Looking for guidance on a new CC.

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
5 posts
DCoffeyVIP
 
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Location: Dallas, TX

Looking for guidance on a new CC.

Postby DCoffeyVIP » Thu Nov 27, 2014 1:15 pm

Afternoon all and Happy Thanksgiving!

Like the title states just looking for a bit of guidance on getting a new Credit Card. I recently took care of all of my Credit Card debt and am under 30% utilization between all of my Credit Cards. Now i'm still pretty fresh to the CC game only 22 at the moment, so i'd prefer to make right choices from now than wait later down the road. Right now my BoA Cash Rewards card 0% is going to be up come December 4th but I can't for the life of me remember the APR that I was given. My Chase Freedom card was my very first one (1 year 7 months ago) from a bank and it has a APR of 22.90% which is way to high to use for day to day transactions unless I plan to pay it off by the end of the month.

So for the new CC i'm looking to hopefully pull off a 5k limit and an APR ranging between 10%-14%. I did receive the new Discover IT in the mail and I believe the APR they were offering me was 12.99%. Now my question is should I just go ahead and pull the trigger on that or are there better options out there? Credit Union of Texas also sent me something in the mail for a CC but I can't find any reviews on it and have not had the chance to go to the Credit Union to get more info as far as APR etc.

I just checked my Credit Score last week on Credit Karma after paying off the majority of my debt and it came up at a 743. Earlier this year when I financed my first car (via the Credit Union) they pulled my Credit Score as a 718, so I assume it's safe to say I fall in a good range for a great APR and a great starting allotment.

Don't know if all of this information is helpful or not or if anyone can give me any better direction than the Discover IT, but just figured i'd ask. Thanks in advance and happy Turkey Day to all. :)


takeshi
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Postby takeshi » Thu Nov 27, 2014 9:14 pm

DCoffeyVIP wrote:Right now my BoA Cash Rewards card 0% is going to be up come December 4th but I can't for the life of me remember the APR that I was given.

You can always call to verify if it wasn't included with the paperwork that came with the card.

DCoffeyVIP wrote:So for the new CC i'm looking to hopefully pull off a 5k limit and an APR ranging between 10%-14%. I did receive the new Discover IT in the mail and I believe the APR they were offering me was 12.99%. Now my question is should I just go ahead and pull the trigger on that or are there better options out there?

We really can't tell you. We don't even know if you'll qualify for what was offered.

As for card recommendations, are the limit and APR your only concerns?

DCoffeyVIP wrote:I just checked my Credit Score last week on Credit Karma after paying off the majority of my debt and it came up at a 743. Earlier this year when I financed my first car (via the Credit Union) they pulled my Credit Score as a 718, so I assume it's safe to say I fall in a good range for a great APR and a great starting allotment.

The CK score really doesn't mean anything. I'm not aware of any creditor that uses it in their decision making. Your credit is probably better than it was but that's really about all you can say based on that data.

DCoffeyVIP
 
Posts: 2
Joined: Thu Nov 27, 2014 12:57 pm
Location: Dallas, TX

Postby DCoffeyVIP » Fri Nov 28, 2014 3:22 pm

takeshi wrote:You can always call to verify if it wasn't included with the paperwork that came with the card.


We really can't tell you. We don't even know if you'll qualify for what was offered.

As for card recommendations, are the limit and APR your only concerns?


The CK score really doesn't mean anything. I'm not aware of any creditor that uses it in their decision making. Your credit is probably better than it was but that's really about all you can say based on that data.


Thanks for all the info, but yes starting limit and APR are my main concerns. I don't want a card with high APR because then it's practically useless unless I pay off the balance every single time at the end of the month which is what I usually do, but in the occasion that I'm not able to i'd prefer not to get hit with a high interest rate.

But I am open to all options.

samhradh
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Postby samhradh » Tue Jan 20, 2015 10:59 pm

You're probably better off with a credit union or a card with a long promo APR of 0%. Lots of cards offer the latter; it's common to find intro APR offers from 15 to 18 months.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

CrisAdams
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Postby CrisAdams » Fri Jan 23, 2015 9:38 am

I checked Credit Karma and it seems the Discover IT card has the best variable rate of 10.99% — 22.99% with 0% for 14 months.



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