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munky
Joined: 06 Aug 2005
Posts: 13
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 Posted: Fri Apr 14, 2006 4:50 pm Post subject: Low interest rate credit cards? |
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does anyone know where i can all the list of low apr cards?
this article says to opt for low rate cards if you can get one (http://www.moneysavingfreetips.com/low-rate-credit-cards.html)
"You have 2500$ of debt on your credit card and you make minimum payments each month of 2.5% (assuming you don't add additional charges on the card). With an APR (Annual Percentage Rate) of 18%, it would take you more than 20 years to pay off the 2500$ debt. And what's more, you will have paid $3366 in interest payments alone!
- On the other hand, if you lock in a fixed interest rate of 12.99% on that 2500$ of credit card debt, you can pay off that debt in 15.2 years. The total interest payments you will have made in that period would be about $1735. Thus, $3365 (with the 18% APR) - $1735 (with the 12.99% APR) results in savings of $1630!" |
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altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
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| Posted: Tue Apr 18, 2006 10:13 pm Post subject: |
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Better advice - IMO - is to not have debt on credit cards in the first place. They overcharge... if you spend within your means, you can actually use credit cards much more effectively and earn a month's free interest on all your CC spend.
Aaron
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iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
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| Posted: Wed Apr 19, 2006 3:53 am Post subject: |
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| altyfc wrote: |
Better advice - IMO - is to not have debt on credit cards in the first place.
Aaron |
Can't disagree there.
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24Hours
Joined: 11 Aug 2006
Posts: 95
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| Posted: Tue Aug 15, 2006 4:08 pm Post subject: |
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What about transfers to no interest credit cards, to help you pay down the debt faster. You can also call up and negotiate better rates on the current debt.
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iFinancialAdviser
Site Admin
Joined: 28 Dec 2004
Posts: 1699
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| Posted: Mon Aug 21, 2006 1:47 am Post subject: |
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| 24Hours wrote: |
| You can also call up and negotiate better rates on the current debt. |
Yeah, it's pretty important to call them up and keep demanding better rates. Banks and credit card companies always want to keep you, so there is a good chance that you can get a better rate.
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24Hours
Joined: 11 Aug 2006
Posts: 95
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| Posted: Mon Aug 21, 2006 3:50 am Post subject: |
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I guess the best one could do is call your rear end off to get the rates lowered as best you can, and then transfer the highest one to a no interest rate card (introductory offer, etc.) if possible and coordinate it for faster payoff..
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Money-Helper
Joined: 02 Aug 2007
Posts: 76
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| Posted: Sat Aug 04, 2007 8:35 pm Post subject: |
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| The advice of no credit debt is obvious, but for most families it is unrealistic. Stick to keeping your balances low, avoiding store credit cards (which typically charge higher interest) and always pay on time. |
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altyfc
Joined: 29 Dec 2004
Posts: 1232
Location: Aardvarkland
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| Posted: Tue Aug 07, 2007 12:45 pm Post subject: |
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Is it so obvious, though? I think some people get into debt and don't really think about it...
I am also not sure that I agree that it is unrealistic for most families. You could put forward the argument that ideally one shouldn't be starting a family if one doesn't have the funds to support one. Is that fair, or am I being too harsh?
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