What does it mean that – “I’m paying 29% varied interest rate” on my credit card ?
Sunday, December 18th, 2011 at
10:07 am
Question by sum142121: What does it mean that – “I’m paying 29% varied interest rate” on my credit card ?
I am paying 29% varied rate on one of my credit cards . What does this mean ?
My balance is $ 523
Best answer:
Answer by src50
Read the T&C or ask the credit card issuer.
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It means that right now your interest is at 29%, but the credit card company will review your account and lower or raise the rate to whatever they want, whenever they want.
Both my cards with WAMU are like this and that is why I don’t use them anymore.
It means you should pay off the balance as quickly as possible so you don’t have to pay that high interest rate. Only charge what you can afford to pay in full each month. Save on the interest, stay out of debt, and build a good credit history.
Varied rate means the issuer can change the rate at any time and for whatever reason. Most credit cards are variable rates as opposed to fixed rates. You might want to consider transferring the balance to another credit card with an introductory rate at 0% or some other low rate or you can get a personal loan at a fixed interest rate which will most likely be lower unless you have really bad credit.