Excessive finance charges

Posted Thu February 1, 2007 1:24 pm, by Amanda B. written to Discover Card

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My account # is xxxxxxxxxxxx.
I'm currently working with a credit counseling service to pay off my credit cards. They have told me that the lowest interest rate Discover will give me is 15.99%. While that's better than it was before, it still seems really high.
The finance charges on my current statement (12/27/06) totaled $119.25. On last month's statement (11/27/06) I was charged $123.91. The bulk of my $180 minimum payment is going to finance charges and the balance is going to take forever to pay off at this rate. I'd really appreciate anything you could do to help me with this.

Currently, Chase is giving me a 6% APR, which is much more reasonable. When my debts are paid off, it's likely that I will apply for another card through Chase. With my Discover interest rate still so high, there's no chance I will reapply for another Discover card.
I have been a customer since 1998 and that should be worth something. I should be getting a better deal than 15.99%. 6% would be acceptable.

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Re: Excessive finance charges by alysabeth Posted Sun February 11, 2007 @ 10:38 AM Why do you think they owe you something? You owe them money and that includes interest. It sounds like they did lower the rate already and I would say you'll not see 6% anytime soon with them. And just because you've been a customer since 1998 doesn't mean anything either. I would be willing to bet your account says something like "Not Retention Eligible" because of your account history. That means that they really won't do anything to keep you as a customer anymore and if you'd threaten closure (if it's not already closed, that is) they'd gladly do it. I used to work for a CC company and that is just how it is. If they won't lower the rate the only thing you can do is pay more than the minimum if you can. Otherwise, it's just going to take a while. Reply Re: Excessive finance charges by mary jo Posted Fri February 2, 2007 @ 9:50 AM The easy way to avoid this is the pay the balance off. Although I am sure you understand this by now. I dont understand why people open credit cards, rack up bills on them and dont pay them off, and then dont understand the whole finance charge thing. Reply Oh, they understand it by RedheadWGlasses Fri February 2, 2007 @ 8:53 PM