High Interest

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Joined: Wed Mar 04, 2015 1:01 pm
Location: USA

Postby cardcustomerservice » Wed Mar 04, 2015 1:21 pm

I work for a bank that issues retail cards. Our rates along with nearly all other store cards are in the twenties, or high twenties. This is mostly because it's possible not to be affected by the interest rate at all with our constantly available 0% interest if paid in full promotions and most customers don't even carry a balance (unless they manage it poorly.) Meaning, you can pretty much always buy something with 0% interest if paid in full within 6 or 12 months at least. Just be sure to pay it off by the deadline, or you'd be subject to that many month of the high interest rate. For people that do carry a balance or buy smaller items, the higher rate helps the bank make money as even a 24% interest rate would only mean you'd pay about 2% of whatever balance you have for each month you have the balance. So if you have an $80 balance and carry it over one month, you'd pay $1.60 of interest at an APR of 24%.
Customer Service Rep for a card company

Chase Slate - $8000
Chase Freedom - $5000
Hyatt Rewards (Chase) - $2000
Citi Double Cash - $1000
UPromise Mastercard (Barclay) - $1400
Best Buy Credit Card (Citi)- $1000
Kohls Credit Card (CapOne) -$500
Target RedCard (TD Bank) -$1200
Walmart Credit Card (Synchrony) - $1000
Home Design Card (Synchrony) -$2000

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