Average credit card interest rates: Week of Dec 1

[MySunrise271]

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

[Andypanda]

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.

[Yasselife]

@Andypanda 

+1 

can you point out those places?

[4sallypat]

FNBO has definitely an advantage over most cards.

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

[increasingmyfico]

@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. 

[audioman00]

@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.

[iced]

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@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. 

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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.