cancel
Showing results for 
Search instead for 
Did you mean: 

Average credit card interest rates: Week of Dec 1

mppaul271
Frequent Contributor

Average credit card interest rates: Week of Dec 1

The article mentions FNBO Evergreen card recently reduced APR and now is one of the most competitive cashback cards.

 

Average credit card interest rates: Dec. 1, 2021, | CreditCards.com

Message 1 of 7
6 REPLIES 6
Andypanda
Established Contributor

Re: Average credit card interest rates: Week of Dec 1

If you are paying any interest on a credit card, you are paying too much, just PIF. If you need to borrow money, there are better places.

Message 2 of 7
Yasselife
Established Contributor

Re: Average credit card interest rates: Week of Dec 1

@Andypanda 

+1 

can you point out those places?


Message 3 of 7
4sallypat
Valued Contributor

Re: Average credit card interest rates: Week of Dec 1

FNBO has definitely an advantage over most cards.

 

Just got their Business FNBO and 2% off everything with no limits/caps are amazing!

Message 4 of 7
increasingmyfico
Regular Contributor

Re: Average credit card interest rates: Week of Dec 1

@Andypanda 

That is a broad ymmv statement. I have a card with my cu at 8.9%. If I float anything it goes there. Where can you do better at on a personal loan? There may be some options but they are few and in between. If you take one out you have a new inquiry, new account and all that to account for now as well. PIF should always be the goal, but depending on the card carry a balance isn't a death sentence. Like everything else in life you just need to be strategic with it. 


Message 5 of 7
audioman00
Regular Contributor

Re: Average credit card interest rates: Week of Dec 1

@increasingmyfico 

 

With a relationship, you can generally borrow at under 2% using an unsecured credit facility if the bank is familiar with your assets. 

 

Without a relationship, unsecured PLs at 5.99% at DCU, HSBC, Marcus, etc. If you are a prime borrower, there's no way you should be paying more than this in the current interest rate environment.

Message 6 of 7
iced
Valued Contributor

Re: Average credit card interest rates: Week of Dec 1


@increasingmyfico wrote:

@Andypanda 

That is a broad ymmv statement. I have a card with my cu at 8.9%. If I float anything it goes there. Where can you do better at on a personal loan? There may be some options but they are few and in between. If you take one out you have a new inquiry, new account and all that to account for now as well. PIF should always be the goal, but depending on the card carry a balance isn't a death sentence. Like everything else in life you just need to be strategic with it. 


Amex is blasting out pre-approvals for personal loans @4.98%. DCU has personal loans @5.99% on their loan suite. Chase and Citi both are trying to get me to take a low-rate personal loan. Every bank I have an account with is tripping over themselves to throw out loans to people with rates lower than the best credit card APRs.

 

Carrying a balance for a bit on credit cards isn't a death sentence, but it's not brilliance either. It's a stop-gap to float something a few months, not to carry debt for a few years.

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.