My Personal Finance Confession Project – Credit Card Rates

I’m starting this project because I have a confession I wanted to make, and after I wrote it out I thought it would be great if others would share theirs so we can all learn something. Or point fingers and laugh.

So, please share your confession and any related thoughts, plans of action , justifications and/or consequences. Then tag 5 others to share theirs. You don’t have to link back here, but it would be nice. If you do I’ll post a link to yours… And if you don’t have a blog, please share your confession in the comments!


I have a confession to make.

I have absolutely no idea what the finance rates are on my credit cards.

I know, that’s blasphemous in the personal finance community. Since I pay my credit cards off each month it’s never mattered before. Who cares if I have a 21% rate if there’s never a finance charge? All I ever cared about was that I had no membership fee for the card. The rate has always been irrelevant.

But in the wake of layoffs at Husband’s job and the continuing downturn in our economy I realize that anything can happen. Illness, loss of job, civil unrest could all be on our horizon.

So, even though I have a very healthy emergency fund and would not want to accrue any debt unless absolutely necessary, I should be prepared in case it becomes absolutely necessary.

That means I need one card with a really good rate, and it should be a Visa or Mastercard since they are accepted in more places than American Express or Discover.

So, first thing when I get back from my vacations I’m going to check out my credit card rates, and check them against the best available rates out there. I’m loathe to apply for a new credit card when we’re hoping to buy a home soon, so here’s hoping I have a good rate on at least one of my cards, or can call and negotiate a better one.

Gee, that felt good. Confession is good for the soul…


I’d love if these wonderful bloggers would help start this off…

PaidTwice at I’ve Paid For This Twice Already…

Mrs. Micah at Finance for a Freelance Life

vh at Funny About Money

Anna at To Be Debt Free

Pinyo at Moolanomy


Other Personal Finance Confessions:

  1. The Personal Finance Confession Project: Do as I say… at Funny About Money
  2. Confession at Done To Zen
  3. Personal Finance Confession Project at Mrs. Micah

14 Responses to “My Personal Finance Confession Project – Credit Card Rates”

  1. Funny about Money Says:

    Done! This will post tomorrow morning around 6:30. 🙂

  2. Done To Zen » Confession Says:

    […] wants to know everyone’s confessions so we can all make better decisions. I’ve been wanting to confess something badly for ages — well, since I started the blog; does […]

  3. anna1978 Says:

    Thanks for the tag! I’ll have mine up by tomorrow!

  4. Personal Finance Confession « To Be Debt Free Says:

    […] was asked to join in on a fun little project, personal finance confessions. started by BeThisWay. Please join in and share your own confession, you don’t have to link back […]

  5. Sunday Morning Link Love - The Colonoscopy Edition | I've Paid For This Twice Already... Says:

    […] You Going To Be This Way… :  My Personal Finance Confession Project – Credit Card Rates.   Look for my financial confession soon!  Hopefully tomorrow if I get it done before I start […]

  6. jasonmccarley Says:

    hahaha I hear you. I feel the same way about my finances sometimes. I don’t know what the heck is going on.

  7. My Personal Finance Confession: Retirement Funds | I've Paid For This Twice Already... Says:

    […] at Are You Going To Be This Way The Rest Of The Time I Know You (whew!) started her personal finance co… to get something off her chest – she has no idea what the interest rates on her credit cards are.  […]

  8. Carnival of Personal Finance #158 : Vampire Slaying Edition Says:

    […] has started a personal finance confession project. She ended up confessing about her credit card rates. Do you have something you want to get off your chest? I’ve been tagged…so stay tuned […]

  9. Carnival of Personal Finance #158 : Carnival of Personal Finance Says:

    […] My Personal Finance Confession Project: Credit Card Rates […]

  10. Carnival of Personal Finance #158 « To Be Debt Free Says:

    […] My Personal Finance Confession Project: Credit Card Rates […]

  11. NtJS Says:

    If you have a “very healthy emergency fund”, then why would you need any credit card, let alone one with a “good rate”?

    just wondering

  12. BeThisWay Says:

    @NtJS –

    I use my credit cards to earn rewards. Almost everything goes on the cards and are then paid off monthly. I’ve even bouht a car on a credit card.

    I’ve also built very good credit, so if I do ever need credit I’ll pay less for it than someone who hasn’t.

    And if I ever needed more money than I have in my very healthy emergency fund I’d need to get it from somewhere. My credit cards would be a last resort, but an option nonetheless…

  13. Growing Money » Blog Archive » Carnival of Personal Finance #158 Says:

    […] My Incredibly Skrinking Savings Account – Are Savers Financial Losers? Make Bi-Weekly Pay Work in a Bi-Monthly World The Price of Your Favorite Color The Vending Machine 2 for 1: Frugality or Stealing? Is it Frugal or Stealing? Monopoly Game Expansion: Personal Savings Account Economy of Technology: Smoke and Mirrirs With the iPhone My Personal Finance Confession Project: Credit Card Rates […]

  14. Personal Finance Confession Project Says:

    […] This Way tagged me to be part of the personal finance confession project. She wanted to share one of her own and thought it’d be more meaningful if other […]

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