topic Re: New Interest Rates in Q Talk

New Interest Rates

Gertie524 — Sun, 28 Feb 2016 18:43:35 GMT

Well, I got my "Q" card statement from the bank stating the interest rates will be going up in April. I guess that was the reason for all the hype to use the Q Card for E A S Y Pays.

After 29 years and never being late, I find it a slap in the face. This is what it took, for me, to stop shopping the "Q". Very sad. Just My Opinion. Thanks for listening .

P.S. I know the Q Card is not in the hands of QVC, but wouldn't you think "They" could shop around for something better for their customers?

Re: New Interest Rates

fthunt — Sun, 28 Feb 2016 18:49:16 GMT

Could you give us an idea of what the interest rate is? Similar to a department store - i.e., 20% or above? I use my debit card for Q purchases and that way it comes out of my checking account so I never have to pay interest. Love it!

Re: New Interest Rates

Krimpette — Sun, 28 Feb 2016 18:51:04 GMT

I pay my credit cards off each month. However, for the most part, these days I prefer to use a "Rewards" card, rather than my Q card.

Re: New Interest Rates

CatLoverDogsToo — Sun, 28 Feb 2016 18:52:45 GMT

I don't have a Q card anymore. I had one years ago, but decided to get rid of it. I don't know what the new interest rate is but I'll take a guess that it is around 25%. Store cards always have terribly high interest rates so I never use them unless it is for a large purchase like an appliance and it is interest free for a year or more. I always make sure to pay it off well in advance of the end of the free interest term. QVC's extra easy pay offers are meant to entice people to get the card. I am not sure who profits from the high interest, QVC or the issuing bank or both. Either way, those hight interest rate cards are very dangerous.

Re: New Interest Rates

Pearlee — Sun, 28 Feb 2016 18:56:40 GMT

@fthunt wrote:
Could you give us an idea of what the interest rate is? Similar to a department store - i.e., 20% or above? I use my debit card for Q purchases and that way it comes out of my checking account so I never have to pay interest. Love it!

I wouldn't use a debit card with Q - too many mistakes are made (i.e. with return postage, etc) and a hassle to get them fixed.

Just pay off your Q card each month and you still don't have to pay interest.

Re: New Interest Rates

hoosieroriginal — Sun, 28 Feb 2016 18:58:27 GMT

As my parents used to say, "If you can't pay for it in cash, you don't need it." I don't own a credit card - keeps me from making spur of the moment purchases. If I want something, I save my money until I can pay cash. Credit card interest can get you into deep trouble.

Re: New Interest Rates

Gertie524 — Sun, 28 Feb 2016 19:04:34 GMT

States: APR for Purchases 26.24% (will vary with the market based on prime rate).

Aslo, Late Payment Fee Rising "Up to $37.00". This affects any Transactions made after 4/22/16. I am giving the basics. There are quite a few of ifs, ands, buts on this.

Re: New Interest Rates

GCR18 — Sun, 28 Feb 2016 19:41:02 GMT

Is this the first time in 29 years the rate has been increased? I guess I don't understand why this is a slap in the face. My credit cards have increased over the years. Sorry you feel so upset over this.

Re: New Interest Rates

Silver Fox1 — Sun, 28 Feb 2016 19:40:35 GMT

This is why I don't have a Q card, although the 3 easy pays all the time would be nice at almost a 27% interest rate it is just crazy !!! Not for me no matter how much they try to push it, it's just to easy to over buy and then at the end of the month you can't pay off the whole thing and when that happens you end up paying three times what the items you purchased are worth. No thanks

Re: New Interest Rates

January121 — Sun, 28 Feb 2016 20:19:52 GMT

The interest rate on the Q card is why I paid off my account .... I don't need to pay it off over 3, 4, 5, or 6 months ... If I can't pay for it I don't need it .... sometimes it makes it easier for me to NOT buy the item.

Re: New Interest Rates

millieshops — Sun, 28 Feb 2016 21:02:14 GMT

Even if I had a Q card, there's no way I'd be paying interest. If I can't afford to pay off the easy pays each month, I don't buy. There's no interest fee as long as we pay by the end of the cycle --and I always charge on a card which gives me a percent or more back. It's not much, but it's more than I'd earn at the bank!

On the other side of the interest coin, I noticed that my credit union just began to offer a CD with a slightly better rate than they've been offering.

Re: New Interest Rates

Alsee — Mon, 29 Feb 2016 03:20:57 GMT

Ridiculous. Why would anyone use this card. Pay cash or at least pay in full every month.

Re: New Interest Rates

IMissSuperPoke — Mon, 29 Feb 2016 03:30:48 GMT

I'm done with my Q card now! It is crazy. The Easy Pays sneak up on you, too.

Re: New Interest Rates

Serenity-Now — Mon, 29 Feb 2016 19:07:23 GMT

The EZP sure can sneak up on a person can't it, @IMissSuperPoke?! The EZP days are the ones I try to really limit myself on, because it is too easy to let it get away from me, then the tally at the end of the day is a smack in the face, lol.

Re: New Interest Rates

Lipstickdiva — Mon, 29 Feb 2016 21:31:31 GMT

@hoosieroriginal wrote:
As my parents used to say, "If you can't pay for it in cash, you don't need it." I don't own a credit card - keeps me from making spur of the moment purchases. If I want something, I save my money until I can pay cash. Credit card interest can get you into deep trouble.

In this day and age, I don't understand how people can get away with not having a CC.

Re: New Interest Rates

IMissSuperPoke — Mon, 29 Feb 2016 22:49:22 GMT

@SerenityNowMyndi I know, I should have known better. I have charges waiting for the next two months. But, no more. Using income tax and avoiding watching the Q, but at least that bar that makes these pages jump on my Kindle keeps me from browsing their website. Ugh, but the raise in rates was awful, too.