What's considered a GOOD interest rate on a credit card?

[Madrone]

Just wondering...

I got my first card a little over a year ago - 20.99%. Got a couple others - one I don't remember (never used or activated) and another at 16% - recently got a fourth because it came with over a year of 0%, then will default to 9.99%. Now I'm getting offers for 8.99% - but don't want another card. Called the first company and got them to drop my rate to 10%.

So - what's considered a GOOD rate?

[Droopy]

1. I think 10% is considered pretty good

But they will all fuck you if you charge up a bunch of shit that you can't pay off at the end of the month.

[Madrone]

2. Good thing I have restraint!

I work with a guy that's my financial opposite. It really pisses him off - I get card offers in the mail every day. Today there were 2. He's convinced that ALL his problems would be solved if only he could convince some CC company to give him MORE CREDIT. Oy.

He has 2 - each with a $500 limit. Theyve been maxed out since the day he got them. Minimum payments all the way, baby! :crazy:

[Droopy]

3. He should be happy that he's only $1000 in debt

on the credit cards. I've heard of people who only make 30k a year charging huge amounts- we're talking 40k in debt to credit cards. The only way out for those folks is bankruptcy or the lottery.

[joneschick]

4. if you have used your card responsibly for a year

never gone over limit, never had a late pymt. call them and tell them you want to stay with them with a substantially lower rate. They should be willing to accommodate. We carry balances but are never late, never over, etc. I sat down one day and called three different ones and they all dropped rates and offered extra services, increased limits, etc. Good luck.

[Madrone]

5. KICK!

~~~~~~~~~~

[catmandu57]

6. These days

hell 28% sounds good.

[radwriter0555]

7. Anything under 10% is very good. And you're right, you don't need any more

credit cards. What you can do, is as you build your credit, and providing that the credit card cos don't jack you around, ask them for increases annually.

And DON'T SHOP!

You're doing well, keep up the good work.

Cash is KING.

[Madrone]

8. Why?

Why would I want to ask for an increase in my credit line? What's that do for me, really? Does it give me lower rates, or make my credit better?

I really don't need any higher limits - unless my income grows exponentially!