Should I accept a card with high APR? What card should I get next?

[FinStar]

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@Anonymous wrote:

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@FinStar wrote:

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I'm not sure where the comment justifies a potential "failure" since the poster clearly stated they PIF and carry no balances.  

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Right, but he's saying that life happens and while PIF / carrying no balances is a practice now, there's a chance it could not be in the future.  And, based on that, they wouldn't take on a high interest credit card now due to something that may or may not happen at some point.

Maybe my phrasing of "planning" to fail is a bit off and perhaps "preparing" to fail or "in case" of failing is more fitting.

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Gotcha, that makes more sense. 

[Anonymous]

Hey guys I typed up a whole long ass post before lol but idk why it didn’t post, I wanted to ask what cards I should get next, I have a few different cards but my main ones I use are my PayPal MC which gives 2% on everything and discover it card which gives 2% back on gas and restaurants, I’ve had PayPal for like 5 months and the discover for 3.5 years. I also have a Wells Fargo card which I’ve had for 4 years, AAoA is about 2 years I believe. My score right now is around 690 with 22% utilization, I’m waiting on my WF card to go from 97% to 0% it should show up on my credit next week, then my overall utilization should drop to under 9%. I’ve never been late or missed any sort of payment on anything. My goal right now is to get the chase freedom for 5% and the discover cb card for 5%. I know these are on certain categories every quarter, my question is what other kind of card should I get? i Don’t reallt travel maybe like 2-3 times a year but I am planning a trip in about a month or two and was thinking of just getting a discover travel card for initial bonus and no annual fee to pay for this little trip. Do u guys recommend any other card I should get? My score should shoot up over 700 when my WF payment posts, and I have been pre qualified for discover cb card, citi card(I forgot which one but it’s the one that gives u thank u points and the 2% card) and cap one savor cards all with exact APR in those pre quals.

I’ve only opened 3-4 cards in the past 2 years, a couple of other cards on my hit list are WF propel, Amex cash magnet, Apple Card(just cause it looks cool lol), and the Us bank card that gives u 5% on categories u choose. What are you guys thoughts on what I should get on top of the chase freedom and discover cb card?

[Anonymous]

Also I spend most of my money at Walmart/target, restaurants, fast food, and movies/bowling. Another thing I was pre qualified for the BofA cash rewards card but not with an exact apr. that was on my list as well

If I left any info out that would help determine which cards are best to help MAXIMIZE my rewards please let me know! I’ve learned quite a bit from this site and it’s helped me out! Thanks

[Keatonsdaddy]

I have a few cards with high APR but that didn't bother me because I planned on PIF anyway. If you are looking to balance transfer/carry any balances I would probably wait and build up a little more....

[ZackAttack]

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@Anonymous wrote:
I’ve been pre qualified for a couple of rewards/cash back cards but they’re putting my interest at over 23% apr, now I am planning on paying in full, but it just seems like I’ve seen a few people on the forum talk about getting approved on cards with high interest and then declining them because of that reason. Should I just continue to build up my score to qualify on a better rate? Or am I able to lower interest? I have a PayPal MC I accepted when they sent me a pre qual letter when my score was not so good and I got a 29% apr (highest I have) but I pay in full anyway. There may be a slight chance of not being paid in full every single month but not like I’m gonna carry any crazy balances. Should I accept a card with a high apr? Or continue to build credit and try and get a lower one later? My pre qual was on a discover Cashback card with 24% interest, and Amex was like 23 I believe something like that. My scores are currently around 690 utilization overall is 22% which should drop to under 10% when my Wells Fargo card goes from a 97% utilization to a <1% cause i just paid it. AAoA is 2 years with my WF card being the oldest at 4 years old. I also currently have a discover gas/restaurant card as my
Second oldest at like 3.5 yrs. they just gave me a $1000 increase from 1500-2500 about a month and a half ago when I paid that one off and also my apr on that one is about 20%. Trying to give as much info as possible to get the most accurate answers. Please let me know if I missed any info.

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I have been poking around and APR doesn't matter if you pay in full or have 0% financing on a certain purchase. I know I have about $500 /3k on my Best Buy Card that is 0% financing that I know will help me to get that payment down before that financing goes and all that interest is added to my account.

Besides that, I say Amex has a pretty good Plan it feature. I know I was offered it for a $1,400.00 purchase for school shopping. Obviously, if I didn't have the promo my APR is 22.99% and it would suck having to pay that down with high interest. That is why Amex has a plan it feature which would change that $1,400 to a monthly part of a payment for X months. You may see that APR for that purchase gets something like 1% APR fee (better than 22.99% APR).

^^ Another way to avoid that is do a Balance Transfer, but depends on the credit card you are transferring to and if they have a 0% BT APR Financing and/or Balance Transfer Fee.

Not sure how much that will help you, but it all depends on what your needs will be in the future. Don't go for cards that won't benefit you at all. I for sure have Amex Cashmagnet which soon will be swapped to BCE just to the grocery 3% Cashback when I am older.