Tuesday, September 28, 2010 :: Q...
I have a Visa and a Mastercard. I do not use revolving credit these days– and currently trying to pay off a balance on one of the cards. The other has no balance. I have not used the card with the balance– since just before Christmas of last year and I have had so many great incentives offered since then– to get me to use the card.
For example, my limit has been raised twice [no I did not ask for the increases], transfer balance with no interest for a year, etc.
The interest rate on the balance I have with the card is nowhere near the current average for revolving lines of credit.. and if I do not use the card– it will stay that way.
I use a checking debit card to pay for everything these days.
When I received the latest incentive– which was another really great offer– I went in search of the current average APR for revolving lines of credit… I was right– it is a lot higher and that is what my credit card company would like to charge me.
I have made a lot of progress in paying down my credit card and since it is my only debt- I am quite happy with my progress.
I contacted the site owners where I found the current average APR for the major credit cards– asking if I could use the data on the WiredPages Business & Markets page.
I did a little research myself and found it very easy to get the current rates the major credit card companies are offering and put together my own current average without having to link back to this site– with the many affiliate ads.
I have a lot of things to maintain and I do not want to add this to my list. I would have to check online credit card terms and applications at least monthly to get this data, however I also feel I do not want to provide free links to this service with the many affiliate links.
Anyway– the holidays are coming around. Last night, while I was looking at some of these credit card terms– I noticed a lot of “new” charges for different things. Read the fine print when using and applying for credit. I was a little surprised at what they can charge for these days.