Starting Score: EQ 717 EX 724 TU 736
Thankfully those aren't my only cards. Citi is my highest APR but also my highest CL in the 20's. I have a few others that I can use in an emergency situation that have a much lower APR. Citi also mails me BT checks monthly offering about 6 months at 0% and those checks can be deposited into my checking account.
Benton wrote:Can you imagine an urgent/emergency situation when you would have to carry a cash balance? Could you PIF the full amount of a cash advance? If not are you satisfied with the rate you currently have on the two cards?
Benton wrote:Can you imagine an urgent/emergency situation when you would have to carry a cash balance? Could you PIF the full amount of a cash advance? If not are you satisfied with the rate you currently have on the two cards?
Epcot wrote:
13.24% is my current lowest on a rewards card. Highest is Citi at 29.99%. Ouch
Benton,
The OP asked specifically about rewards credit cards. We all accept (except those who get very lucky) that the APR on rewards cards will be higher than on a card designed to be low interest. I would never use my rewards cards for an emergency. That isn't what they are there for. Even if I did have to put a balance on a high interest rewards card, I could balance transfer it to another, low interest card quite easily.
Many rewards cards have set APRs, regardless of credit score. My Chase SW card is only offered at 15.24%.
I'm sure there are exceptions that PCd from other products (as my wife did with her TYP), but generally, you accept the higher interest rate as part of getting decent rewards. I also know there are a few cards offered (typically to people with high net worth and spotless credit) that have both decent rewards and low APR. But most of us are better off getting two different cards for two different purposes. I get an offer every month from FNBO for an amex with 9.9% for life. If they ever offer it as Visa or MC, I'll jump. Alternately, I'll wait until my credit is good enough to qualify for the USAA rate advantage at 6.9%. In the meantime, I'm an AU on my wife's WF card that is 7.9% and would be the card I used should emergency strike. I totally get the value of having a low APR card. I'm just not sure aiming for a low interest REWARDS card is realistic or necessary for most people.
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