the last time I carried a balance was when I was in college and I just HAD to have a Playstation 2, so I put it on the card and paid it off as I could.  With little exception, I think that's the last time, so no, I don't know my card's interest rates, nor do I really care.

My main card pays rewards right into my IRA's, and I have one of the Amazon cards because I spend a good deal there and 3% back is pretty nice.  If I got stuck into having to carry a balance I'd find a good one and roll it over to that.
 
2016-07-14 12:25:04 AM  

Satanic_Hamster: Just pay it off every month.


Wait. You're telling me that the card I got in the mail isn't free money? That's crazy talk.
 
2016-07-14 12:25:15 AM  

chicken nugger: Sure I do, it's 7.50%, the lowest rate of any card around.


Mine is 7.49%...you're such an interest loser. Big L.
 
2016-07-14 12:25:51 AM  
Another comment here from someone who has never paid a dime in interest on a credit card. Although I recently opened a new Costco credit card and I think I saw it's around 15% after the promo period, so I'll just assume most cards are the same, if not higher.
 
2016-07-14 12:30:28 AM  
I was told there would be no math.
 
2016-07-14 12:31:10 AM  
Oh I know. I just live in denial.
 
2016-07-14 12:35:32 AM  
0%

It is the interest I pay.  Of course I pay my balance off in full every month.
 
2016-07-14 12:35:34 AM  
img.fark.netView Full Size

I said it. I meant it. I stole your mother's credit.
 
2016-07-14 12:36:17 AM  
The comments in this thread make it look like the average Farker is fiscally responsible. There are a couple explanations that come to mind, but I'm going with "the average Farker is fiscally responsible". It's good to see you have ignored the lessons and examples your family, friends, and government have been providing all these years.
 
2016-07-14 12:37:02 AM  
Online banking is the sh*t. I pay off my card pretty much every other day rather than a check to pay the bill at the end of the month like we all did prior to the internet age. It also means I can keep track of my balance at a moment's notice instead of suffering the occasional sticker shock of a snail-mailed monthly bill.

Not to mention, seeing my balance on demand keeps me honest about staying within my means and tempering any purchases so I don't accumulate a sizeable debt. The result is I haven't carried a monthly balance for years now.

/CSB
 
2016-07-14 12:38:58 AM  

Demetrius: I used to have Capital One. They had a pretty low rate, then for no reason they jacked up my rate ridiculously high to somewhere around 17-18%.  I have fantastic credit and never did I miss a payment.  I don't carry much of a balance at all which I'd like to imagine is part of the problem, but in reality it's not. They're just farking greedy.  So instead of making the 3% interest on all my charges and a nominal monthly amount, now they get zero.  Fark them.  I moved my credit cards and now I'm paying down around 8% on the times when I do carry a balance.

Go fark yourselves, Capital One.  Fark yourselves with a big stick of salt-encrusted razors.


I don't know if this is still the case, but Capital One used to be a credit-repair card. If you had no or poor credit history, C1 would give you a card anyway (aka "enough rope to hang yourself.") They made up for all the resulting defaults by charging more vig than Antonio down on the corner, though without the threat of damage to your patellae.

So they probably think that once they have you as a customer victim, they can jack up your rates because you can't get worthwhile credit limits anywhere else. Sometimes, they're wrong about that.
 
2016-07-14 12:43:07 AM  

bdub77: RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.

I have no idea either for that exact reason. I pay off my credit card every month on the due date.


This confuses me. Doesn't everyone do this?
 
2016-07-14 12:44:31 AM  
Done in one.

/ two, six and seven
 
2016-07-14 12:44:55 AM  
for years I never paid interest as I always paid off my card at the end of the month... but several months ago I had to put a whole slew of moving expenses on my credit card. paying that off has been fun, farking 15% interest! It should finally be paid off at the end of this month though, which is nice.

/probably didn't help that all my bills are also tied to said card so there were always continues charges being made to said card.
 
2016-07-14 12:44:57 AM  
 
2016-07-14 12:46:57 AM  

JonZoidberg: I think the last time I carried a balance was when I was in college and I just HAD to have a Playstation 2, so I put it on the card and paid it off as I could.  With little exception, I think that's the last time, so no, I don't know my card's interest rates, nor do I really care.

My main card pays rewards right into my IRA's, and I have one of the Amazon cards because I spend a good deal there and 3% back is pretty nice.  If I got stuck into having to carry a balance I'd find a good one and roll it over to that.


Last time I carried a balance on a credit card was for a nice watch as a gift to mrs mcmnky. I planned ahead and got one of those 'no interest for 12 months'  cards. Paid off the watch over 11 months. Never used that card for any other purchase. No interest paid.

Interest rate on my current cards? No idea. Balance paid in full each month. No interest paid. Also no annual fees.
 
2016-07-14 12:49:49 AM  

snowjack: 7.15% biatcheeees
https://www.becu.org/everyday-banking/credit-cards

:-)


Variable rate.....lol
 
2016-07-14 12:50:02 AM  
I lived an extravagant lifestyle funded by credit cards for years. Then I lucked into buying house t just the right time. House prices skyrocketted in SoCal, so I started to use the equity as a piggy bank. Then, my income tripled over the next few years, so I was able to spend more money on credit cards. At one point, I bought a $10k motorcycle on a credit card. I saw the house bubble burst coming, so I sold my house in 2006 for a $250k profit, and paid off my student loans and credit cards, and still walked away with over $100k, so I moved to Portland. I decided to not work for a couple of years, and blew the $100k and ran up another $20k in credit card debt., so I had to get a job.
 
2016-07-14 12:50:44 AM  

themindiswatching: Satanic_Hamster: Just pay it off every month.

Wait. You're telling me that the card I got in the mail isn't free money? That's crazy talk.


Well, it is if you do the points/cash back right.

Back in the 90's, my dad put all of me and my sisters tuition on his Chevrolet Visa.  Ended up getting an insane amount off his next car.
 
2016-07-14 12:54:08 AM  
About 10 years ago, I got a letter from Citibank informing me that my interest rate was going from 8.9% to 12.9%, despite me never having carried a balance or missed a payment. I informed  that No, it wouldn't be and cancelled my card.

/ Discover has better reward points anyway
// as does BAC
 
2016-07-14 01:06:42 AM  

RexTalionis: And I like to keep it that way -  by never getting to the point where they charge me interest.


This.
 
2016-07-14 01:08:00 AM  
ProTip:  Regard your "credit card" as a time-delayed debit card (payoff every month), and your interest rate is always zero (unless you're a chump and take a cash advance, of course).
 
2016-07-14 01:08:58 AM  
"What good is math to me?", they say...

TwowheelinTim: The comments in this thread make it look like the average Farker is fiscally responsible. There are a couple explanations that come to mind, but I'm going with "the average Farker is fiscally responsible". It's good to see you have ignored the lessons and examples your family, friends, and government have been providing all these years.


Yeah. Paid off my mortgage, paid off & canceled my credit cards, and my reward? A lowered credit score, because, hey, I clearly won't make a bank any money if they give me a line of credit. Never mind that I have an 80+ spread between credit scores depending on which agency I ask, or that one agency still thinks I work at CIGNA, a company at which I haven't worked in 18 goddamned years.

No, I'm supposed to curate my credit score because it's increasingly used to measure my value as a person, instead of merely indicate how much of a profit margin I'd give a creditor. Fark that.
 
2016-07-14 01:11:29 AM  

FormlessOne: "What good is math to me?", they say...

TwowheelinTim: The comments in this thread make it look like the average Farker is fiscally responsible. There are a couple explanations that come to mind, but I'm going with "the average Farker is fiscally responsible". It's good to see you have ignored the lessons and examples your family, friends, and government have been providing all these years.

Yeah. Paid off my mortgage, paid off & canceled my credit cards, and my reward? A lowered credit score, because, hey, I clearly won't make a bank any money if they give me a line of credit. Never mind that I have an 80+ spread between credit scores depending on which agency I ask, or that one agency still thinks I work at CIGNA, a company at which I haven't worked in 18 goddamned years.

No, I'm supposed to curate my credit score because it's increasingly used to measure my value as a person, instead of merely indicate how much of a profit margin I'd give a creditor. Fark that.


welltheresyourproblem.jpg
 
2016-07-14 01:11:43 AM  

FormlessOne: No, I'm supposed to curate my credit score because it's increasingly used to measure my value as a person, instead of merely indicate how much of a profit margin I'd give a creditor. Fark that.


You sound like a Redditor curating your karma.
 
2016-07-14 01:15:20 AM  

FormlessOne: "What good is math to me?", they say...

TwowheelinTim: The comments in this thread make it look like the average Farker is fiscally responsible. There are a couple explanations that come to mind, but I'm going with "the average Farker is fiscally responsible". It's good to see you have ignored the lessons and examples your family, friends, and government have been providing all these years.

Yeah. Paid off my mortgage, paid off & canceled my credit cards, and my reward? A lowered credit score, because, hey, I clearly won't make a bank any money if they give me a line of credit. Never mind that I have an 80+ spread between credit scores depending on which agency I ask, or that one agency still thinks I work at CIGNA, a company at which I haven't worked in 18 goddamned years.

No, I'm supposed to curate my credit score because it's increasingly used to measure my value as a person, instead of merely indicate how much of a profit margin I'd give a creditor. Fark that.


If you don't have any debt and aren't planning on getting any, why would you know/care what your credit score was?
 
2016-07-14 01:15:50 AM  
Hey, aren't European banks now paying negative interest rates? Could I get a credit card from one of them and get paid to carry a big balance?
 
2016-07-14 01:18:04 AM  
I don't carry a balance, but I also don't live a lifestyle that is prone to huge surprise bills, i.e., no house, car, kids, etc. No medical issues. I'm also liquid AF because I keep way more money in my checking account than is necessary.
 
2016-07-14 01:20:50 AM  

jjorsett: Hey, aren't European banks now paying negative interest rates? Could I get a credit card from one of them and get paid to carry a big balance?


Sure. If you're a bank. Or a government.
 
2016-07-14 01:25:25 AM  

FDR Jones: I don't carry a balance, but I also don't live a lifestyle that is prone to huge surprise bills, i.e., no house, car, kids, etc. No medical issues. I'm also liquid AF because I keep way more money in my checking account than is necessary.


Liquidity is nice, but checking pays less interest than stuffing it under your mattress. Grab a few CDs (which don't pay much more) or bonds if you have a surplus.
 
2016-07-14 01:28:50 AM  

algrant33: FormlessOne: "What good is math to me?", they say...

TwowheelinTim: The comments in this thread make it look like the average Farker is fiscally responsible. There are a couple explanations that come to mind, but I'm going with "the average Farker is fiscally responsible". It's good to see you have ignored the lessons and examples your family, friends, and government have been providing all these years.

Yeah. Paid off my mortgage, paid off & canceled my credit cards, and my reward? A lowered credit score, because, hey, I clearly won't make a bank any money if they give me a line of credit. Never mind that I have an 80+ spread between credit scores depending on which agency I ask, or that one agency still thinks I work at CIGNA, a company at which I haven't worked in 18 goddamned years.

No, I'm supposed to curate my credit score because it's increasingly used to measure my value as a person, instead of merely indicate how much of a profit margin I'd give a creditor. Fark that.

welltheresyourproblem.jpg


That's exactly it, though. Keep in mind that I have a "good" score (between 700 and 750) - my credit's not terrible - but it's ridiculous that one of the things that's dragging it down is the fact that I only have 5 open & closed accounts, total. That's considered "very poor."

OK, fine, sure - I can see that they're not going to get a lot of money from me, so I'm not as desirable a customer. They want to see 21+ credit accounts for an "excellent" rating. Who in the hell is maintaining twenty or more credit lines? That's ludicrous.
 
2016-07-14 01:31:59 AM  

Demetrius: Go fark yourselves, Capital One.  Fark yourselves with a big stick of salt-encrusted razors.


Sam's not complaining.

Big Questions With Even Bigger Stars: Samuel L. Jackson
Youtube jMhZb-dbjsE
 
2016-07-14 01:33:40 AM  

JonZoidberg: I think the last time I carried a balance was when I was in college and I just HAD to have a Playstation 2, so I put it on the card and paid it off as I could.  With little exception, I think that's the last time, so no, I don't know my card's interest rates, nor do I really care.

My main card pays rewards right into my IRA's, and I have one of the Amazon cards because I spend a good deal there and 3% back is pretty nice.  If I got stuck into having to carry a balance I'd find a good one and roll it over to that.


Dude, get the prime store card (NOT the Amazon credit card), it's 5% back.
 
2016-07-14 01:34:21 AM  

gunsmack: FDR Jones: I don't carry a balance, but I also don't live a lifestyle that is prone to huge surprise bills, i.e., no house, car, kids, etc. No medical issues. I'm also liquid AF because I keep way more money in my checking account than is necessary.

Liquidity is nice, but checking pays less interest than stuffing it under your mattress. Grab a few CDs (which don't pay much more) or bonds if you have a surplus.


I used to do CD ladders: get a 3-month, a 6-month, a 9-month if you can get it, a 1-year, and so on. Every time one of them matures, buy the longest-term one you can get with the proceeds. You're never more than 3 months away from a maturity if you have an emergency (loss of job, hospital bills, that sort of thing), and you're generally getting more interest than with a savings account.

I quit doing that when CD rates dropped to "are you farking kidding me" levels. Bonds might be the way to go with that sort of thing now, but I don't know much about the bond market.

It's not easy to find safe places to stash bucks and still beat inflation, anymore. The powers that be are, intentionally or not, encouraging debt and spending rather than saving. And most of the people are more than happy to oblige.
 
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