Hey, fellow DUers: Won't you chuckle with me over my Chase statement?

[Chipper Chat]

I had not used my Chase (formerly WAMU, formerly Providian) credit card in 3 years. I ate at a Bob Evans today and used it just to keep it active.
So,in 2007 my APR was 9.99%. Oh gee, look at it now! How long before people just stop using credit cards altogether thereby fucking the industry who self-induced their own demise?

Copied & pasted from my Chase online statement:

Outstanding Balance $0.00

Pending Charges $14.51

Total Credit Limit $2,400.00

Available Credit $2,385.00

Last Statement Date 06/11/2009

Next Closing Date 03/11/2010

Balance Last Statement $0.00


APR
As Of 06/12/2009

Purchase APR 28.24% !!!!!!!!!!!!!!!!!!!!!!! (exclamation points mine)

Cash APR 28.24%

[Neecy]

1. Honestly, it's like loan sharking.

I hope you're going to close the account.

[virgogal]

2. Dump Chase. I did a few years back when they went up to 9%. Seems

like ancient history,doesn't it?

[jtuck004]

3. Was there a min payment?

Wonder how much the meal would total if you just paid the minimum until it was paid off. Or is it ever paid off...?

[Chipper Chat]

8. I din't have a balance. This is today's Bob Evans charge.

Wish I could dispute it. The food was lousy!

[jtuck004]

11. LOL - what a price to pay for keeping a credit rating ;)

It is a good idea to keep some active - one never knows. It can help keep the credit rating up there, and that can come in handy on jobs, insurance, emergency - all sorts of things, especially if one keeps it choked down.

I should have realized b4 I asked my question above, however - the min would be $15, so it would pay it off.

But I did go to bankrate and look at $500 and $1000 balances - at 28% they can make more than one borrows pretty easily.

[mike_c]

4. LOL-- I cut all of mine up about six years ago now....

I feel sorry for anyone who still uses those things.

[CrownPrinceBandar]

5. How that is not usury is beyond me.

[unblock]

12. if you think this is usury you should see the rates on payday or pawn loans!

[TwixVoy]

6. SO the question remains....

Why are you not closing the card NOW before you get caught in that trap?

[murielm99]

7. I closed my Chase account about three years ago because

of their crappy behavior. They made it difficult to cancel the card. I had to call three different numbers, and was put on hold for inordinate amounts of time. The third person did cancel it, but he would only speak to my husband. The card was in both our names.

We do have a credit card, and we use it. We use it for gas and incidentals when we travel. I had to use it recently for a major car repair. Otherwise, the only monthly charge to the card is Netflix. This card it through my husband's union, and the rates are reasonable.

[Chipper Chat]

9. Now I only use my bank debit card (how republican of me!)

and an American Express blue card for on-line purchases. I've had this "Providian" card for 10 years. I carried charges on it back then when I needed to but the interest rate was only 9.99%. I don't want to cut it up bcause I feel it's better for your credit rating if you have a card with longevity on your record.

[madokie]

10. 62 years old and still no need for a credit card

debit card for cash but other than that no cards. We used to get cards ready to go just call this 800 number and start using it now but I guess they finally figured out we weren't ever going to call their activation number so they quit sending them. I always worried because they would be good cards for all intents and purposes and my not knowing the ins and outs of the credit card world I worried about someone stealing one and running up a big tab and me being held liable for it.

[unblock]

13. credit cards are great as CHARGE cards. pay 'em off in full, no interest.

download transactions right into quicken, great for tracking your spending and budgeting.

the minute you have a balance you can't pay off in full, you're getting reamed, and should make it mission number one to pay it off.

[onestepforward]

14. I have a "Working Assets" (Credo) credit card

that has stayed at 8.99% for years, even on my recent statement. In addition, they give .10 cents to progressive groups for every charge you make (no cost to cardholder.)

http://www.workingassets.com/CreditCard/Default.aspx