Exxon/Mobil - Inflation + Greed

Just got the new credit terms for my Exxon/Mobil credit card in the mail today.
The new interest rate on purchases is 34.24%.
Seems they are trying to lower gasoline prices, but now raising the interest rates, so bottom line is that you will lose either way.
Fortunately, I am one of those who pay my bill in full every month, but I feel sorry for those who don't.
Oh, and if this has anything to do with Biden and his failure of an administration, (his Bidenomics,) I am totally against it and/or it.

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Ynotisay · M

Two things. First, you should probably know that interest rates have NOTHING to with Bidenomics. Or his administration. Outside of policies that are contributing to the Federal Reserve keeping interest rates unchanged and anticipating three rate cuts this year. That would be a good start. Oh...and "they," as in a specific company or the government, aren't lowering gas prices. That's not how it works.

The second, which is the most important, is WHY you would hold a credit care with a 34% interest rate. Is there a law where you live that demands that you not cancel credit cards? Especially a retailer card? If you have excellent credit you can get one for half that rate. I'd suggest doing that.

windinhishair · 61-69, M

@Ynotisay At one time I had two gasoline company cards, including ExxonMobil. But when I saw the interest rates charged, I cancelled them both.

Ynotisay · M

@windinhishair Good call. NO reason to pay more than you have to. Especially when you're paying a company that typically sees about $100 Billion a year in PROFIT.

windinhishair · 61-69, M

@Ynotisay My wife was using one of the cards. She bought $70 worth of gas but paid a day late. She paid 20+% interest for the month plus a $39 late fee. So the $70 turned into over $110. I cancelled immediately when I saw that.

Ynotisay · M

@windinhishair Yep. That's what happens. They're vultures when it comes to late fees.
The guy who posted this won't care but the Biden Administration recently capped late fees at 8 bucks.

windinhishair · 61-69, M

@Ynotisay I saw that. It made a lot of sense.

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