How Many myFICO Fans Have Fixed Low Interest Cards

[veracious]

Just curious if people have these fixed low interest cards.  How do you treat your cards ?

Do you use them regularly or only every few months? 

Did you plan on having a low interest card in case you need to carry a balance for a few months.

Or do you just intend to app for the latest card with  the latest introductory 0% interest rate as needed?

Thanks for any replies

[DI]

All 10 of my cards are fixed at 0 percent APR b/c I PIFOT.

[veracious]

Thanks for your reply, DI.

So you are one of the persons who have never carried a balance on a CC ?

If you have carried a balance, was it on a low interest card ?

I was wondering why no one ever  says they have a sub 7% card. They are available.

I realize rewards cards are the rage but what if you had to carry a large balance for 6 or 8 months.

What would  you do ?

[Anonymous]

Well I don't have a fixed low interest card.  I recently determined I need to carry a pretty big balance for the next 12 months or so.  I had to break down and apply for a couple of new credit cards with 0% intro balance transfer rates to accommodate them.  Luckily my credit has improved by leaps and bounds over the last 2 years, so I was able to do it.  I don't even know who offers these low interest cards?  Can you advise?

[veracious]

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@Anonymous wrote:

Well I don't have a fixed low interest card.  I recently determined I need to carry a pretty big balance for the next 12 months or so.  I had to break down and apply for a couple of new credit cards with 0% intro balance transfer rates to accommodate them.  Luckily my credit has improved by leaps and bounds over the last 2 years, so I was able to do it.  I don't even know who offers these low interest cards?  Can you advise?

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Simmons First Bank is one issuer. SDFCU is another.

Both of these CC issuers require high scores.

I'm looking for others if anyone has the info, I'd appreciate it.

I think it's a good idea to have a low interest card for a backup so you don't have to app for a 0% balance card every time.

[andre181]

My Citi Forward is what I consider low APR (and its my lowest), 12.74% but it is variable.

My only fixed APR card is my Wells Fargo @ 13.49%

But I really don't care bc I also pay in full, or within 2 months for large purchases. If I can't afford to PIF within 2 months I don't buy it!

[clocktick]

I got 2 Citi offers in the mail for 0%, 21 months.  One was Diamond Preferred and the other was the Platinum.  I also got one for Discover a couple of days ago and believe that was 0% for 12 months.

[Watchmann]

I've got a Prime + 2.5% (currently 5.75%) fixed rate AMEX Platinum Optima card that I've had since 1990.  It has a $37,900 CL but I've never revolved anything on it, that's not the point of a credit card, imo.  You use it and PIF each month.

Zero percent introductory cards are a trap, nothing more.  No business can stay in business loaning money for free unless many of those people have balances owing when the introductory period expires, or they miss a payment, etc.

[MarineVietVet]

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@veracious wrote:

Thanks for your reply, DI.

So you are one of the persons who have never carried a balance on a CC ?

If you have carried a balance, was it on a low interest card ?

I was wondering why no one ever  says they have a sub 7% card. They are available.

I realize rewards cards are the rage but what if you had to carry a large balance for 6 or 8 months.

What would  you do ?

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Hi veracious,

@Anonymous lowest APR card is a BoA @ 7.9%. I only use it to pay my XM radio bill (about $16) each month. I guess if I had to carry a balance for a few months this is the one I'd use.

I think it's interesting that there is much talk around the Forums that seems to equate carrying a balance as some sort of death sentence and/or a mortal sin. 

Now while I am among those that recommend always trying to never carry a balance forward I've lived long enough to realize that in the real world things happen and our plans of never carrying a balance or paying interest goes out the window.

I take with a grain of salt anyone who says they've never carried a balance.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[android01]

I have an Ameriprise card at 9.24%.  I've never carried a balance on it.  I've carried many balances on CC's over the years because as others have noted, life happens, and I was very fortunate to have had those TL's when i really needed them.  Currently if I have to carry a balance, I'll use a LOC rather than a CC.