Local credit union credit card. Whatcha think?

[longtimelurker]

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@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.

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Well, it can depend.  18% interest on $800 for 3 months is less than $40.   It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.

Ideally you would pay the card down and then apply, but things aren't always ideal.

[kdm31091]

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@longtimelurker wrote:

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@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.

---

Well, it can depend.  18% interest on $800 for 3 months is less than $40.   It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.

Ideally you would pay the card down and then apply, but things aren't always ideal.

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Right but the problem is that although in this case it might be okay, it's usually the fact that people make a habit out of it. But, it wasn't really the question at hand, so I guess OP has to just do what they do.

[Revelate]

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@Themanwhocan wrote:

If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

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Do you have one of your spectacular lists for low APR cards in addition to the rewards research you've done over time?

[Themanwhocan]

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@Revelate wrote:

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@Themanwhocan wrote:

If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

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Do you have one of your spectacular lists for low APR cards in addition to the rewards research you've done over time?

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Bourns Employees FCU Visa.       Cash Back + As low as 4.99% APR
(Join California Consumer Council to gain membership)

Beach Municipal FCU VISA Platinum.           As low as 5.24% APR

Apple FCU Visa Platinum.                     As low as 5.74% APR
Citizens Community CU VISA.                  As low as 5.74% APR
Long Island Community FCU VISA Platinum.     As low as 5.74% APR

Premier FCU VISA Platinum with rewards.      As low as 5.90% APR
University FCU great rate card.              As low as 5.90% APR
(Join Longhorn Foundation to gain membership)

Evansville Teachers FCU Platinum Prime Plus. As low as 6.25% APR
Lake Michigan CU Prime Platinum.             As low as 6.25% APR

Redstone FCU Platinum.     1.5% Cash Back.   As low as 8.00% APR

[Anonymous]

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@longtimelurker wrote:

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@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.

---

Well, it can depend.  18% interest on $800 for 3 months is less than $40.   It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.

Ideally you would pay the card down and then apply, but things aren't always ideal.

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Sigh. In the past 3 months I've earned $250 cash back, 60,000 SWA points, 70,000 Marriott points, 60,000 Delta Skymiles and 45,000 UR points. I will pay off any balances on these cards next month (no interest has accrued) and turn my attention back to the CU card in Sept as I said. As longtimelurker pointed out, the hundreds of dollars I've earned in rewards negates the small hit in interest I will pay on the CU card by delaying full payment on that for 3 months. And I also have the option of transferring that balance to my 0% interest Freedom if I so chose to continue to carry that balance for a while. My explanation wasn't necessary but since you took issue with MY spending habits I figured I would enlighten you. 

[Anonymous]

SDFCU has 6.99% APR with same APR for cash advance or purchase. Couldn't believe it. Also offers rewards with their card as well. I've only been with them for a few months, but so far, I really like them. While they only gave me a 1K CL on their VISA when I opened it in May, they just sent me a 10K check which is a softpull, prequalified, personal loan offer for 36 month's, low APR, and no prepayment penalties or additional fee's. I deposited the check last week, only to keep in savings, and use as a new installment loan. Hoping paying it off quickly and making 5 x monthly payments gets me a better CL on my VISA. Love SDFCU so far.

[too-much-time]

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@Anonymous wrote:

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@longtimelurker wrote:

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@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.

---

Well, it can depend.  18% interest on $800 for 3 months is less than $40.   It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.

Ideally you would pay the card down and then apply, but things aren't always ideal.

---

Sigh. In the past 3 months I've earned $250 cash back, 60,000 SWA points, 70,000 Marriott points, 60,000 Delta Skymiles and 45,000 UR points. I will pay off any balances on these cards next month (no interest has accrued) and turn my attention back to the CU card in Sept as I said. As longtimelurker pointed out, the hundreds of dollars I've earned in rewards negates the small hit in interest I will pay on the CU card by delaying full payment on that for 3 months. And I also have the option of transferring that balance to my 0% interest Freedom if I so chose to continue to carry that balance for a while. My explanation wasn't necessary but since you took issue with MY spending habits I figured I would enlighten you. 

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Haha, what's going on here? The CU card was just $100 a month, right?

[Anonymous]

By all means look into new cu for better credit cards, but keep a savings with your very first one open. Chances are a vehicle finance would be better with number one no matter how much money you run through your newer relationship.

[Revelate]

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@Themanwhocan wrote:

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@Revelate wrote:

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@Themanwhocan wrote:

If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

---

Do you have one of your spectacular lists for low APR cards in addition to the rewards research you've done over time?

---

Bourns Employees FCU Visa.       Cash Back + As low as 4.99% APR
(Join California Consumer Council to gain membership)

Beach Municipal FCU VISA Platinum.           As low as 5.24% APR

Apple FCU Visa Platinum.                     As low as 5.74% APR
Citizens Community CU VISA.                  As low as 5.74% APR
Long Island Community FCU VISA Platinum.     As low as 5.74% APR

Premier FCU VISA Platinum with rewards.      As low as 5.90% APR
University FCU great rate card.              As low as 5.90% APR
(Join Longhorn Foundation to gain membership)

Evansville Teachers FCU Platinum Prime Plus. As low as 6.25% APR
Lake Michigan CU Prime Platinum.             As low as 6.25% APR

Redstone FCU Platinum.     1.5% Cash Back.   As low as 8.00% APR

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Thanks senor, I'm going to have to go look at the assets of some of those as for example Bourns is itty bitty and I'm guessing getting a decent line for balance carrying might be a challenge there... like worse than a Makurai even hah.

[austinguy907]

i think we're overlooking the obvious one here.  so CU cards tend to have a sliding scale for the APR.  as you increase your profile and hit different "buckets" on their scales you can decrease your APR with them by simply requesting them to do an account review which may/may not require a HP to do so.  

i.e. i opened an account with UFCU at 11.9% and as my score went up it dropped to 9.9% and is now down to 6.9% (720+)