topic Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt? in Credit Cards

Do you consider interest rate when applying for a card/have you ever been in credit card debt?

alexsmith — Thu, 04 Jul 2024 16:02:20 GMT

My philosophy towards credit cards is that it’s a tool for me to get a 3% to 5% discount on everything I buy. I have never been in credit card debt.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

keekers — Thu, 04 Jul 2024 16:17:09 GMT

Don't care about the interest rate in the slightest; the only time it is a consideration is 0% intro offers if I want to buy something big and keep my money earning interest during the year.

Technically I've been in CC debt when my ex wife maxed out my cards and wrecked my credit...but that's a story for another day. The balances I carry on credit cards are only 0% interest or small balances for AZEO purposes.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

Kforce — Thu, 04 Jul 2024 16:57:19 GMT

Don't care about the interest rate at all.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

Jeffster1 — Thu, 04 Jul 2024 19:16:17 GMT

Nope. I PIF.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

markbeiser — Thu, 04 Jul 2024 19:50:41 GMT

Other than it being nice indication of how they veiw your credit profile when a bank approves a new card at their lowest advertised interest rate, it is a non factor for me.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

pizzadude — Thu, 04 Jul 2024 20:11:10 GMT

Moved to Credit Cards forum

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

unsungivy — Thu, 04 Jul 2024 22:53:58 GMT

Yes and yes.

They better give me their best rate or have a path to their best rate or that card will not be staying. But I'm not seeking out low APR cards... I've just been in the position of sometimes life sucks and you carry a balance. I'm far better prepared for something happening like that again now (part of why I keep an "empty" 25k card on case I do need to at some point; you just don't know.)

AmEx frustrates me because they won't change your permanent APR... my oldest card is with them and despite having been with them for 21 years, and having multiple cards with their best rates, they won't lower that one. I got a Platinum and a Gold with them... the Platinum did not have their best rate, the Gold did, so after the eventual upgrade to two Plats (no fee thanks to Military), the upgraded one is the one I kept long-term, despite getting the Platinum 6 months earlier. Same thing for having just picked up a second BBP... the new one is their best APR, the old one will eventually get closed because of that (biz credit, so won't affect my average card age).

Chase did a stealth APR lowering of my Ink Cash, in contrast. Here I thought I was gonna have to keep churning Ink Cashs till I got the APR I wanted 😜

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

NoMoreDebt — Thu, 04 Jul 2024 23:55:18 GMT

I have been in credit card debt a couple times before I wised up.

Now days I don't care about the APR% at all, just the cash back and rewards points will earn as I will not carry a balance past the statement cut date.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

Gunnerboy — Fri, 05 Jul 2024 00:11:03 GMT

@alexsmith wrote:
My philosophy towards credit cards is that it’s a tool for me to get a 3% to 5% discount on everything I buy. I have never been in credit card debt.

Your 3%-5% discounts on everything is akin to 3%-5% cash back, so it seems you're already knowledgeable about not carrying balances.

You are a transactor, thus interest rates should be of no concern.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

Andypanda — Fri, 05 Jul 2024 01:18:01 GMT

@Jeffster1 wrote:
Nope. I PIF.

This is the way.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

markhs777 — Fri, 05 Jul 2024 03:28:10 GMT

@alexsmith wrote:
My philosophy towards credit cards is that it’s a tool for me to get a 3% to 5% discount on everything I buy. I have never been in credit card debt.

Technically as soon as you make a charge you're in credit card debt. Obviously if you don't PIF certainly consider the APR but if you always do then who cares.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

ptatohed — Fri, 05 Jul 2024 09:27:50 GMT

I don't concern myself with APR. No, I have never been in CC debt. I PIF every card every month. Auto pay set for full payment.

I do like to see where I fall in their range of APRs after a new approval. I take it as a compliment if I am toward the lower end of the range.

I said this in another thread recently that I actually like to see high APRs. This tells me that the issuer is going to make some good money off of the other people who will help subsidize the rewards I am getting from the issuer and, hopefully, secure that the rewards won't be nerfed.

Re: Do you consider interest rate when applying for a card/have you ever been in credit card debt?

galahad15 — Sat, 06 Jul 2024 03:41:56 GMT

Yes, I very much care about the go-to interest rate when I apply for a card (the lower, the better). As a result of me apping over the years for low-APR cards, I have 5 cards with fixed interest rates that are below 10% F in my current collection of credit cards, all of which I am immensely pleased with, in my own humble experience.

I know that many others here on the forum may have a different POV, and will say that APR doesn't matter at all, but by the same token of varying opinions on the matter, I am likewise allowed to have my own POV on the issue as well.