Large Purchase: Credit Cards vs. Personal Loans?

[RonDawg]

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@bs6054 wrote:

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RonDawg wrote

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Actually I did last year when I thought I was going to have to use it.. I had surgery and I was not sure how high the bill was going to run so I selected it and applied took about 20 seconds for them to come back and say I was approved with 14.5k and 9.25% interest rate.  I really do like US Bank they tend to take care of their customers.

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Is that fixed rate?  The Northwestern site posted earlier has LOC at 7% but that is a variable rate.

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I am not sure if you will find a LOC that has a fixed rate.  Mine is 9.25% that is as low as they go with US Bank but on their PLOC they only have 9.25 and 13.25 from what I can see they don't even review my account so it may be fair to say it is going to stay at 9.25% but one never knows. 

If your looking for a fixed rate loan its better to just get a closed end Personal loan that has a fixed rate besides they tend to be a lower interest rate then a LOC anyways.

[tennisfan78]

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@tennisfan78 wrote:

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@RonDawg wrote:

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@tennisfan78 wrote:

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Speaking of LOC, did you happen to apply for the USBank LOC?  I have been thinking about applying for it too.

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Actually I did last year when I thought I was going to have to use it.. I had surgery and I was not sure how high the bill was going to run so I selected it and applied took about 20 seconds for them to come back and say I was approved with 14.5k and 9.25% interest rate.  I really do like US Bank they tend to take care of their customers.

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Thats awesome. That is a pretty good LOC. Do you happen to remember if you applied online or at the local branch?

I have an expense of about $10,000 coming up, and I am thinking about my options between a personal loan and LOC. Even though the interest rate may be a bit higher, I am leaning more towards LOC. Hoping that I would get approved when i do apply!

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Bump, incase Ron missed my post! Thanks

[kevinjjc]

Also check out Northrop Grumman Federal Credit Union.

They currently have a great BT offer:

• 4.99% fixed APR for life!
• No balance transfer fee.

They also have a good cashback rewards credit card:

• 1.5% cashback on everything.
• No foreign transaction fee.
• It's a MasterCard!

https://www.ngfcu.us/loans/mastercard.aspx

[kevinjjc]

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@bs6054 wrote:

Is that fixed rate?  The Northwestern site posted earlier has LOC at 7% but that is a variable rate.

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The 7% from Northwest Federal Credit Union is actually an unsecured loan, not a line of credit.

[RonDawg]

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@kevinjjc wrote:

Also check out Northrop Grumman Federal Credit Union.

They currently have a great BT offer:

• 4.99% fixed APR for life!
• No balance transfer fee.

They also have a good cashback rewards credit card:

• 1.5% cashback on everything.
• No foreign transaction fee.
• It's a MasterCard!

https://www.ngfcu.us/loans/mastercard.aspx

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Only a Credit Union lol

Actually I have a credit card that offered me -0- balance transfer for the life of the balance.  They only sent it out one time, now we only get 15 or 18 months on that -0- balance transfer.  I think they figured out they made a mistake the first time lol

[CruzImperial]

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@kevinjjc wrote:

Also check out Northrop Grumman Federal Credit Union.

They currently have a great BT offer:

• 4.99% fixed APR for life!
• No balance transfer fee.

They also have a good cashback rewards credit card:

• 1.5% cashback on everything.
• No foreign transaction fee.
• It's a MasterCard!

https://www.ngfcu.us/loans/mastercard.aspx

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I just love this forums

[RonDawg]

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@tennisfan78 wrote:

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@tennisfan78 wrote:

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@RonDawg wrote:

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@tennisfan78 wrote:

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Speaking of LOC, did you happen to apply for the USBank LOC?  I have been thinking about applying for it too.

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Actually I did last year when I thought I was going to have to use it.. I had surgery and I was not sure how high the bill was going to run so I selected it and applied took about 20 seconds for them to come back and say I was approved with 14.5k and 9.25% interest rate.  I really do like US Bank they tend to take care of their customers.

---

Thats awesome. That is a pretty good LOC. Do you happen to remember if you applied online or at the local branch?

I have an expense of about $10,000 coming up, and I am thinking about my options between a personal loan and LOC. Even though the interest rate may be a bit higher, I am leaning more towards LOC. Hoping that I would get approved when i do apply!

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Bump, incase Ron missed my post! Thanks

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Thanks

I did apply online.

I never have time to visit a branch I am way to busy.  I have found though that their personal bankers are very friendly and tend to go the extra mile for you.

Oh and I should also tell you that you do have a banking relationship with US Bank (checking) to get any of their LOCs.  You can open that up online as well.

[tennisfan78]

Thanks for the info Ron!

[RonDawg]

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@tennisfan78 wrote:

Thanks for the info Ron!

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No problem

https://www.usbank.com/loans-lines/unsecured/index.html

[tennisfan78]

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@RonDawg wrote:

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@tennisfan78 wrote:

Thanks for the info Ron!

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No problem

https://www.usbank.com/loans-lines/unsecured/index.html

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Thank you. I am waiting for an inquiry to fall off on EQ in a week and then go for it.