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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
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 ?
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?
@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.
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!
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.
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.
@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".
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.