I took out a Lowe’s credit card because of the 5% discount on all purchases and when I did last fall I got 10% for opening it.

i have been remodeling the basement and picked up a bath vanity, sink, faucet etc and used the Lowe’s card. I just got the bill, was paying for it and noticed the terms.....holy shit 26.99% APR and a up to 38.00 late fee.

Bill was for 420.00. If I paid the 25.00 minimum the interest would add 30.00 to the bill making it more that it was originally.

This might be something you guys know but I don’t have any credit card balances. We use one card for miles and points.

This should be illegal holy fuck.

If any of you guys are in deep with cards I suggest you really try hard to pay em off and not use them. 

Just a public service announcement by Mainecat...lol

 

Edited April 2, 20186 yr by Mainecat

I had a capital one and it was 25%. In the spring I tend to carry a balance for a month . So I asked them if they would lower it. Nope. Well at least I got a little heat out of it when I threw it in the woodstove. My TD bank is 12 %

Serve a couple years serving your country and Lowe's would graciously offer you that 10% off as a thank you. On every purchase, every time.

But yeah.... no.

Just a public service message from SSG Moe.

Reality is theres no security to a credit card so why should the rates not be high to reflect that.   responsible people will use credit cards as tools and pay them in a way than minimizes interest and those that aren't responsible will pay through the nose and default driving up the interest expense for all.  Could not tell you what the rates are on any of my cards-  like you to chase a discount during projects i have a Home Depot and Best Buy card,  both were paid the day I got the bill but I picked up about $1500 in discounts and reward certs for doing it.  I just looked and it's 13% on my backup card I have if i forget my wallet and 6.9% on my daily Mastercard 

Rates should always be reflective of risk,  mortgage or car you can take them back,  student loan or credit card you can't therefor student loan rates and credit cards should be higher than  something secured.  

12 minutes ago, Mainecat said:

I took out a Lowe’s credit card because of the 5% discount on all purchases and when I did last fall I got 10% for opening it.

i have been remodeling the basement and picked up a bath vanity, sink, faucet etc and used the Lowe’s card. I just got the bill, was paying for it and noticed the terms.....holy shit 26.99% APR and a up to 38.00 late fee.

Bill was for 420.00. If I paid the 25.00 minimum the interest would add 30.00 to the bill making it more that it was originally.

This might be something you guys know but I don’t have any credit card balances. We use one card for miles and points.

This should be illegal holy fuck.

If any of you guys are in deep with cards I suggest you really try hard to pay em off and not use them. 

Just a public service announcement by Mainecat...lol

 

What an idiot, if a person is too stupid to understand the terms of the card and continues to pay the minimum and carry a balance, they deserve to get fucked. Should it also be illegal for them to offer discounts for smart, responsible people? SMH

6 minutes ago, Angry ginger said:

Reality is theres no security to a credit card so why should the rates not be high to reflect that.   responsible people will use credit cards as tools and pay them in a way than minimizes interest and those that aren't responsible will pay through the nose and default driving up the interest expense for all.  Could not tell you what the rates are on any of my cards-  like you to chase a discount during projects i have a Home Depot and Best Buy card,  both were paid the day I got the bill but I picked up about $1500 in discounts and reward certs for doing it.  I just looked and it's 13% on my backup card I have if i forget my wallet and 6.9% on my daily Mastercard 

Rates should always be reflective of risk,  mortgage or car you can take them back,  student loan or credit card you can't therefor student loan rates and credit cards should be higher than  something secured.  

Me neither and thats all I use these days because of the benefits.

I saw an add yesterday that said the average household that has one or more credit cards has $15,000 in debt on their cards. 

I have a few subsidized housing places on my route.

Same people, 3-4 times a week.

Beauty products. Amazon after Amazon.

Glad my tax dollars.......................................................

7 minutes ago, SmeeAgain said:

I saw an add yesterday that said the average household that has one or more credit cards has $15,000 in debt on their cards. 

I find that hard to believe and if it's true, the intelligence level in people is declining.

Credit card debt can be scary. We pay off our credit card balance in full every month. A couple of things I learned over the years. Even if you have paid your balance in full every month but one month you fail to make the full payment on time / make a partial payment / make a partial payment late, you will be charged interest. for that month. Now the interesting part. The next month you get back to usual and pay the balance in full as in the past. For a lot of cards you will still be charged interest even though you paid the full balance and that will continue for X number of months even though you continue to pay the balance in full. Check the details of the agreement.

Some retailers offer 0% for 12, 16 or 24 months. Make a payment late or miss a month and all the interest they have not charged gets suddenly added to the debt.

You're dong a home reno and charge $2400 at 0% for 24 months you pay $100 per month. You've paid off $2300 of the total and forget to make the last $100 payment. You now owe all the interest that would have been charged on an initial balance of $2400 being paid down at $100 a month. They hope you miss a payment or are late on one.

 

5 minutes ago, snoughnut said:

I find that hard to believe and if it's true, the intelligence level in people is declining.

I agree, so I googled it.  The average household in the US has $16,061 in credit card debt!!  OMFG!!!

15 minutes ago, SmeeAgain said:

I saw an add yesterday that said the average household that has one or more credit cards has $15,000 in debt on their cards. 

10 minutes ago, snoughnut said:

I find that hard to believe and if it's true, the intelligence level in people is declining.

https://www.nerdwallet.com/blog/average-credit-card-debt-household/

Americans’ total credit card debt continues to climb in 2017, reaching an estimated $905 billion — a nearly 8% increase from the previous year — according to a NerdWallet analysis. [1]

And the average household that’s carrying credit card debt has a balance of $15,654.

For Canada it's even worse

http://www.cbc.ca/news/business/equifax-debt-loads-1.3884993

The average Canadian now owes $22,081 in consumer debt, a figure that doesn't include any mortgages, debt monitoring firm Equifax says.

In a report released Wednesday, Equifax says the debt figure increased by 3.6 per cent in the third quarter of 2016 compared to the same period a year ago. All in all, consumer debt now stands at more than $1.7 trillion

16 minutes ago, 02sled said:

https://www.nerdwallet.com/blog/average-credit-card-debt-household/

Americans’ total credit card debt continues to climb in 2017, reaching an estimated $905 billion — a nearly 8% increase from the previous year — according to a NerdWallet analysis. [1]

And the average household that’s carrying credit card debt has a balance of $15,654.

For Canada it's even worse

http://www.cbc.ca/news/business/equifax-debt-loads-1.3884993

The average Canadian now owes $22,081 in consumer debt, a figure that doesn't include any mortgages, debt monitoring firm Equifax says.

In a report released Wednesday, Equifax says the debt figure increased by 3.6 per cent in the third quarter of 2016 compared to the same period a year ago. All in all, consumer debt now stands at more than $1.7 trillion

That average debt is misleading...that is not just credit card debt.

18 minutes ago, 02sled said:

https://www.nerdwallet.com/blog/average-credit-card-debt-household/

Americans’ total credit card debt continues to climb in 2017, reaching an estimated $905 billion — a nearly 8% increase from the previous year — according to a NerdWallet analysis. [1]

And the average household that’s carrying credit card debt has a balance of $15,654.

For Canada it's even worse

http://www.cbc.ca/news/business/equifax-debt-loads-1.3884993

The average Canadian now owes $22,081 in consumer debt, a figure that doesn't include any mortgages, debt monitoring firm Equifax says.

In a report released Wednesday, Equifax says the debt figure increased by 3.6 per cent in the third quarter of 2016 compared to the same period a year ago. All in all, consumer debt now stands at more than $1.7 trillion

Those fine people are paying for my flights. We buy as much as possible on our cards. We get travel insurance, extended warranties etc. Pay them off every month and get a couple of flights  every year. 

If wasn’t for those people paying 20% + in interest the banks wouldn’t pay for my flights 

If you can’t afford it, don’t buy it. 

Another thing worth checking if you travel is your bank card exchange rates. They can be nasty. 

Edited April 2, 20186 yr by revkevsdi

1 minute ago, revkevsdi said:

Those fine people are paying for my flights. We buy as much as possible on our cards. We get travel insurance, extended warranties etc. Pay them off every month and get a couple of flights  every year. 

If wasn’t for those people paying 20% + in interest the banks wouldn’t pay for my flights 

If you can’t afford it, don’t buy it. 

Another thing worth checking if you travel is your bank card exchange rates. They can be nasty. 

Thats just a braindead statement.

2 minutes ago, DISABLED DAVE said:

Thats just a braindead statement.

Explain please.

1 minute ago, snoughnut said:

Explain please.

You pay for all your new vehicles cash?

Your house? A major house reno? Etc etc etc....

14 minutes ago, DISABLED DAVE said:

That average debt is misleading...that is not just credit card debt.

It's personal debt excluding mortgages. So that would be primarily credit card and car loan when the car is bought. Apparently a lease of a car isn't considered personal debt in the calculation. That would also include toys though where you have a debt associated.

1 minute ago, DISABLED DAVE said:

You pay for all your new vehicles cash?

Your house? A major house reno? Etc etc etc....

The statement he made was "if you can't afford it, don't buy it," just what exactly is braindead about that comment? There's a big difference between affording something and how you pay for it.

Just because somebody can buy something, doesn't mean they can afford it..... big problem with stupid people today.

15 minutes ago, revkevsdi said:

Those fine people are paying for my flights. We buy as much as possible on our cards. We get travel insurance, extended warranties etc. Pay them off every month and get a couple of flights  every year. 

If wasn’t for those people paying 20% + in interest the banks wouldn’t pay for my flights 

If you can’t afford it, don’t buy it. 

Another thing worth checking if you travel is your bank card exchange rates. They can be nasty. 

We buy what we can on CC, but some things are just just not worth putting on the CC.  Ie travel insurance, but I get your point.  

 

3 minutes ago, snoughnut said:

The statement he made was "if you can't afford it, don't buy it," just what exactly is braindead about that comment? There's a big difference between affording something and how you pay for it.

Just because somebody can buy something, doesn't mean they can afford it..... big problem with stupid people today.

If that statement was from anyone other than him and a select few Id agree....

Hes nothing but a condescending prick.

1 minute ago, DISABLED DAVE said:

If that statement was from anyone other than him and a select few Id agree....

Hes nothing but a condescending prick.

I agree but that statement is absolutely true regardless of who said it.

11 minutes ago, DISABLED DAVE said:

You pay for all your new vehicles cash?

Your house? A major house reno? Etc etc etc....

A house is different, at least for the initial purchase. We built a smaller house than fit the property.  Then built on after having kids. We saved for that. Borrowing for a depreciating asset like a car or sled is fucking stupid.  

If you have half a brain you would have an emergency fund, realize that your house will need a roof, windows, etc and save for them. 

Anyone whose basic plan involves using credit card debt isn’t very bright. 

 

Just now, snoughnut said:

I agree but that statement is absolutely true regardless of who said it.

Not at all....people cant afford new vehicles...but want them....they can afford the payments....same with anything else....its a dumb statement.

1 minute ago, revkevsdi said:

A house is different, at least for the initial purchase. We built a smaller house than fit the property.  Then built on after having kids. We saved for that. Borrowing for a depreciating asset like a car or sled is fucking stupid.  

If you have half a brain you would have an emergency fund, realize that your house will need a roof, windows, etc and save for them. 

Anyone whose basic plan involves using credit card debt isn’t very bright. 

 

Dumb dumb....all of it.

9 minutes ago, ArcticCrusher said:

We buy what we can on CC, but some things are just just not worth putting on the CC.  Ie travel insurance, but I get your point.  

 

My card includes travel insurance. If someone gives me a discount for cash, great!  Otherwise it goes on the card and I get points.