Prime+7.99% Is that good for a CC?

[Gaard]

I keep reading where people are getting these fantastic rates on their CCs so I called up Chase and asked them what they could do for me. I told them I've had a Chase Visa for over 6 years at Prime+9.99% and told them I was considering cancelling unless they could lower the interest rate at all. The best she said she could do is lower it to Prime+7.99 (which is about 12.74% right now). That's a sucky rate, isn't it?

 

[ATLien247]

That is a VERY sucky rate!

If it were just 7.99% APR, then we're talking decent...

 

[Rob9874]

Well, isn't prime like 1.XX% right now. If 7.99% is decent, then prime + 7.99% isn't much more. I could be wrong though.

 

[FelixDeCat]

Credit cards are evil. However if you insist on having one that sounds like a "happy, lucky" rate to me.

 

[Demon-Xanth]

That's not that good of a rate. I just threw an offer away for Prime+0%. I have a fixed rate card for 7.9%. My first card (when I had just barely had a job) was 15% fixed. Hold off for something better. (my first CC offer was when I was 12 years old)

 

[RossMAN]

That's a luke warm rate, if you are looking for a good rate on new balance transfer cards I think the CitiBank Dividend Platinum Select Card (under Rewards) has one of the best offers out there.

1% flat cash rebate on purchases.
0% APR on balance transfers for 12 months (FREE LOAN !!!)
$0 Annual Fee

 

[Amused]

Originally posted by: Gaard
I keep reading where people are getting these fantastic rates on their CCs so I called up Chase and asked them what they could do for me. I told them I've had a Chase Visa for over 6 years at Prime+9.99% and told them I was considering cancelling unless they could lower the interest rate at all. The best she said she could do is lower it to Prime+7.99 (which is about 12.74% right now). That's a sucky rate, isn't it?

Yeah, that's not that great, but it's not awful, either. It depends on your credit history.

My MC is 7.9% fixed. I got that from my bank, National City.

I my experience, you'll be hard pressed to get a good rate (beyond promotional rates) from the major CC companies, Citi, Chase, and Capital One. Call National City, see what they can offer you.

 

[Gaard]

Originally posted by: RossMAN
That's a luke warm rate, if you are looking for a good rate on new balance transfer cards I think the CitiBank Dividend Platinum Select Card (under Rewards) has one of the best offers out there.

1% flat cash rebate on purchases.
0% APR on balance transfers for 12 months (FREE LOAN !!!)
$0 Annual Fee

That sounds great. Any idea what the rate is after 12 months?

<---checking your link right now.

 

[RossMAN]

Originally posted by: Gaard

Originally posted by: RossMAN
That's a luke warm rate, if you are looking for a good rate on new balance transfer cards I think the CitiBank Dividend Platinum Select Card (under Rewards) has one of the best offers out there.

1% flat cash rebate on purchases.
0% APR on balance transfers for 12 months (FREE LOAN !!!)
$0 Annual Fee

That sounds great. Any idea what the rate is after 12 months?

<---checking your link right now.

I honestly don't know ... after my CitiBank cc was open for 12 months I received a special offer via snail mail for 3.9% FOR LIFE of my loan until it's paidoff. So I max'd out $5k and paid off other cc's which had high rates of 9-16%.

 

[kherman]

Originally posted by: Gaard
I keep reading where people are getting these fantastic rates on their CCs so I called up Chase and asked them what they could do for me. I told them I've had a Chase Visa for over 6 years at Prime+9.99% and told them I was considering cancelling unless they could lower the interest rate at all. The best she said she could do is lower it to Prime+7.99 (which is about 12.74% right now). That's a sucky rate, isn't it?

12-13 is good right now for a CC. It shouldn't matter though. If you can't afford to pay off the CC every month, you can't afford a CC. Cut the card in half!

 

[Gaard]

It's 9.74% after 12 months. That's not too bad...unless they mean Prime+9.74%....never really understood all this interest mumbo-jumbo).

 

[Gaard]

Originally posted by: kherman

Originally posted by: Gaard
I keep reading where people are getting these fantastic rates on their CCs so I called up Chase and asked them what they could do for me. I told them I've had a Chase Visa for over 6 years at Prime+9.99% and told them I was considering cancelling unless they could lower the interest rate at all. The best she said she could do is lower it to Prime+7.99 (which is about 12.74% right now). That's a sucky rate, isn't it?

12-13 is good right now for a CC. It shouldn't matter though. If you can't afford to pay off the CC every month, you can't afford a CC. Cut the card in half!

Are you crazy!!! And miss out on all the Hot Deals??!!!

Actually, I carry around a $2000 balance on one and the other one is at $800 right now (but shoved in a drawer somewhere, haven't used it in about a year) For the last few payments on the big on I've been paying off the purchases for the month plus $200. Usually comes out to around $300. They should both be paid off by spring, but I'd still like to have as low a rate as possible.

A1 - You wouldn't happen to have National's number on you would you?

 

[kranky]

Don't forget that all credit card offers aren't available to everyone. If someone says they have a Prime + 1% from XYZ Bank, that doesn't mean you can get it too. Your past credit history is a factor. So is theirs.

The longer I go without carrying a balance, the better the offers I get. Yesterday I got an offer from Discover for 0% interest for 18 months. I don't care, because I refuse to carry a balance. Yes, it's good to shop around, but sometimes you take what you can get.

And since they all have the right to change the rate at any time, what they might give you this month might be taken away next month. I know of card issuers that offer a "fixed 7.99% APR" -- until you start racking up a balance, then they jack the rate up to 18%. Yeah, it's legal. You have the right to move your balance somewhere else, but they are hoping you can't get another card.

The point is don't lose sleep over tiny differences in APR. If you pay in full every month, it won't even matter.