Interest Rate on Credit Cards

Candystore

Candystore

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I have two cards, both with a debit interest rate of 22,25%.

They are both 5+ years old.

What are the current interest rate for new applications? I vaguely remember the upper limit being capped.
 
Candystore said:
I have two cards, both with a debit interest rate of 22,25%.

They are both 5+ years old.

What are the current interest rate for new applications? I vaguely remember the upper limit being capped.
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mine

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Also there is a 9 page thread on this

Interest rate on credit cards

thats CC with prime less 1% FNB PW (not a bank employee) add credit score as well Where'd you get these?
mybroadband.co.za mybroadband.co.za
 
yoh, 10.75 is impressive.
I got my dropped from 22.25% to 13% earlier in the year simply by asking.
Each individuals rate would be determined on a case by case basis with their bank.
 
justplain said:
yoh, 10.75 is impressive.
I got my dropped from 22.25% to 13% earlier in the year simply by asking.
Each individuals rate would be determined on a case by case basis with their bank.
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I want to do this. How did you motivate your request?
 
also @Candystore I see you do loads of traveling etc cut back on non-essentials build wealth not racking up debt.

also if you investing with debt in the mix you are essentially using debt to fund investments so your investment makes 10% and you paying 20% in interest. stop investing kill debt - cash is king
 
Snyper564 said:
also @Candystore I see you do loads of traveling etc cut back on non-essentials build wealth not racking up debt.

also if you investing with debt in the mix you are essentially using debt to fund investments so your investment makes 10% and you paying 20% in interest. stop investing kill debt - cash is king
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You're right, I cannot fault your argument.
 
Candystore said:
I want to do this. How did you motivate your request?
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Don't motivate, just tell them it's too much, you are thinking of moving elsewhere and is there a chance to lower it, they will either tell you to get lost or lower it.

But I am in the same boat myself, fortunately I am no longer planning to live on somebody else's money so it doesn't make much of a difference, I just need to be brave enough to just close it one day.
 
rocZA said:
Is the interest rate different on budget facility?
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Check your contract, it should tell you. Not sure if there is a one-size-fits-all answer to this.

The one downside to the budget facility is that you don't get the "up to 55 days" interest free like you get on the straight facility. You start paying interest immediately.
 
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