- Centurion Member
- Posts: 3960
- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
Fastphilly wrote:That's the sticky point. It's nearly impossible to find a credit card paying out 2% or more in rewards with a sub 10.99APR. My Credit Union card I earn 1 point for every dollar spent towards rewards (airfare, hotel or merchandise from their rewards website) with a fixed 9.9% APR but now I'm looking for a better rewards program since I'm in aggressive payoff mode on that CU card and I prefer cash back so I'll have to deal with it. There is no way on God's green Earth I'm leaving a revolving balance on a card that high. Reminds me of the old Providian days with that kind of APR LOL!!!
No one who could avoid it would pay even a moderately high APR. So if someone is going to pay them interest, anyway, why not charge a very high APR?
Rewards should really just be an afterthought for people who PIF - or at least don't pay interest.
If I was paying 9.9% interest on $10k, I would focus on doing a no-fee, 0% balance transfer before I thought about more cash back.
Your APR does sound high for someone with your long history, but your utilization is also quite high.
And it's pretty common for cards with great rewards to have bad APRs. I've averaged 4.5% cash back on my Sallie Mae (not counting the small signup bonus) but Barclaycard is still planning on having my 0% jump to 22.99% after the first year.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May