The highest I've paid is probably around 22% (I hate keeping debt on any card) but I have seen higher than that.

The highest interest rate that I Have ever paid is 20 percent. I think interest rates are way to high. That is why I do not use credit cards anymore. In the long run use save a lot of money by paying cash.

The highest rate I have ever paid is 28% from a department store. I heard they are the worst. I will be paying mine off and never getting one ever again.

You should be able to find a card under 20% unless you have horrible credit. The key is to look at banks, credit unions, etc. Don't just do the ones that come in the mail.

The highest I have ever seen is 28% also. The highest I have ever paid is 20% and that was when our credit was somewhat bad.

Don’t just look at the interest rate. Check out how they calculate your average daily balance. Here is a personal experience I had with a big bank credit card.

Fourteen years ago I purchased my house. It was very outdated and need a lot of TLC. It was not in may plan to immediately remodel the kitchen. However, I found a structural problem and had to remove all the flooring and base cabinets. The cost for new cabinets was $2400. Although I had the cash, I didn’t want to cut myself short. So, I decided to use my credit card and pay it off over three months. That’s $800 plus interest each month. There were no other charges or outstanding balances on this card. I made the first payment and when I received the second bill the average daily balance used to calculate the interest charge was over $3600. Fifty percent more than my maximum balance. I called the card company and complained. They sent me the formula they use to compute average daily balance. Even with have a very solid math background I was seriously confused. In the end I made out a check for the remaining balance, cut up the card and returned them both with a strong letter canceling my account.

My advice is to be careful, read and understand all the terms. Just because there is no fee and a low rate doesn’t mean they won’t get you some other way.

Fred,

You are what the credit card companies call a deadbeat. Which makes you a financial hero! Congratulations on being able to stick it to 'em.

The rest of the story…….

The card/account I canceled was with a Big Bank and active for 18 years. So much for loyalty.

After the cancellation I needed a new card and my then girl friend (now wife) suggested one from an auto company that had, at that time, a great points program. With all the remodeling projects it turned out to be an excellent choice. I paid the balance each month and racked enough points up to save well over $8000 on three separate vehicle purchases in 10 years.

The CC points programs are not as good as they used to be. However, we continue to accumulate them by charging necessities and paying off our balance each month. We are always going to buy gas and groceries so we may as well get a little something back. The only reason this works for us is our budget. My wife uses a software package and inputs all purchases at least once a week. We always know how much head room we have left for the month and it prevents us from getting over extended.

So, in essence, the cancellation of that old CC was a blessing.


Mark, I am proud to be a deadbeat. The only money CC companies make off me is what they charge the businesses that accept their card for my purchases.

The highest card we have is 18%, but they are only used for short-term business expenses.

All of our personal finances have been converted to cash/check. We don't charge anything anymore to avoid the interest charges.

We do, however, keep a card that is for emergency purposes only.

I also have a card set up for overdraft protection on my account at the bank I work at now, we don't offer a reserve unsecured line of credit, so the credit card was the only available option (I use it the same as a reserve line though)

I know I paid like 26% when my credit rating was in the cellar - at one point I even put down a $300 depost to get a credit card with a $300 limit - I believe that was in 1997.

I bought EVERYTHING with that card every month - and paid it off in full except I purposefully left about $25 of a balance hoping they'd like charging me interest and raise my credit limit and eventually help my credit rating.

That credit card actually did help my rating quite a bit - but most people will have trouble going from financially bad practices to good ones at the switch of a button. In my case it was more a money issue than anything - I went from making $10/hr with a lot of debt to making about $70K/year in less than 6 months.

The highest I have paid is around 15% but here is something interesting...

I have been reading all of the rules on my credit cards and finally noticed something that I have never before.

There are rules that you have to play by obviously but if you break those rules they will jack the rate up to over 32% on one of my cards.

I suggest reading your rule book that comes with each card and question everything!

28% was the scariest I have dealt with. Crazy thing is it is a charge for money they never even had. (fractional reserve banking system)