The credit card blues.
Author | Cutler, Debbie |
Position | From the Editor |
A couple ABM staffers, friends and I went to lunch the other day and the issue of credit cards was discussed. It appears many in the Lower 48 or those who have Lower 48-based credit cards are finding it harder to get credit at low rates with higher credit limits.
I have one such credit card. I've never used it, never even activated it, but my credit limit was dropped by a third for business reasons. It's not that I ever missed a payment. It's not that I had a late payment. It's not that I'm a bad credit risk. It is simply the rules of the land these days.
My friend, Mary, reported a similar letter coming her way. She and her husband's credit limit was reduced by more than a half for no other reason than the bank chose to do so because he wasn't using his card.
My daughter, Sarah, who lives in Missouri, faced a similar fate, except in her case interest rates also rose so she paid the card off and closed the account. Banks are tightening up, but it's not so here in Alaska.
Your best bet is not those low-interest promo cards that have rates that quickly rise as soon as you are seconds late with a payment, or an unfamiliar out-of-state bank that charges ridiculously more for those who don't have the means to pay higher interest rates than those who can. Your best bet is to bank in Alaska.
Our banks are strong, stable and offer lower interest rates to those with good credit. Take, for example, Credit Union 1. Its Web site states: "Net income increased 85 percent last year, so we're giving back to our members with lower loan rates!"
Car loans, at the time this editorial was written, were at 4.5 percent for those with good credit. Credit card rates ranged from 6.7 percent to 16.5 percent interest. Other...
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