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Discussion in 'Community Discussion' started by waloshin, Feb 7, 2011.
No annual fee, low intrest Credit card?
Is it possible?
Depends on what you call low interest and if you find value in the 'lower' interest for 90 days to a year or not.
If you can get a cc from a credit union in Texas that is locally sourced the APR is limited to 9.9%. Most banks and credit unions have gone to using out of state cc companies to get a higher rate. One cu with such a rate is Austin Telco FCU (atfcu.org) at 9.90% for Visa.
Low intrest is anything below the national standard of 19.9%.
imo, if the interest on a credit card is ever relevant, you are misusing your credit card.
But then again, I pay my entire credit card off every month and mainly use it for security reasons.
I have an AmEx and Chase Visa that are both well under 19.9% and have no fee, but I would hardly call 19.9 low interest.
Not that I care what my interest rate is as I always pay off my card in full each month. They could raise it to 50% for all I care, I still won't pay a dime more than I do now.
19.99%? Wow, all three of mine are under 10% and have no annual fee.
Huh, I just looked at mine too and it is 9.99% with no fees
Nice. Makes it easier if I forget to have an automatic payment at some point lol.
If you have good credit history is easy. Sounds like your credit is not that good because the highest interest rate I have had was at 19.99%. I know both my cards are below that now but I honestly do not know what it is because I pay my card off in full every month so I do not pay interest.
Hell AMEX keeps increasing my credit limit for some reason. Not that it changes my spending habits. Only thing it does make it easier for me when I have to pay for school. Instead of having to pay off the card right afterwards to free up the credit limit now I just pay it off when the bill comes.
I use my credit card now days to track cash flow. I could run completely out of my bank account but I find it easier to just deal with a few bills a months and transfer money from savings if I need to so my checking account balance stays low.
I have Discover Card... I don't know what my interest rate is, but there's no yearly fee. It might be 17.5%?
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Student cards usually have those characteristics, but they are (obviously) for students only and only have a 500$ limit.
Instead of looking for credit card to roll high interest care, get a fixed interest loan to pay off credit card balance. And always pay balance in full.
USAA lowered the interest on my AMEX in January to 8.9%. That's not promotional. I really like USAA.
Pay it off every month and you have a 0% interest rate .
I never carry over a balance. I was just impressed that in this day and age, a company would send me a notice out of the blue telling me they were lowering my interest rate below anything else I've seen.
How'd y'all swing that?
Good credit for many years.
Exactly. All of my CCs have interest rates below 10% as well.
I pay off my balance in full as it comes due each month. In the almost 20 years I've had CCs, I've never let a balance carry past the due date.
Ah ok. I'm 24 and have never missed a payment. I guess since I've only had them since I was 20 then it takes a while for them to offer you better interest.
I have a question that I've heard different theories on. I have a credit card with a $2,000 spending limit that was my first card when I was 20. It is paid off and I never use it anymore and has been sitting dormant if you will for the last year.
Should I close it?
No. Use it to make a purchase here and there, and pay it off as it comes due. It will help your credit score to use it this way.
I've only had credit cards in the US since around 2001. I got one when I was in school in the US back then (it had a low limit, something like $2,000). I used it regularly until 2003, until I moved back to Canada. I used it every once in a while while in Canada, just to keep it active. When I moved back to the US in 2008, I applied for another CC with the bank I opened accounts with, and they gave me one with no annual fee, a point system, a low interest rate, and a really high limit (almost $20,000). All because I kept that one card active and paid it off in full when due. BTW, my credit score did not transfer over/was not relevant from Canada to the US, so all of that was based on my US experience.
This. Your debt to income ratio affects their offers as well. If my bank or credit union offers me a new card with a much better rate or rewards program, I'll often take it. I never cancel the old one, though. As a result, I could probably go out tomorrow and charge a half-dozen new trucks if I wanted to. I usually just put an automatic payment or two on a card, such as Netflix, iTunes, etc. Then I pay it off at every month. That keeps it active. I'm no expert on managing credit, so I don't know if it helps or hurts. I just pay my bills on time, don't carry credit debt for more than a few months (typically pay it off every month unless it's one of those 0% for 12 months deals), and don't cancel anything. Seems to work for me.
I must be doing something wrong...after 8 years of having a credit card and making my payments in full every time, my rate is 24% on one card and 14% on the other
If you don't have a high debt to income ratio, I'd look around. Just don't apply for anything until you see their high/low rates. I was with a company for years paying 15% and an annual fee because I thought that's what college people had to do. I looked around and got a much lower rate, much higher limit, and rewards program.
Most banks probably aren't going to voluntarily lower your interest rate - you can try calling them and see if they'll lower it.
The rate on most of my cards is around 15%, but I pay off each month so I really don't care what the interest rate is.