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    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
    Uber Member
    		  
    #1

    Jul 14, 2008, 02:27 PM
    Exxon/Mobil Credit Card Rate 70.45%
    I just looked at my CC and found that the interest rate on the card is 70.45%.

    What's going on?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jul 14, 2008, 02:44 PM
    Quote Originally Posted by KeepItSimpleStupid
    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's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #3

    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's Avatar
    KISS Posts: 12,510, Reputation: 839
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    #4

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #5

    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's Avatar
    farmgirlmo Posts: 107, Reputation: 2
    Junior Member
    		  
    #6

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #7

    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's Avatar
    KISS Posts: 12,510, Reputation: 839
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    #8

    Jul 14, 2008, 08:35 PM
    I guess the fine print doesn't make any sense to me. It's not in Legal-ease.
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