Thread: Credit card rates lowest in two years :)

Food... up. Gas... way up. Well at least somethings gone down... credit card rates. Smart Money reported that credit card rates are the lowest right now since '06. They reported the average credit card rates for non-reward cards is 13.29%. Yikes even that seems high to me it seems lower than that right now. Forget 13% - I signed up for that one listed in the "APR Compare" page on here that's 5.99% as the normal rate. That f***ing rocks!!

13% is still insanity. The difference between paying interest on that and paying interest on 5.99% like you said is way over double the amount each month. I had a balance for a while on a card at 15% interest and then a balance of the same amount coincidentally on another card. My interest I was paying on the 15% worked out to be 4 times the amount even though it was only double the APR as the other card. I guess the reason is since the way it's calculated, 15% ends up being a helluva lot more than 15% since that interest also earns interest over the payment period.