Tik Shiro Car Crash Sparks Demand for Alcohol Test Inquiry

[tropo]

This is a Citibank Philippines Visa Card based in PHP. It was issued to me a couple of years ago automatically. I've only used it a couple of times, but paid back the balance before due date, which incurs no interest.

I just had a look at the interest charges on this card and nearly fell off my chair:

1. 3.50% per 30 days COMPOUNDED MONTHLY.

2. 3.65% per 30 days on cash advance.

3. Cash advance fee 3% of amount.

4. Foreign transaction service fee 3.525%

5. Yearly card fee = 2000 PHP (USD 46)

Taking into consideration the monthly compounding interest rate and a month is based on a 30-day period the yearly interest rate (APR) works out as:

1. Cash advance: 54.56%

2. Purchases: 52.03%

Beat that!

[Pib]

Every country has different banking laws, rules, rates, fees, etc. But I do think you have a good chance in winning the Most Expensive Credit Card Card Contest.

[vaultdweller0013]

The interest rate is on the high side, but your. 50%+ interest is APY and not APR. APR does not include compounding interest, APY does. Yes, APY is the number you should use when comparing the (long term) cost of credit, but most cards will quote APR since this is the rate used to compute the monthly interest charge. The APR would be around 42%, which is definitely high. But you shouldn't be carrying a balance on a credit card outside of rare cases since they are generally the worst way to borrow money.

The other fees are pretty much standard. You may find special cards that waive one or two of them, but they are pretty common fees.

[DogNo1]

Why not cut it up and get another card?

[henkie220358]

Every credit card is expensive pay cash

[thrilled]

The biggest ,baddest card is American Express The centerium- the Black Card.You have to be invited to get this card.I believe it cost around $5,000 A year.Supposely no spending limit.But you have to spend nearly $200,000 A year to keep this card.Go look it up.

[tropo]

Why not cut it up and get another card?

No, I won't be doing that. I have quite a few VISA cards in different countries. This particular credit card is useful when making purchases in the Philippines and I can make use of card offers, for example, about a year ago I bought a TV and got a free sound system by using this card. It also helps when buying tickets online with Philippine airlines as I can buy in local currency.

I always pay off the balance by due date, thereby avoiding interest charges.

[tropo]

Every credit card is expensive pay cash

Paying cash? That's a pretty old concept that doesn't work well when transacting in multiple currencies and countries and online.

You remind me of an argument I had not long about with an 85 year old guy who pays everything in cash and doesn't trust plastic. This works ok for person who lives in one country and never travels. That wouldn't include most of us.

CC's are not expensive if you use them wisely. For me they're a lifeline too, in case of emergencies. Along with internet banking they are also extremely convenient. Try renting a car without one.

Edited April 7, 2014 by tropo

[tropo]

The interest rate is on the high side, but your. 50%+ interest is APY and not APR. APR does not include compounding interest, APY does. Yes, APY is the number you should use when comparing the (long term) cost of credit, but most cards will quote APR since this is the rate used to compute the monthly interest charge. The APR would be around 42%, which is definitely high. But you shouldn't be carrying a balance on a credit card outside of rare cases since they are generally the worst way to borrow money.

The other fees are pretty much standard. You may find special cards that waive one or two of them, but they are pretty common fees.

This card doesn't come with an APR as you can see in the attached fee details. I worked that out by compounding the rate for 12 months and adding just over 5 days to compensate for the 12.16 x 30-day periods in a year.

This card wouldn't dare advertise an APY or APR as they are astronomically high. They're relying on naive Filipinos who don't know much about CC's to think the deal is OK. It's a way to rape a population of under-educated people who don't have a clue. It's still mainly a cash society, so they get away with it. People there would just be excited to receive a CC. I doubt many would understand the compounding principle and even care.... as it's ONLY 3.50/3.64 percent per month.

Have I won the award? Does anyone have a credit card which can top this?

Edited April 7, 2014 by tropo

[SGD]

The biggest ,baddest card is American Express The centerium- the Black Card.You have to be invited to get this card.I believe it cost around $5,000 A year.Supposely no spending limit.But you have to spend nearly $200,000 A year to keep this card.Go look it up.

Amex Centurion you're on about. I got one when they first came out. I was Amex Platinum (when Platinum was by invitation only and Gold the highest you could apply for) and was given it complimentary for a couple of years. After that it was £650 a year when Platinum was circa £250 (around 2001) and Platinum benefits were way higher than today. When they wouldn't waive the fees for the forthcoming year I went back to Platinum. In later years it changed to ultra expensive for Elton John and the like.

[rhythmworx]

Ever thought of faking your own death?

I have, if you have any tips please do share them.

[Pib]

The biggest ,baddest card is American Express The centerium- the Black Card.You have to be invited to get this card.I believe it cost around $5,000 A year.Supposely no spending limit.But you have to spend nearly $200,000 A year to keep this card.Go look it up.

Amex Centurion you're on about. I got one when they first came out. I was Amex Platinum (when Platinum was by invitation only and Gold the highest you could apply for) and was given it complimentary for a couple of years. After that it was £650 a year when Platinum was circa £250 (around 2001) and Platinum benefits were way higher than today. When they wouldn't waive the fees for the forthcoming year I went back to Platinum. In later years it changed to ultra expensive for Elton John and the like.

Wow...I want to come with you.

Did a google and Here's the Dec 13 Card Member's agreement for the Black card...$7,500 Invitation Fee, $2,500 Annual fee...but at least there is no foreign transaction fee. I'll pass as I don't do credit cards with an annual fee.

[jaycor]

A few years back there were a few sub-prime credit cards being issued in the US. Had rates of 59.9% and 79.9%. Typically for small limits ($1000) to people with very bad credit history. Not illegal as some might think as it was fully disclosed.

I have several friends that have the Amex Black. It not quite as good as it used to be as some of the program benefits have been reduced (SPG, AA, Marriott). I just use a Platinum Amex these days.

[SGD]

A few years back there were a few sub-prime credit cards being issued in the US. Had rates of 59.9% and 79.9%. Typically for small limits ($1000) to people with very bad credit history. Not illegal as some might think as it was fully disclosed.

I have several friends that have the Amex Black. It not quite as good as it used to be as some of the program benefits have been reduced (SPG, AA, Marriott). I just use a Platinum Amex these days.

Even at inception, the benefits of Centurion were very opaque and somewhat useless for all but the few and those who were spending masses (say 6 figures a year and over), would already have all the top hotel benefits, top mileage perks etc. We did use it for some restaurant bookings and obviously all the insurances and ass licking but overall, it was a strange kudos.

One day, as Marks and Spencer in London, 3 people in a row used a Centurion card, baffling the cashier. By the end, I actually ordered a green card, which although inwardly Centurion, looked like a regular Amex green card. No envy then.

[tropo]

The biggest ,baddest card is American Express The centerium- the Black Card.You have to be invited to get this card.I believe it cost around $5,000 A year.Supposely no spending limit.But you have to spend nearly $200,000 A year to keep this card.Go look it up.

Amex Centurion you're on about. I got one when they first came out. I was Amex Platinum (when Platinum was by invitation only and Gold the highest you could apply for) and was given it complimentary for a couple of years. After that it was £650 a year when Platinum was circa £250 (around 2001) and Platinum benefits were way higher than today. When they wouldn't waive the fees for the forthcoming year I went back to Platinum. In later years it changed to ultra expensive for Elton John and the like.

Why did you have to go back to Platinum if you were Platinum?