FNBO Amex Lifetime 3.5% APR?

[trant3]

Hey guys, can anyone weigh in on this. I've received mailer for lifetime 3.5% APR but with $89 AF. The APR is awesome but not sure its worth it with the $89 AF. Is it just me?

[DeeBee78]

If you're ever carrying a balance, it could be useful. It depends on how much you're carrying. For example, if you have a $3500 balance at 22% APR, that's $64 in interest a month. This is just one way I could see it working for you. 

If you don't carry a significant balance, ignore it. 

[Anonymous]

It appears to be a variable based on the prime...so when the prime goes up, so will the rate.

[Themanwhocan]

Its not so great. here is an old review of the FNBO prime for life card, you can compare to see if all the features are the same:

http://www.magnifymoney.com/blog/consumer-watchdog/first-national-bank-omaha-prime-for-life/

[wasCB14]

I don't know what kind of SLs the card comes with. You'd need a pretty big SL to keep utilization reasonable, since it would take a big balance to not have the $89 AF increase the effective interest too much. There are various 8%-10% APR (or lower) alternatives, and possibly very low promotional APRs on other cards.

Also the 5% BT fee would hurt if you didn't just use it for purchases.

I certainly have no interest in it.

[Themanwhocan]

By the way, if you are in the Houston area there is a slightly better card:

https://www.houstonfcu.org/loans-credit/credit-cards/visa-primelock

i still don't see the need to pay a annual fee every year for something you might use rarely, if ever. People just ignore the effect of the annual fees on credit cards. Maybe Barbie was right, math is hard...

[Anonymous]

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@Themanwhocan wrote:

By the way, if you are in the Houston area there is a slightly better card:

https://www.houstonfcu.org/loans-credit/credit-cards/visa-primelock

i still don't see the need to pay a annual fee every year for something you might use rarely, if ever. People just ignore the effect of the annual fees on credit cards. Maybe Barbie was right, math is hard...

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[Anonymous]

It's a teaser rate similar to the teaser rate during the housing boom, we all know how that ended.

Need more info. We need to know what's your monthly carry + what was your previous rate to determine if this is feasible or not.

[Anonymous]

I received the same offer in the mail OP. I shredded it! I have cards with 0% offers with low BT fees (1% or 2%) so it's better to use one of them then to apply for a new card and pay an annual fee just in case I need to do a BT.

Like folks always say around here, do the math. Run the numbers for yourself. Compare the offer to your current arsenal. Good luck!