robt65
Apr 29, 2011, 9:22 PM
Post #22 of 22
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Re: [robt65] WOW !!!! Bank of America's New Credit Card Penalty Interest Rate Is Nearly 30%
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Hello all,
I certainly did not expect the responses that have been coming for this innocent post to try to draw attention to a new high interest rate for missing your CC payment not by days but in reality by hours.
salto Jorge in part said: "
The BoFA card has been mentioned as the best card for getting cash at ATM's and I agree. Besides their new APR rate, there is now charging a monthly service charge if your overall balance is below a set limit ( I have been hit with this charge recently)." (more on this part later in this post)
and . . . . . . "Unlike the starter of this thread, all banks are the same and are in the same business.
Those that behave differently then the bigger banks go under on a regular basis and are taken over by the FDIC and other banks."
I disagree with the later statement I bank with Inter National Bank on the Texas side and it is owned by (yes owned by) Banorte. I do not pay any fees (none - NADA) for using my debit card from Inter National Bank in the Banorte machines. When I have had to wire larger amounts for property purchases I have paid a normal low charge fee for the wire service.
joaquinx said: Since most expats here have a checking account with BofA and some have a credit card with them, missing a payment would take an effort on their part. Many of us use online calendars such as Google or Yahoo that send us emails when certain events are to take place (I don't want to miss my rent payment).
Rolly said: I also use my card only for internet purchases -- mostly Kindle books.
Esperanza said: Robt65, if you read the entire linked document again, you'll see that it mentions other banks'
penalty interest rates, in particular HSBC's delinquent interest rate. HSBC's penalty rate is higher than BofA's.
Mazbook1 said : Actually, as penalty credit card interest rates go, the 30% really isn't much different than many banks have had for years. When I moved to México permanently in 1998, I carried a Chase credit card. Unfortunately, a few months later in the confusion of getting the house ready for occupancy, I overlooked the payment to Chase for a month. The next month's statement reflected a penalty interest rate of somewhere between 26% and 30% (too long ago to remember exactly now). Since no one at Chase seemed to be able to tell me what I could do to get back to the normal interest rate (or even IF it was possible), I cancelled the card.
And here is Casa's Account: Although I do agree that 30% interest rate seems excessive it is considered LOW for Mexico. (Do you have a Mexican credit card?) Get the whole story by clicking the link below. The most expensive card found in this study had a CAT of 92%!!
De esta forma, en el mercado, las tarjetas clásicas más económicas son las de Banorte, que tiene un CAT del 18%, Scotiabank con 34.2% y BBVA Bancomer en 34.3% de CAT.
Thus, in the market, of traditional credit cards cards the least expensive are Banorte, which has a CAT 18%, Scotiabank 34.2% and BBVA Bancomer in 34.3% of CAT.
That 34.3% by the way is with good credit, that is NOT a penalty interest rate.
(CAT = Costo anual total or total annual cost very similar to the APR of the card)
Now please do not take what I am about to say personally, any of you.
Does no one remember the grand recession only two short years ago? Who was the start of this recession, What companies were fined by the feds to the tune of millions and millions of (your) dollars for being excessive in their practices? Two of the biggest perps in this banking industry were B of A and Chase. All of the proven misdealing that the consumer was paying for including millions and millions of annual bonuses as millions of (well documented( mishandling of mortgages (using out of company) fake signatures on foreclosure documentations that the banks now are having to back track and reinstate the foreclosed persons and family's by giving back their homes? Does anyone not remember the men and women being evicted by these aforementioned banks as the banks You wouldn't believe the people going into McDonald's and other fast food jints and charging their Big Mac's, doesn't anyone see the problem with such fiscal thinking?
All of us including yours truly have at one time or another griped about the rise in costs of fuel to groceries and other consumables . . .. why do you think that is so? This is one of the reasons I really like doing business n Mexico, it is basically a cash society, including big ticket items such as property and cars.
joaquinx, Casa and salto Jorge got fairly close when they admitted to the high interests they were paying,but I am just wondering . . . . . . doesn't any one mind enough to not give these banks your hard earned money? 30% WOW to me that is a WOW for late fees or not. I think I'll ust keep my 30 percents . . . . . I can use it for better things than just giving it away. joaquinx sait it perfectly . . . . . "Of course, now they charge you just for the privilege of having the card, with a new yearly fee. Grrrr"
Not much different in business practices really than the average cartel's business philosophy .. . . . as long as there are willing consumers (or sheep) we will gladly continue to take their money! (smiling) especially since they give it so willingly!
robt65
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