Do we really need a stand-alone Low Interest c/c

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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17thWhitePrince
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Do we really need a stand-alone Low Interest c/c

Postby 17thWhitePrince » Thu Sep 08, 2016 12:47 am

Here's a thought ...

When assembling a wallet with all the credit cards one finds useful, is it a good idea to have one low interest credit card as well so that in the event of an unforeseen emergency or perhaps, whenever a large purchase item is needed for the home or office, that the purchase can be made on that c/c and the balance can then be paid off with the least amount of interest added to said balance ??
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|EX 738 | TU 742 |

In 2016 I've increased total CL by $21,000
Only c/c not shown is 'ArtVan' which will be cancelled once it is paid off by Feb 2018

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Re: Do we really need a stand-alone Low Interest c/c

Postby JustRewards » Tue Sep 13, 2016 3:22 pm

It's not a bad thought. I tend to be a pif type of card user so in my case I might worry about never using the card and it getting shut down eventually by the issuer due to inactivity, but for those who might foresee incurring a big balance it might not be a bad call. Personally, I think I would rather maximize my rewards on a big purchase with a rewards card and then maybe open a Chase Slate for a no-free transfer. That way I would have at least 15 months interest-free to pay it down before incurring Slate's not-so-low regular APR. I'm not even sure if there are any really low APR cards out there anymore. I remember Simmons National Bank used to have a non-rewards Visa with a single digit APR but I haven't seen that advertised in several years.

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Re: Do we really need a stand-alone Low Interest c/c

Postby CarefulBuilder14 » Tue Sep 13, 2016 3:38 pm

If you decide you want the Barclaycard Ring (which is a popular card for what you describe, but do your own research and set your own priorities, etc), here is a "back door" link for it that may still work. The front door for the card is currently closed.

http://www.findmybarclaycard.com/barcla ... 9412123446

I personally have no use for such a card.
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17thWhitePrince
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Re: Do we really need a stand-alone Low Interest c/c

Postby 17thWhitePrince » Wed Sep 14, 2016 5:23 am

Another reason I'm asking is because like this year I made a single item purchase of $2200 through "ArtVan furniture" taking advantage of an interest free opportunity till March of 2018. I financed through them and the CL I was approved of was for 5k. But yeah the utilization on that c/c alone was higher than 30% and I was just thinking to avoid putting so much weight on one c/c in terms of percentage I could get a low interest c/c with a high enough CL to avoid those issues in the future.
ImageImageImageImageImage

|EX 738 | TU 742 |

In 2016 I've increased total CL by $21,000
Only c/c not shown is 'ArtVan' which will be cancelled once it is paid off by Feb 2018

2017 Possibilities - Discover It 'NHL' (or just a Discover It) & Huntington Voice Rewards World MasterCard

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Re: Do we really need a stand-alone Low Interest c/c

Postby Tubpbs » Wed Sep 14, 2016 3:05 pm

17thWhitePrince wrote:Another reason I'm asking is because like this year I made a single item purchase of $2200 through "ArtVan furniture" taking advantage of an interest free opportunity till March of 2018. I financed through them and the CL I was approved of was for 5k. But yeah the utilization on that c/c alone was higher than 30% and I was just thinking to avoid putting so much weight on one c/c in terms of percentage I could get a low interest c/c with a high enough CL to avoid those issues in the future.


Many might disagree...but I would recommend a personal line of credit for this. You will get a much lower interest rate. You can pay with your credit card, take cash against the PLOC and pay the CC on time. You'll get whatever rewards you can squeeze out of it and pay it back over time to the PLOC. I have a few. I haven't used them for this purpose yet - they are for emergencies and I suppose utilization padding which I don't really need either but it doesn't hurt.

Check some out. I assume you'll qualify (if you qualify for one) for a much lower APR than you will on any CC.

Nixon has experience here I believe. Not sure who else.
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Re: Do we really need a stand-alone Low Interest c/c

Postby Bacon » Wed Sep 14, 2016 4:50 pm

I have a USAA card for this reason, plus it is the oldest card I own from a credit score standpoint (Dad was in the military and helped me get it a while ago). I don't use it very much but the rate is 10% right now. It has no fee and helps me get discounts on their insurance products (by having the card). Could I get a lower rate with a credit line? Probably but this card serves several purposes..

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Re: Do we really need a stand-alone Low Interest c/c

Postby Tubpbs » Wed Sep 14, 2016 5:44 pm

Bacon wrote:I have a USAA card for this reason, plus it is the oldest card I own from a credit score standpoint (Dad was in the military and helped me get it a while ago). I don't use it very much but the rate is 10% right now. It has no fee and helps me get discounts on their insurance products (by having the card). Could I get a lower rate with a credit line? Probably but this card serves several purposes..


That would make it not a "stand alone low interest cc" - it sounds much more useful than just a low interest cc in a lot of ways. I'd like to get discounts on insurance products.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
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