topic Re: How Many myFICO Fans Have Fixed Low Interest Cards in Credit Cards

How Many myFICO Fans Have Fixed Low Interest Cards

veracious — Thu, 16 Jun 2011 01:29:24 GMT

Just curious if people have these fixed low interest cards. How do you treat your cards ?

Do you use them regularly or only every few months?

Did you plan on having a low interest card in case you need to carry a balance for a few months.

Or do you just intend to app for the latest card with the latest introductory 0% interest rate as needed?

Thanks for any replies

Re: How Many myFICO Fans Have Fixed Low Interest Cards

DI — Thu, 16 Jun 2011 02:23:11 GMT

All 10 of my cards are fixed at 0 percent APR b/c I PIFOT.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

veracious — Thu, 16 Jun 2011 02:41:41 GMT

Thanks for your reply, DI.

So you are one of the persons who have never carried a balance on a CC ?

If you have carried a balance, was it on a low interest card ?

I was wondering why no one ever says they have a sub 7% card. They are available.

I realize rewards cards are the rage but what if you had to carry a large balance for 6 or 8 months.

What would you do ?

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Anonymous — Thu, 16 Jun 2011 02:45:27 GMT

Well I don't have a fixed low interest card. I recently determined I need to carry a pretty big balance for the next 12 months or so. I had to break down and apply for a couple of new credit cards with 0% intro balance transfer rates to accommodate them. Luckily my credit has improved by leaps and bounds over the last 2 years, so I was able to do it. I don't even know who offers these low interest cards? Can you advise?

Re: How Many myFICO Fans Have Fixed Low Interest Cards

veracious — Thu, 16 Jun 2011 02:56:23 GMT

@Anonymous wrote:
Well I don't have a fixed low interest card. I recently determined I need to carry a pretty big balance for the next 12 months or so. I had to break down and apply for a couple of new credit cards with 0% intro balance transfer rates to accommodate them. Luckily my credit has improved by leaps and bounds over the last 2 years, so I was able to do it. I don't even know who offers these low interest cards? Can you advise?

Simmons First Bank is one issuer. SDFCU is another.

Both of these CC issuers require high scores.

I'm looking for others if anyone has the info, I'd appreciate it.

I think it's a good idea to have a low interest card for a backup so you don't have to app for a 0% balance card every time.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

andre181 — Thu, 16 Jun 2011 03:04:16 GMT

My Citi Forward is what I consider low APR (and its my lowest), 12.74% but it is variable.

My only fixed APR card is my Wells Fargo @ 13.49%

But I really don't care bc I also pay in full, or within 2 months for large purchases. If I can't afford to PIF within 2 months I don't buy it!

Re: How Many myFICO Fans Have Fixed Low Interest Cards

clocktick — Thu, 16 Jun 2011 03:09:42 GMT

I got 2 Citi offers in the mail for 0%, 21 months. One was Diamond Preferred and the other was the Platinum. I also got one for Discover a couple of days ago and believe that was 0% for 12 months.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Watchmann — Thu, 16 Jun 2011 03:33:43 GMT

I've got a Prime + 2.5% (currently 5.75%) fixed rate AMEX Platinum Optima card that I've had since 1990. It has a $37,900 CL but I've never revolved anything on it, that's not the point of a credit card, imo. You use it and PIF each month.

Zero percent introductory cards are a trap, nothing more. No business can stay in business loaning money for free unless many of those people have balances owing when the introductory period expires, or they miss a payment, etc.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

MarineVietVet — Thu, 16 Jun 2011 04:21:03 GMT

@veracious wrote:
Thanks for your reply, DI.

So you are one of the persons who have never carried a balance on a CC ?

If you have carried a balance, was it on a low interest card ?
I was wondering why no one ever says they have a sub 7% card. They are available.
I realize rewards cards are the rage but what if you had to carry a large balance for 6 or 8 months.

What would you do ?

Hi veracious,

@Anonymous lowest APR card is a BoA @ 7.9%. I only use it to pay my XM radio bill (about $16) each month. I guess if I had to carry a balance for a few months this is the one I'd use.

I think it's interesting that there is much talk around the Forums that seems to equate carrying a balance as some sort of death sentence and/or a mortal sin.

Now while I am among those that recommend always trying to never carry a balance forward I've lived long enough to realize that in the real world things happen and our plans of never carrying a balance or paying interest goes out the window.

I take with a grain of salt anyone who says they've never carried a balance.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: How Many myFICO Fans Have Fixed Low Interest Cards

android01 — Thu, 16 Jun 2011 04:28:53 GMT

I have an Ameriprise card at 9.24%. I've never carried a balance on it. I've carried many balances on CC's over the years because as others have noted, life happens, and I was very fortunate to have had those TL's when i really needed them. Currently if I have to carry a balance, I'll use a LOC rather than a CC.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

laz98 — Thu, 16 Jun 2011 04:40:48 GMT

@MarineVietVet wrote:
Hi veracious,
@Anonymous lowest APR card is a BoA @ 7.9%. I only use it to pay my XM radio bill (about $16) each month. I guess if I had to carry a balance for a few months this is the one I'd use.

I think it's interesting that there is much talk around the Forums that seems to equate carrying a balance as some sort of death sentence and/or a mortal sin.

Now while I am among those that recommend always trying to never carry a balance forward I've lived long enough to realize that in the real world things happen and our plans of never carrying a balance or paying interest goes out the window.

I take with a grain of salt anyone who says they've never carried a balance.

that's what our bank of america card is at! i heart you, MVV your posts make me smile.

actually, our card stayed at that rate because we stopped using it. bank of america sent us a letter saying they were going to ratejack us if we kept using the card. so we stopped. didn't use it for probably 2 years or more. just started using it like 2 months ago, for a charitable contribution every month. haven't changed our APR.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Anonymous — Thu, 16 Jun 2011 04:48:27 GMT

Our lowest rate card is our local CU, it sits at 8.25%. This is definitely where we would carry any balance. Last year we needed to carry a balance of $8,000 and also used a LOC for this rather than a CC. Unfortunately the LOC (from the same CU) was a much higher interest rate (12.25%) and we paid that baby into the ground as fast as we could. For us it was definitely Rice and beans, baby, rice and beans. (With Frank's Hot Sauce btw)

If I ever flinched at throwing every dollar into that thing, I just opened up my Excel spreadsheet and checked out the blasted accumulated and future interest. That's what kept us eager to pay that dog off. Still adrenalizes me.

(I have to say that our other friendly CU, which we also have a history with, is not nearly as consumer friendly. But we love this one and use it fairly heavily).

Sorry if I started drifting off topic.......

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Anonymous — Thu, 16 Jun 2011 07:04:48 GMT

I PIF so interest rate does not matter..

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Anonymous — Thu, 16 Jun 2011 07:46:38 GMT

@veracious wrote:
Just curious if people have these fixed low interest cards. How do you treat your cards ?

Do you use them regularly or only every few months?
Did you plan on having a low interest card in case you need to carry a balance for a few months.

Or do you just intend to app for the latest card with the latest introductory 0% interest rate as needed?

Thanks for any replies

I PIF the balance same as other members. I've carried balance before when I have to, but it was during the 0% APR period and I apped for another 0% APR cc then BTd from one to another. So, I've never paid interest on my ccs.

What I do ~ If I have to carry the balance?

Well, definitely I will use my lowest APR cc is sure. It will be NFCU nRewards with 7.99% and this is lower than personal loan APR ... I believe. This card is my back-up card, and I only use this once in a 6 months to keep it active.

May be ~ but I don't have any plan to app for one right now. If I do so, it would be replacement on my Citi thankyou card.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

DI — Thu, 16 Jun 2011 09:38:02 GMT

@veracious wrote:
Thanks for your reply, DI.

So you are one of the persons who have never carried a balance on a CC ?

If you have carried a balance, was it on a low interest card ?
I was wondering why no one ever says they have a sub 7% card. They are available.
I realize rewards cards are the rage but what if you had to carry a large balance for 6 or 8 months.

What would you do ?

I haven't carried a balance since 2004. I had only one card and it was a Capital One card with a $750 or less credit line. In 2008, I got a second card from BOA that offered 0% interest on BTs with no BT fee(before the financial crisis). I put the money in a savings account(when EmigrantDirect savings interest was 5.15). It was't until 2009 when I applied and received multiple cards.

Now, when ever I receive a new card that usually come with a 0% interest in purchases for so many months, I let a balance less than 1% report. I am not a big spender. Therefore, I have no credit card debt. The card that I currently have with the 0% on purchases is my new Chase Freedom card. The 0% rate expires in October 2011.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

kc12286 — Thu, 16 Jun 2011 10:34:28 GMT

@veracious wrote:
Just curious if people have these fixed low interest cards. How do you treat your cards ?

Do you use them regularly or only every few months?
Did you plan on having a low interest card in case you need to carry a balance for a few months.

Or do you just intend to app for the latest card with the latest introductory 0% interest rate as needed?

Thanks for any replies

I did have a fixed rate low interest card through Commerce Bank. It was 7%. no late fee, no overlimit fee, $500 limit and 3 points per $1. Unfortunately when TD Bank bought out Commerce Bank and merged the two together, they changed my rate to a variable rate of 14.24$ and changed the rewards program.

I have not seen any fixed low interest rate cards, save for an error on Discover's website.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Anonymous — Thu, 16 Jun 2011 13:32:42 GMT

This actually brings up a question for me. My lowest card is 9.24% and it is variable, yet it has been 9.24% for as long as I can remember. Does the "variable-ness" only go into effect if you carry a balance? Or does it just not change very often?

Re: How Many myFICO Fans Have Fixed Low Interest Cards

Anonymous — Thu, 16 Jun 2011 15:04:31 GMT

There are many low APR cards available from credit unions. Some of them are fixed rate, some variable.

Here are a few current examples:

UFCU - 6.9 fixed

First Tech Fed - 7.25 variable

PSECU - 9.9 fixed

I have several rewards cards, but my favorite is my non-rewards PSECU card.

I like it because of the flexibility it offers -- high limit, 2.9 balance transfers, 9.9 if carrying a balance, emergency loans, and so on.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

kc12286 — Thu, 16 Jun 2011 15:07:00 GMT

@Anonymous wrote:
There are many low APR cards available from credit unions. Some of them are fixed rate, some variable.

Here are a few current examples:

   UFCU - 6.9 fixed

   First Tech Fed - 7.25 variable

   PSECU - 9.9 fixed

I have several rewards cards, but my favorite is my non-rewards PSECU card.

I like it because of the flexibility it offers -- high limit, 2.9 balance transfers, 9.9 if carrying a balance, emergency loans, and so on.

Which of these credit unions are open to "anyone" ? It seems they offer great cards and great rewards cards.

Re: How Many myFICO Fans Have Fixed Low Interest Cards

cahiatt — Thu, 16 Jun 2011 15:27:48 GMT

I used to have a UPS branded card from MBNA with a 7.45% fixed rate. I would usually PIF but if I had to carry over $1000 one month it didn't hurt so much. They were since bought out by BofA. Rate went to 23.9% and they eliminated the grace period. Cancelled that card the next day....

I still have an Elan Visa from my credit union. It was 7.9% for years up until last month. Credit union sold the card rights outright to them a few years back. They finally got around to sticking it to me. They bumped the rate to 14.9% (not that bad) and eliminated the grace period also. Will keep it since it is an old tradeline but not going to use it as much.

Elan told me the increase was due to net profitibality on the account. I told them the net profitibality on this account was going to 0 for them.... Start using another card for daily use I guess. I don't carry over balances unless I have to or can take advantage of a 0% deal.