2020 Credit Card Strategy

[CA4Closure]

Now that my FICO scores are in the 828-848 areas, I want to find the lowest APR%. I will be dropping any credit card that is in the 15%+APR range in favor of lowest APR%. My lowest right now is a NFCU Go Rewards at 9.9%. My highest is my Chase Freedom Unlimited at 19.8%. I will ask them to reduce this APR% or I will cancel the card. 

I have found with gasoline cards, to use your reward credit cards like Citi Costco or NFCU AMEX card. With the 3%-4% rebate, you come out ahead so I may cancel my Shell, Unocal 76, Exxon and Chevron cards. 

[simplynoir]

May I ask why the lowest APR is important to you for cards now and in the future?

[AllZero]

Credit Unions are your friend. I'm not familiar with majors with single digit APR.

[FireMedic1]

If you PIF and dont run a balance. Why would it matter? Just curious. My lowest is a 13.4% Disco and that was 3 yrs out of BK on 2cd card.

[AverageJoesCredit]

I think you should look at each card and lender strategically. A Chase card will not really realistically have low apr and they usually dont lower apr so to drop the card on that reason alone doesnt really make sense. Were it Navy and you knew the cards lowest apr was 9% and you were at 17% , maybe i could see you tsking your stand but even then if you know the lender, ie Navy in this exsmple, you would know that 9% was achievable in time. I like you goal just feel its better to go sbout it differently than black and white. Try Grey, its whats for dinner

[Anonymous]

My Lowest APR is Amex Charge card (0% because it requires you PIF each month) . My most used card after Amex is CSR. It has a high APR because that's how Chase offsets the great benefits and perks that come with the card. I only use 2 CC in my wallet at a time (9 more in sock drawer) and PIF every 2 weeks so it doesnt really matter what the APR is on the cards! I wouldn't exclude a card due to APR if you can PIF each month while reaping the rewards/perks of the card!

[SouthJamaica]

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@CA4Closure wrote:

Now that my FICO scores are in the 828-848 areas, I want to find the lowest APR%. I will be dropping any credit card that is in the 15%+APR range in favor of lowest APR%. My lowest right now is a NFCU Go Rewards at 9.9%. My highest is my Chase Freedom Unlimited at 19.8%. I will ask them to reduce this APR% or I will cancel the card. 

I have found with gasoline cards, to use your reward credit cards like Citi Costco or NFCU AMEX card. With the 3%-4% rebate, you come out ahead so I may cancel my Shell, Unocal 76, Exxon and Chevron cards. 

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If you start opening and closing accounts for a minor reason like that, your scores are going to drop quickly.

[GoldenloveNY]

All my cards have 0% APR....because I PIF

[Anonymous]

I can understand wanting them to give you better value with lowering the rate as I felt.. well sometimes feel similarly ha.

But honestly, if you pay off the balance in full every statement cut, you wont be charged interest anyway so does it actually matter? No. It only matters if you are carrying a balance which to maximize rewards, you shouldnt be doing anyway.

[Anonymous]

You'll typically get the lowest interest rate on no-rewards cards. (example: 7.99% top tier lowest rate on NFCU Platinum)

This card also has free balance transfers, so even if I know I need to carry a balance on a particular purchase for a while, I'll make it on a card that earns rewards and then BT it over for free.

IMO, some low rate cards are essential in anyone's portfolio, but I'd refrain from making a blanket interest % requirement of my cards.