So Discover Card has decided to increase their minimum APR to 15.99 % for everyone. That is a jump for us of 6%. We called them and they absolutely will not come down, even though we have an account that has been in good standing in 1994. 13 YEARS and they are completely unwilling to move off of 15.99%. Assholes.
Ive been with Discover since 1996 and have never had a problem with my interest rate fluxuating. I paid that b**** down when I sold my condo and cashed out - now I only owe about $500 - compared to the $9,000 that was on there.....
I was able to get them down to 10.99. And that was after screaming to a phone rep and threatening to cut up a 15 year old card. So my APR went from 6.99 to 10.99. bastards Their reason for the increase? "Well our overhead is increasing so we have to pass the increase on to our customers." WTF?!?!?!? They didn't even blush.
And I do! I haven't missed a full payment in 10 years! That's why I went ballistic when I saw the APR jump from 6.99 to 15.99.
Discover sucks. They have always sucked. We had a card with them a very long time ago, and quickly figured out that they, well, suck. Cut the sucker up. Go with someone else.
Why? They offer tons of buyer protection. Safer to carry around then cash. Give you rewards. Plus they give free 30 day revolving cash flow facility. Just make sure you pay at the end of the month and you are good.
no, if you can pay it off every month, definitely saves you money in terms of rebates and increased interest in your bank account. Pay the sucker off every month!
You can get the sam buyer protection if you run your Debit card as a credit card. However, consumers spend an average of 13% MORE when they purchase with credit cards/debit cards as opposed when they buy with cash. Also, planning on paying it off every month is not foolproof. Life Happens, what if you suddenly have to spend a couple-hundred on car repairs or home repairs? Medical Bills? etc.. You should use a savings account filled with a few thousand dollars for emergencies instead of a credit card. That way, instead of paying 16% interest on emergency purchases, you can earn 5% a month on you emergency fund.
There's nothing inherently wrong with credit cards. If you get cash back on them, they're even better. The "wrong" comes in not being able to use them wisely. I put any and every purchase I can on a credit card.
Interesting...glad that I was able to pay off the wife's discover card 2 months ago - it was over $9500 EDIT - another thing that some of you might find interesting...when I was trying to pay it off on-line, it would not let me make a payment more than the balance. I kept thinking that they would sock interest to me and as a result, the card will still not be paid off. Sure enough, after making the maximum payment it would allow, we got this f*cking cheesy bill from these asses saying we owed like 30 bucks and some change. I had the wife call and tell them that payment wasn't happening. They actually waived it, believe it or not.
