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How high the APR on your credit card can go?

Hello

I just wanted to ask whether credit companies can increase their APR without even telling you and by how much?

What is the highest APR you had to deal with?

At the moment i'm paying off a credit card that has got 19% annual rate and that was up from 11% when i initially used it ...it a way it suddenly became 19% ...and i wasnt given a good explanation of why.

I'm wondering whether a cheap loan is better than credit card when borrowing some money..say 5000 to 8000 £?

Initially I was thinking to use three credit cards and pay them off but is it better an acual loan at %7 or %8?

Many thanks

A

2 Answers

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  • 8 years ago
    Favorite Answer

    What the card company can do regarding raising interest rates is outlined in your credit card agreement. Read it. The max rate is set by individual states and can go as high as 29.9%

  • ?
    Lv 7
    8 years ago

    You become a credit risk when your balance is up too high.

    If you are worried about going up to 29% pay down that card.

    When you become a risk, they can legally raise your rates.

    Get your revenge:

    Pay your credit card off.

    You do not need to make banks rich with your money.

    Personal loans are even more expensive than credit cards.

    And personal loans are almost impossible to get.

    Visit a bookstore and get a book on living debt free.

    There is simply no better way to live.

    I hope that you have already cut up that card and never use it again.

    And I hope that you are making aggressive moves to get that balance to $0.

    Making loans never helps out anyone financially.

    It only makes things worse. You clearly know that.

    What you need is a savings account. Not more loans.

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