Community Chat

[Bridebchar]

Has anyone looked at the interest rate on your QCard thru Synchony bank 31%, yes that's correct - loan sharing.paying off my balance and never run any balance again, which I rarely do.

[sunshine45]

yes, it is like that with MOST store branded credit cards and even some bankcards.

if you dont carry a balance and pay it in full each month there is a 0% interest rate. if you DO carry a balance and dont pay in full then probably not a good card to use unless you need the extra easy payments.

[FiddleDeeDee]

Actually, it's 31.24%. So are most department store credit cards across the board. They're going to go much higher, just wait.

CC are great as long as you make them work for YOU. Otherwise, they can ruin you financially. It shocks me how so many are clueless about how interest and minimum payments are going to keep you in debt forever. But people keep charging and well, there it is.

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[Bridebchar]

I am not clueless, I have no credit card debt. It just surprised me when I saw the the interest rate. I don't have store credit cards because if this. My credit card I have isn't anywhere near this rate.  Just saying.

[brandiwine]

@Bridebchar  I don't think FiddleDeeDee was saying you are clueless, just how many people have no idea what the interest rates are.  I don't pay attention to interest rates because I have no debt and pay off credit card every month in full.  The only interest rates I check on are my CD's, and Money Market.  

[Love my grandkids]

@Bridebchar  I wouldn't touch a Q card with a 20 foot pole!

[RollTide2008]

They told you what the rate would be when you signed the user agreement.  It's prime plus whatever the percentage markup is.  It's not arbitrary, but it will rise and fall with prime rate.

[Kachina624]

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@Love my grandkids wrote:

@Bridebchar  I wouldn't touch a Q card with a 20 foot pole!

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@Love my grandkids   Nor would I.  Last time I checked, Synchrony administered over 200 retail store credit cards and you can bet they all have the same high interest rate.

There was a long thread on this subject recently. 

[Jaspertimes]

I use one cash back credit card and pay in full.  I'll usually have a 10 to 20 dollar reward that I can apply to the balance.  When I do, I will treat myself to a new item of clothing on sale or shoes on sale and then apply that cash back and get an even better price on what I bought.  But the only way it works is to pay the balance in full each month.  

[Greeneyedlady21]

I have a Q Card and I have always paid off the full balance. My recent bill was 10 dollars and change. After those Easy Pays are paid off I am done with using it.