HSBC Offer

[Anonymous]

Anyone receive this offer in the mail from HSBC?:

7.99% life of the balance and/or 3.99% through your billing cycle ending in May, 2008?  3% bt fee.  $5 min/$75 max. 

I hate to not use this card, but the APR is 15.49% for access checks, balance transfers and purchases!  I do have 1,195 in reward points that will pay $25.00 when I reach 25,000 pts automatically.

I was thinking a small 3.99% balance transfer would probably  help me to keep offers coming my way.  Moderators what do you think? 

SandyK

Message Edited by sankofa on 12-08-2007 02:03 PM

[Anonymous]

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sankofa wrote:

Anyone receive this offer in the mail from HSBC?:

7.99% life of the balance 0R  3.99% through your billing cycle ending in May, 2008?  3% bt fee.  $5 min/$75 max. 

I hate to not use this card, but the APR is 15.49% for access checks, balance transfers and purchases!  I do have 1,195 in reward points that will pay $25.00 when I reach 25,000 pts automatically.

I was thinking a small 3.99% balance transfer would probably  help me to keep offers coming my way.  Moderators what do you think? 

SandyK

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Okay you ae getting the equivalent of a 1% cash back with this card.  Even though the best way to judge your rewards is by paying in full and cashing in, another method, if you ARE going to carry a balance, is to deduct the 1% from the interest rate.  That makes this card come in at about 14.49.  Not too bad depending on your profile.

[Anonymous]

Thanks Brammy.  I have kept the card because they gave me an unbelievable CL of $15K the first time I applied for the card in 2005.  Hubby and I had a good income and not a lot of debt at that time.  I was afraid to close the card or not use it for fear HSBC would cancel it. 

I wish I had the courage to charge 60% of my credit line to this card at 3.99% because that would eliminate 2 cards.  I don't go over 50% and my highest card right now is at 40% utilization.  I know, 0% offers are meant to be used to the fullest.   

Sandyk

[Anonymous]

If you do just rememebr to keep total uti in line and don't add to the debt on the cards BT'd from....lol!!

[Anonymous]

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Brammy wrote:

If you do just rememebr to keep total uti in line and don't add to the debt on the cards BT'd from....lol!!

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                This was OUR downfall the reason we got in so much

          debt!    We have learned a costly lesson! 

          The information on this forum is excellent!!  It's the discipline that's hard to

          follow in this household here. 

         SandyK

[Anonymous]

Stick the 0 bal cards in the shredder, write down the info and only use them on a rotating basis for Friday pizza night.  When you get the balance paid down.  Tell them to send new cards.....lol!!!  Trust me, that or freeze them in a block of ice in a ziploc bag.  Cards don't respond well to microwave defrosting.

[Anonymous]

Brammy,

Sounds like a plan to me!!! 

Thanks for all your advice. 

SandyK

[Anonymous]

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sankofa wrote:

Brammy,

Sounds like a plan to me!!! 

Thanks for all your advice. 

SandyK

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LOL!! Ask me how I know about hte micro...lol!  Not that I would ever TRY that!  Only a bowl of hot water.