Credit Cards

[mum4519]

This is University of Nebraska Federal Credit Union. I am an alum of UNL and currently have a personal loan through them that will be paid off next October.

I was speaking to my loan officer today, and she told me about their credit card they have. There are no rewards on the card so when she said that I wasn't intrigued, but she told me other info about it...

6.65% on purchases, balance transfers, and cash advances

No annual fee

No fee for doing a balance transfer or cash advance

So it got me thinking if I should apply or not. I pay my balances in full so interest isn't a big deal, but in case I ever have to finance something large, 6.65% would BY FAR be my lowest APR.

The terms on the card are very appealing to me although there are no rewards. I probably would not use it for my every day card but it would be nice to have.

What do you say...should I app or not?!

[Duncanrr]

It could serve well as an emergency use card.  I dont tend to carry a balance but if you had to then the low APR would be more important than the rewards.

[distantarray]

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Duncanrr wrote:

It could serve well as an emergency use card.  I dont tend to carry a balance but if you had to then the low APR would be more important than the rewards.

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+1 since i have a navy federal account I was able to get a house at a great price (cash only deal) I was short 15k and under 6% interest rates and no penalty for convience  checks so it worked out perfectly so go for it it helps a lot in emergencies.

[Benton]

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mum4519 wrote:

This is University of Nebraska Federal Credit Union. I am an alum of UNL and currently have a personal loan through them that will be paid off next October.

I was speaking to my loan officer today, and she told me about their credit card they have. There are no rewards on the card so when she said that I wasn't intrigued, but she told me other info about it...

6.65% on purchases, balance transfers, and cash advances

No annual fee

No fee for doing a balance transfer or cash advance

So it got me thinking if I should apply or not. I pay my balances in full so interest isn't a big deal, but in case I ever have to finance something large, 6.65% would BY FAR be my lowest APR.

The terms on the card are very appealing to me although there are no rewards. I probably would not use it for my every day card but it would be nice to have.

What do you say...should I app or not?!

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Among the best values on the market today. It offers everything you could ask of a "Credit Card"; very low APR for purchases And cash advances without any transaction fees. Hope the purchase and cash advance dollar amounts are equal.

[webhopper]

Agree...  this would be a good card to have....  CUs are also less likely to CLD your account for non-activity

[mum4519]

Yea...she said that they would never close it for non-activity. The interest rate just blows away everything I have so that is my main interest in it.

[mum4519]

I have a difficult question that I can not figure out for all of you:

I decided to apply for this CC at my credit union and got approved for $3,000. 

At the same credit union I have a loan at 10.8% with a payoff of $2,380.

If you saw my before post, the cash advance interest rate is 6.65%, same as purchases as well as balance transfers, with absolutely no fee for doing so.

Would it be beneficial for me to take a cash advance of $2,380 off of the card in order to pay off this loan?

I know cash advances accrue interest daily but I am having the hardest time trying to figure out the amortization schedule on what is more beneficial as to where I would pay less interest? Continuing the loan for $2,380 @ 10.8% with monthly payments being $211 and maturing on 10/21/2013...or taking a cash advance (with no cash advance fee) of $2,380 @ 6.65% and continuing to pay monthly payments of $211.

Any help would be greatly appreciated. Thanks!

PS - I talked to my loan officer at the credit union and she said that is a very good question but she could not amortize it as well so did not have an answer for me.

[webhopper]

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mum4519 wrote:

I have a difficult question that I can not figure out for all of you:

I decided to apply for this CC at my credit union and got approved for $3,000. 

At the same credit union I have a loan at 10.8% with a payoff of $2,380.

If you saw my before post, the cash advance interest rate is 6.65%, same as purchases as well as balance transfers, with absolutely no fee for doing so.

Would it be beneficial for me to take a cash advance of $2,380 off of the card in order to pay off this loan?

I know cash advances accrue interest daily but I am having the hardest time trying to figure out the amortization schedule on what is more beneficial as to where I would pay less interest? Continuing the loan for $2,380 @ 10.8% with monthly payments being $211 and maturing on 10/21/2013...or taking a cash advance (with no cash advance fee) of $2,380 @ 6.65% and continuing to pay monthly payments of $211.

Any help would be greatly appreciated. Thanks!

PS - I talked to my loan officer at the credit union and she said that is a very good question but she could not amortize it as well so did not have an answer for me.

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I would do the cash advance today and pay off the loan...   then, instead of paying $211... increase your payments to make the term shorter!

[mum4519]

Increasing my payment is not a problem. 

I'm just curious as if I were to keep my payment the same, at $211, would I be saving money on interest over the next 10-11 months by doing the cash advance?

Thanks again everyone, you have all been very informative!

Oh, on a side note, she said my Experican FICO was a 687...where last October it was a 582! Thanks all!

[Repo-ed]

Man, that's a great APR to have, if you needed to carry a bal