What's the highest interest rate you've ever been charged for credit cards?

United States
August 6, 2007 11:07am CST
Awhile back when I was still using credit cards, I thought all interest rates were about the same. I was in for a real rude awakening as I started examining my credit card statements. Some of the ultra low "introductory" rates of 9.9% and below expired after mere months leaving me with an unbelievable 19% or higher interest rate on most cards. Some of my friends were smart to transfer higher interest balances onto the low interest card and then get out before they were charged more, but for some reason I never did that. After awhile the interest rates were so high, that I had to cancel the cards and do my best to pay off what I owed on the balance. My highest interest rate was 28% on a Sears card! That's a little silly, if you ask me. But, they were getting away with it, and since noone complained I guess it couldn't have been wrong. But, it really felt wrong! So, what is the highest interest rate that you have ever paid on a credit card? Please share.
3 responses
DanaMark
@DanaMark (807)
• United States
7 Aug 07
I think the highest we ever had was 19%. We've had some that said they were going to 24%. That's when we stopped using them. We try to pay off our credit card balances the first month after the purchase. That way the interest doesn't apply.
1 person likes this
beautyqueen26
@beautyqueen26 (16030)
• United States
7 Aug 07
Back when we were using credit cards that would have been the best thing to do. For awhile it was super easy to make those initial payments and get stuff paid off. But, you know how all that "free" money (not so free!) accumulates into one big debt. It did not end well. We don't use it anymore though. Just cash!
KrisNY
@KrisNY (7590)
• United States
20 Aug 07
Oh yeah I’m going through this right now- I racked up a bit of a bill—Eeeek.. My interest rate is over 20%- so I transferred half the balance to a 0.0% interest rate until Sept. 08- and then it goes to 9.99%- I can handle this- so now I’m looking to transfer the other half to a new card- or work hard to pay down the balance quickly on the other card! Credit card stinks!
3lilangels
@3lilangels (4639)
• United States
6 Aug 07
i would have to say it was a discover card and the interest rate was 25% it was so outrageous.but i guess we needed to card to get a few things so i guess at the time you really dont pay attention to what the rate is gonna be,but then when you get your statement you have a heart attack.we get points on this card but to me that doesnt help much,so we tranfered this card to another card place that had a much lower interest rate.the new is only 10%.