Thread: Prime rate is low. Credit cards should be too!

I just saw that the prime rate is at 5.25% that is LOW! Last year it was low and that was at 8.25%. I'm surprised all the 0% offers are going away because with money that is this cheap to get you would think there'd be more of them!

Credit given where credits due, it does seem like normal rates on credit cards aren't too ridiculous now. It seems like most of them are in the 10 to 15% range which seem reasonable to me.

I just would really like to see OUR rates lowered when the prime rate is lowered too!

I got the prime rate on one of my cards I've had forever. It's nice because then my rate matches the prime rate so I'm never paying too much for interest. I even think 15 % is paying to much. IMO you should pay no more than 11.99% or 12.99% and even that's pushing it.

I just got the prime rate on of my cards. I'm shocked and very happy. I really appreciate them giving it to me so I'm going to start using only that card now.

you guys got the prime rate?? that's like 5% now isn't it? how many cards out there offer the prime rate on their cards. i really would like to have a low rate forever so i could stop doing the balance transfer offers every year. i would be fine with 5 to 7% interest as my normal rate what credit score do you need for these cards too? i have around 720 last i checked and it probably hasn't changed, so i don't have top notch credit, but not bad either - just average/good.

The rate cuts will be especially great for consumers if they take advantage of low rate cards Of course that amount will change when the prime rate changes, but the prime rate is always the "best bargain" you can get for any type of loan.

i was at the bank today and they always have this display thing with the mortgage rates on it that they update everyday. why are they being so greedy with the rates i couldn't believe the 30 year fixed was at 6%! if credit cards can give us 5% why can't banks give us that on our mortgage! no wonder credit card use has gone up! why would someone finance something with a mortgage when they can do it cheaper with a credit card.

Originally Posted by bozell

i was at the bank today and they always have this display thing with the mortgage rates on it that they update everyday. why are they being so greedy with the rates i couldn't believe the 30 year fixed was at 6%! if credit cards can give us 5% why can't banks give us that on our mortgage! no wonder credit card use has gone up! why would someone finance something with a mortgage when they can do it cheaper with a credit card.

Because of the amount of money being lent. IE your 10k balance @ 5% or your 300k mortgage @ 6%. Same reason Jumbo Loans have a higher rate.