Notified of a change in terms
I have two credit cards, one for personal use and one for business use, that I use regularly.
I never really paid attention to what my credit card rates were, because I always pay them off before they are due. (I’m concerned more with rewards.)
But the other day I got a notice that the terms for one of my credit cards was changing, so I glanced through the brochure.
“Your new cash advance rate is 24.9%”, said the paperwork.
It doesn’t really matter to me, since I’m not going to use it, but that seems like an awful lot.
Scary stuff.
Especially since I have excellent credit. So I wonder what on earth they’re going to be charging people with not-so-great credit.
44.9%? 64.9%? Who knows.
Not that it particularly matters, but I’m just curious where you got the figure “one dollar in finance charges for every dollar taken out in a cash advance?”
I know that cash advances accrue from the moment they’re used. So if you took out a cash advance of $1000 on day 1 of the cycle, I’m pretty sure you’d owe just under $1020 by the 30th day.
Just wondering if I missed something about cash advances
Apparently I was just tired when I wrote this, will edit :)
What is aggrivating that credit card companies are starting to use the current system against us until the new federal act goes into effect. I saw my interest rate jump 10 points.. and for what?
nice post and a fine job in writing