What do you guys do when your promo rates run out?

[Anonymous]

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@Chris679 wrote:
The reasons you mentioned are exactly why I don't understand app sprees. Personally I open one card per year so I always have the 0% APR available.

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Yeah, I just realized I was doing it all wrong -_-

[NRB525]

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@Anonymous wrote:

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@Chris679 wrote:
The reasons you mentioned are exactly why I don't understand app sprees. Personally I open one card per year so I always have the 0% APR available.

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Yeah, I just realized I was doing it all wrong -_-

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Discover often has promo 0% BT offers on existing cards. You might try for a CLI, and see if they have any offers available.

And I don't know from personal experience, but I read, and it seems logical that a higher FICO would lead to lower APR, although as you see, with advertised cards, it's still rather high at 14%.

[Anonymous]

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@Anonymous wrote:

What many people here do when they run out of promo rates is run back in here and ask for leads for other promo rates...  so they can keep pretending they don't have a problem....

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LOL.

[longtimelurker]

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@Chris679 wrote:
The reasons you mentioned are exactly why I don't understand app sprees. Personally I open one card per year so I always have the 0% APR available.

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That's good if your goal is to always have a 0% APR available.  For others, an app spree allows them thicker files for later, so that they can more easily get "the" card, or churn or whatever.    If you can PIF, 0% APR isn't worth a whole lot in today's interest environment.   If you need to carry a balance, then it is!

[vpae]

I'll get back to you on 3/1/16 when my last 0% card promo runs out.

[takeshi74]

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@Anonymous wrote:

What do you guys do when your promo rates run out?

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Not sure what you mean.  I don't get cards solely for promo rates.  A promo rate is a plus.  When the promo runs out I use the card as intended.

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@Anonymous wrote:

I know getting more cards decreases utilization resulting in a higher fico score but isn't it better to get new cards when you need them? IE when you need something you can carry a balance on? Or when your promo rate runs out?

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It's a bit of a leap to state that more cards means a higher score.  More cards can mean more available credit which can mean lower utilization which can mean a higher score but that's a lot of if's and it really depends on the specifics.  More cards doesn't help if one charges a well above one's means and runs up balances.

As for the "better" question, better is always highly subjective and it's no different on this matter.  As longtime pointed out different people have different strategies and that's because they have different goals and priorities.  It's generally better to not rely on promo offers to begin with and not spend more than one's income yet many of us don't do that.  I try to not count of promo offers but I am carrying balances on a couple.  However, when they run out my plan isn't just to seek out more promo offers but to wean myself off of them.

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@Anonymous wrote:

The reason I'm wondering is eventually don't you reach a point when creditors won't extend you anymore lines? I'm sure none of us like to pay interest lol.

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It can and does happen but I'm not sure it's really a given eventuality for everyone as you state.  It really depends on a number of factors such as one's credit, income, the given creditor's criteria and how that factors into the credit already extended and what the creditor is willing to extend beyond that.  A given creditor may reach its limit but that doesn't mean that the next has reached its limit.

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@Anonymous wrote:

Is credit worthiness independent of credit score?

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No but it's also not just about score either.