heavyusr: Do you have any idea what credit limit a person who has a good credit history but only earns $30K a year would be?
Sometimes I just sit and think. Other times I just sit.
Bee: Heres an idea : Apply to 3 or 4 different banks for $5k limit. Q Card, GE card, Warehouse card... Somewhere around $30k easily with interest rates from 19.95% - 24.95% or more... If you are single with no kids and have no other debt, you will get all cards easily...
You will eventually have a lot of problems when they are all maxed out and need paying back....
If you are actually after $30k for a particular reason, then definitely a personal loan would be the way to go. One repayment and lower interest rates. Repayments should be around $760 yes.
I know of an 18 year old with an income of about $30k who applied online and got a $15k limit in her own name. When her parents complained to the bank (about the limit being ridiculously high under her circs and her not being responsible enough, etc) it turned out that she lived at home in a high socioeconomic suburb and the bank had used that as their main criterion for giving her a whopping limit. At the the time the bank could not discuss it with the parents because of the Privacy Act, bank confidentiality, etc. A year on the card had been maxed out and was way behind in payments and her parents had to bail her out. The bank had a lot to answer for here.
heavyusr: In other countries I read if a credit card issuer raises interest rates a person, by law, can reject the increase and if rejected the persons account will be closed when the balance is paid off. What is the law in New Zealand regarding this?
mdf:heavyusr: In other countries I read if a credit card issuer raises interest rates a person, by law, can reject the increase and if rejected the persons account will be closed when the balance is paid off. What is the law in New Zealand regarding this?
In relation to the first point about changing interest rates (or even the terms and conditions generally), your agreement with the bank about a credit card is a contract, so the rules about changing interest rates are what you agree with the bank. Needless to say, the bank is going to stack the deck in its favour. All of the banks so far as I am aware will have a unilateral right to do what they want, whenever they want.
See, for example, Kiwibank's credit card terms and conditions, clause 3 or ANZ's credit card terms and conditions, clauses 8.8 and 17. Both can change the interest rate or terms and conditions whenever they want (they do have to tell you've they've changed it).
Generally, you do have the right to cancel your credit card at any time though. You don't have to wait for an interest rate hike. You're still up for paying off your balance though.