Getting a new card please help

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Nickatron
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Getting a new card please help

Postby Nickatron » Fri Sep 07, 2012 6:03 pm

I got an offer in the mail for the American Express Blue Cash Everyday card the other day, and was thinking about accepting it because I want a good rewards card.

Why are the interest rates on cards so high? The American Express Blue Cash Everyday is 17.24%

I have a card that is 7.9%

Are there any good cards that offer 5.9% or lower APR?


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djrez4
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Postby djrez4 » Fri Sep 07, 2012 6:24 pm

I think the general consensus you'll get around here is that interest rates don't matter if you don't carry a balance.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

jeffysdad
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Postby jeffysdad » Sat Sep 08, 2012 8:23 am

And if you do carry a balance, or anticipate doing so, then you should consider a non-rewards card like Chase Slate. Non-rewards cards generally charge lower interest. However, if you do happen to have a rewards card, like Chase Freedom, that you've had for a while, a newly opened Slate might charge a higher interest rate.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

craigm1
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Postby craigm1 » Sat Sep 08, 2012 12:33 pm

jeffysdad wrote:And if you do carry a balance, or anticipate doing so, then you should consider a non-rewards card like Chase Slate. Non-rewards cards generally charge lower interest. However, if you do happen to have a rewards card, like Chase Freedom, that you've had for a while, a newly opened Slate might charge a higher interest rate.


I have a slate that I converted to a freedom and they kept the 7.99 interest rate!!!!!
Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
Chase Freedom CL 7.5k member since 04
Chase Marriot Rewards Premier CL 20k member since 13
Chase Sapphire Preferred CL 25K member since 13
Bank Americard Cash Rewards Signature Visa CL 14k member since 11
Discover Cashback Bonus $10.5k member since 11
US Bank Cash + Signature Visa 19k member since 12
Citibank Thank You Preffered World Mastercard $16.5k member since 14

Crashem
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Postby Crashem » Mon Sep 10, 2012 10:01 am

Reward cards typically have higher interest rates to "pay" for the rewards. Not worth keeping balance on card to get rewards. Lowest non promotional interest rate I know of is 7.25%. also you can ask your cards for reductions in interest rates every once in a while.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k



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