View Full Version : Exxon/Mobil Credit Card Rate 70.45%
KISS
Jul 14, 2008, 02:27 PM
I just looked at my CC and found that the interest rate on the card is 70.45%.
What's going on?
JudyKayTee
Jul 14, 2008, 02:44 PM
I just looked at my CC and found that the interest rate on the card is 70.45%.
What's going on?
In "most" (don't you hate that word - ?) States there is a maximum rate of interest which can be charged. About that it's usury and illegal.
EXCEPT for Federally chartered banks which can do what they want.
Unless it's a misprint this is chilling.
Curlyben
Jul 14, 2008, 02:49 PM
>Moved from Economics to Credit<
What the hell.
Did you know of this rate before you received the card or was it "taylored" to you personally ?
KISS
Jul 14, 2008, 05:00 PM
Looking at the bill again I see Annual Percentage Rate 70.45% in bold, but in these boxes I see a finance charge of $2.00 in bold and a new balance of $8.00 in bold. So, I don't know what is going on. I paid the wrong amount due. $40.26 rather than $46.26, so I was $6.00 short.
I also see Daily Periodic rate of .05753% and see the corresponding APR of 21%
Something seems fishy.
Fr_Chuck
Jul 14, 2008, 05:19 PM
Where you late on a few payments? The more payments you are late on, the higher the rate goes up.
farmgirlmo
Jul 14, 2008, 07:15 PM
A lot of CCC are rate jacking due to the current economy. If you are late on any payments that show on your credit report, they can rate jack you. I believe the term to look for in your fine print is "universal default".
Fr_Chuck
Jul 14, 2008, 07:58 PM
I know I had one ( cancelled) they claim they did not get the payment in time, guess mailing it two weeks before due date took too long. They jumped my interest almost 4 times the current rate. That card was cut up the day that bill came in.
KISS
Jul 14, 2008, 08:35 PM
I guess the fine print doesn't make any sense to me. It's not in Legal-ease.