Reeds Jewelers credit card costs too much! Transfer balance?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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majka
 
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Reeds Jewelers credit card costs too much! Transfer balance?

Postby majka » Thu May 09, 2013 11:50 pm

Please explain what options would be for someone with below average credit who is carrying a $1200 purchase on the Reeds credit card for a gold necklace that was financed. The interest rate on the card is almost 29% and the financing is deferred with back interest charges if it doesn't get paid off before 1 year.


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Z06Biker
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Postby Z06Biker » Fri May 10, 2013 3:01 pm

The problem with having below-average credit is that the credit cards designed for that tier similarly feature relatively high APR's.

You can try this tool to see if there's something that would offer you better terms:

[cap one card finder].[/cap one card finder]
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

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FastSRT8
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Postby FastSRT8 » Fri May 10, 2013 9:03 pm

Get a line of credit from your bank and use that to pay off the credit card from Reeds Jewelers. 29% is crazy.
Carpe diem quam minimum credula postero!

im_mr_awesome
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Postby im_mr_awesome » Sun May 12, 2013 10:06 am

Agreed. A bank loan or line of credit will top out around 20% and depending on the bank (especially credit unions) you may get something much lower around 10%. Totally depends on your scores and maybe your income and history with the bank.
Scores on the mend...
FICO: 654 (7/2017, AMEX), Vantage: 663 (CK)
Cards I Use Amex Premier Rewards Gold, Discover IT, Capital One QuickSilver MC, Amex Gold Delta (for the free bag)
Sock Drawer Chase Amazon, AE Visa, CareCredit, several store cards for util padding
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majka
 
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Location: SE

Postby majka » Sun May 12, 2013 1:56 pm

That you for the replies. Will see if I can get a lower rate elsewhere and will report back what happens.



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