Q Talk

[Imaoldhippie]

@elated .............agree its all related.

[Mombo1]

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@Love my grandkids wrote:

I wouldn't touch a Q card with a 10 foot pole.

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@Love my grandkids    I have the card...but happy to say that I just paid it off today.  
🤗. That interest rate is much too high....

[RespectLife]

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@Carmie wrote:

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@Imaoldhippie wrote:

Someone had to pay back all the "free" money that was handed out during the Covid pandemic.  Well, here you go.

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This doesn't even make sense.  The CC company is charging 

a higher interest rate and the money goes into their pocket.

I don't remember any CC companies giving out free money. Our government sent out the money and I'm sure our taxes will go up to cover that expense. 

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But don't forget...all the CC companies have to also cover their losses from people who default and declare bankruptcy.

Dead beats cost others money.

I personally know 3 people that ran every card up and then defaulted.  Despicable IMHO....these were not expenses to survive.

I have never nor will EVER run a balance on a credit card.  I use them for everything to get points and money back.

If the day ever comes that I can't pay it off in full EVERY month, I will stop using them.

Please remember, it is Synchrony, NOT QVC doing this.

Synchrony overseas MANY credit cards including HSN, Amazon, Lowes and more.

[Pecky]

This is what inflation is.  It happens when the country was giving out money like candy and everyone was spending it causing the inflation as it couldn't keep up with the over demand of products. 

• Inflation occurs when the money supply of a country grows more rapidly than the economic output of a country. 

[Jaspertimes]

There are so many cards that offer cash back rewards, which you can turn around and apply towards your balance.  The biggest favor anyone could do for themselves would be pay off the Synchrony card and pay for your purchase in full or save until you can.  30% interest is only acceptable to the people who pay it.

[proudlyfromNJ]

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@Imaoldhippie wrote:

Someone had to pay back all the "free" money that was handed out during the Covid pandemic.  Well, here you go.

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@Imaoldhippie  Kind of like in the eighties when we bought our house and mortgage rates were in the double digits. Remember that?

[Carmie]

@RespectLife   My husband and I both pay our CC's each month.  We started out our married life very young and poor and it took many, many years to be ble to do this.  Thankfully, we have zero debt.

We're not wealthy, but we're comfortable with no financial worries.

CC Companies make a profit everytime you use your card...even if you pay it off every month, plus they make more through interest.

They can afford to write off bad debts.

[RespectLife]

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@Carmie wrote:

@RespectLife   My husband and I both pay our CC's each month.  We started out our married life very young and poor and it took many, many years to be ble to do this.  Thankfully, we have zero debt.

We're not wealthy, but we're comfortable with no financial worries.

CC Companies make a profit everytime you use your card...even if you pay it off every month, plus they make more through interest.

They can afford to write off bad debts.

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Oh yes @Carmie 

I do know that...up to 2.5 - 3% for every transaction, that's why they encourage us to use them...and they can write off bad debts....but when peope default...it causes them to pass the loss onto others.

They could But, They aren't going to eat it themselves.

[Shelbelle]

For all my CC, I only buy what I can afford to pay for in full each month, and no Easy Pays. 

[Icegoddess]

It was bound to happen when the Fed raised rates.  I just got a notice from my Credit Union that the interest rate on my card there is going up to 14.99%.  Not sure what it was before since I pay it off every month.  Typically store cards have higher interest rates than bank CC's do. 

However, on the bright side, interest on savings should also go up.