My credit union teller asked why I was closing my card and I froze

Went in to close a card with a $2,300 balance last Tuesday in Reno and she asked what the rate was, and I honestly didn't know it was 26%. Now I'm wondering how many people just pay the minimum without ever checking the APR. Anyone else get blindsided by a rate they never looked at?

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spencer98116d ago

Sat down with my wife last month to finally go through our cards because we kept feeling broke even with decent paychecks. Turns out we had a store card from a furniture buy three years ago still sitting at 29% and we'd been paying maybe fifty bucks a month on it forever. I felt sick when I did the math on how much interest we'd handed over for a couch we'd already worn out. The thing is, nobody hides this stuff, it's right there in the paperwork, we just never looked because the minimum payment felt easy. That's the trap, the minimum is designed to feel painless while the rate quietly eats you alive. Now I check the APR on anything before I sign, even if it makes me look paranoid at the counter.

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