- Centurion Member
- Posts: 271
- Joined: Fri Jun 07, 2013 9:46 am
- Location: Broward County FL
Several cards offer different rewards. I like my Discover because of the 5% categories, American Express has great offers and high limits, and I'm a frequent Target shopper (free shipping online and 5% off).
If you want to balance transfer, the Chase slate has no balance transfer fee upon opening and you can get 0% financing (for a while at least).
I really would ask for a permanent decrease in APR, even if it's not 17.9% like I said. They can give you a counter offer if they're interested. Your interest rate is way too high. My Discover card has 21.9% APR which I still think is too high!
I understand you're in a tough spot right now, but borrowing more money to pay off a balance can get you into even more hot water if you have a hard time paying that off. If you borrow money from your house to pay off a credit card, then you're turning your unsecured debt into secured (Discover can close your account and put it into repayment, but at least you still have a house).
I'm sure if you only make minimum payments then you can lower your score to reduce your mortgage. What is your current rate?
When negotiating to eliminate the balance you owe, mention the amount due to interest. How much is that? Can they reduce how much you owe? (Without taking an entire $7000 off the bill)
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)
Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates