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New Contributor
Posts: 58
Registered: ‎01-10-2009
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Re: Lowest APR on Rewards Cards


bs6054 wrote:

RonDawg wrote:

jsucool76 wrote:

Benton wrote:

RonDawg wrote:

US Bank Cash + card 7.99%


Is this rate for cash and purchases?


Do you take out a lot of cash advances or something? 


Cash + is the name of the card. It is a 5% cat card like Freedom and More/IT


And even better with the 25% bonus on $100 redemptions.   So that 7.99% is a great rate for such a good reward card.


It most certainly is an excellent value. Hold on to it; more offers like it may never come around again!

Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
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Re: Lowest APR on Rewards Cards

13.24% is my current lowest on a rewards card. Highest is Citi at 29.99%. Ouch

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012
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Re: Lowest APR on Rewards Cards


Benton wrote:

bs6054 wrote:

RonDawg wrote:

jsucool76 wrote:

Benton wrote:

RonDawg wrote:

US Bank Cash + card 7.99%


Is this rate for cash and purchases?


Do you take out a lot of cash advances or something? 


Cash + is the name of the card. It is a 5% cat card like Freedom and More/IT


And even better with the 25% bonus on $100 redemptions.   So that 7.99% is a great rate for such a good reward card.


It most certainly is an excellent value. Hold on to it; more offers like it may never come around again!


yeah true, When I first opened this account up back in 2007 it was a visa Platinum account and the interest was 10.29% over time my interest rate dropped as low as 5.99% then up to 7.99% where its been since 2008 back in 2010 US Bank auto PC'd me to the Flex Perks Cash Rewards card and I kept that same rate then.  August of this year US Bank auto PC'd me again to the Cash Plus account at my current rate. 

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
New Contributor
Posts: 58
Registered: ‎01-10-2009
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Re: Lowest APR on Rewards Cards

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

 

Regular Contributor
hemi961
Posts: 245
Registered: ‎11-05-2008
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Re: Lowest APR on Rewards Cards

Ameriprise World Elite Mastercard:  6.24% on purchases, 7.24% on cash advances.  Doesn't do much for me though as I've never paid them any interest in either category.

 

Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
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Re: Lowest APR on Rewards 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?


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.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
New Contributor
Posts: 58
Registered: ‎01-10-2009
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Re: Lowest APR on Rewards Cards

Doesn't Ameriprise charge an AF of $150.00?


hemi961 wrote:

Ameriprise World Elite Mastercard:  6.24% on purchases, 7.24% on cash advances.  Doesn't do much for me though as I've never paid them any interest in either category.

 


 

Regular Contributor
patsfan1453
Posts: 202
Registered: ‎11-04-2012
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Re: Lowest APR on Rewards Cards

My foward has a 12.99.

Amex Everyday 6k || Chase Sapphire 5k || Buypower Card 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 5.5k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k || Chase Amazon 1k
Business: Chase ink cash 5k || AMEX Simply Cash 3.8k
Total CLs: 48.7k
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: Lowest APR on Rewards 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.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
New Contributor
Posts: 58
Registered: ‎01-10-2009
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Re: Lowest APR on Rewards Cards

Bankrate.com reports  the average for low cost credit cards  for banks is APR 10.98. CU rates were not listed. I wish Bankrate published the median rate.


patsfan1453 wrote:

My foward has a 12.99.


 


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