recommend me a low % rate cc

[bob4432]

well, i am going to terminate my only cc and need a replacement that actually respects and wants clients. i have had this cc for over 10yrs and it has been @ 9.5% - i have never been late, actually never really carried a balance on it, it get paid every month. now they go and put the apr to 19.99%. i use the cc for only a couple things like online purchases for the protection factor, and like i said never carry a balance on it, but i don't want something to happen and some charge get stuck in that area where it is somehow not paid on the first billing cycle due to the way they due their cycles and i end up paying % on it.

i have excellent credit, only have the 1 cc, have a low mortgage, no other payments besides electric, phone, cable, internet and cell phones. vehicle is paid off - carry no debt, except condo, but only the original mortgage.

i don't know my credit number but i have never had a late payment on anything, so i would expect it to be high. when i bought my condo got an excellent rate and paid no points, last vehicle we bought we got @ 0% if that helps.

would like to get back to a 9.5% or even lower apr. don't want a lot of inquires to my credit so i am asking you guys for a recommendation.

 

[orakle]

The biggest mistake you can make right now is to close that account. You will be flushing 10 years of excellent credit history down the toilet. Keep that one, and get a card with a lower APR from another company. Just make sure you nurse the old card a little bit; one or two purchases a month should keep it active.

 

[Bateluer]

Originally posted by: orakle
The biggest mistake you can make right now is to close that account. You will be flushing 10 years of excellent credit history down the toilet. Keep that one, and get a card with a lower APR from another company. Just make sure you nurse the old card a little bit; one or two purchases a month should keep it active.

Thanks to the Credit Card Bill of Rights that recently passed, you can probably expect a monthly fee in addition to the rate hike.

Closing it will affect your credit negatively though. I'd call the issuer up and inquire about the rate hike. Depending on your financial and personal situation, I'd say close the card anyway.

 

[sao123]

everyones rates are gping up...even if you open a new CC, youll get a low introductory rate, then after a year its rates will go to 18-20%... it has nothing to do with your credit score, companies just need to mkae up some of their losses due to all the defaults.

 

[frostedflakes]

I have a card through a smaller regional bank and they gave me like a 4.9% rate, and I basically had no credit history before getting the card (just a savings/checking account and a debit card through the same bank). Just checked though and looks like it was bumped up to like 7.25%, maybe the 4.9 was just an intro rate. I don't know, I never really inquired about APR when I got the card because I didn't intend to carry a balance on it. But the smaller community banks aren't really hurting like the large ones I don't think so maybe you'd be able to get a more favorable rate from them, might be worth looking in to at least.

Of course I also don't get any cool rewards programs or anything like that through them, it's just a plain old credit card.

edit: But I'm wondering why you're so worried about the interest rate if you never carry a balance. And as others mentioned closing out your other card could hurt your credit score, so if you do end up getting a new card keep the other account open as well.

 

[DaWhim]

why does the APR matter to you if you don't plan to carry a balance on it?

I always get a card with promotional 0% APR if I intend to carry a balance. when that runs out, I get another one. free loan, so why not?

 

[LS21]

ameriprise world elite is at 4.50% permanent for me
chase freedom is 7.24%
citi dividend plus was at 5.49% on a 19k line, a 7 year old card, then one day they mailed me a new one and said destroy the old one... new one is 14.99% on 9k

 

[bignateyk]

Originally posted by: bob4432
i have never been late, actually never really carried a balance on it, it get paid every month.

Then why do you care if the rate goes up?

 

[Spook]

I think we're all in for a little shock as we see most if not all the credit card rates go up in the near future. If you change your card now, I believe that It will become a series of CC changes that you make just because your looking for a lower rate. You don't carry a balance on the card you have now, so, as of right now, you don't get charged any more for having the card at any rate. So, keep this card, and use it as you have been, and wait until this period in credit increases, and fees settles out... then see what the best deal is. Just my opinion. Its what I'm going to do, I haven't had the rate hike yet, but I assume its coming... Just hoping not to get monthly fees, that is probably the deal breaker.

 

[Jadow]

I've got 9 grand on a 0% balance transfer offer (thanks State Farm) that expires in Oct. I doubt I'll be able to roll it over to another 0%. If I can't find anything less than 2.9% (and no BT fees), I'm going to bite the bullet and pay it off.

 

[bob4432]

the reason i care about the apr is sometimes a couple purchases get into a weird situation where they don't end up on the a bill but show up on the next and somehow there is a small amount of interest paid. it is more principle than anything else. i honestly don't know how this happens because when i get the bill i will pay exactly what it is + whatever i have outstanding.

as far as a monthly fee, not yet, so it sounds after this discussion that i will keep it and just not use it and see if i can find another.

how does closing a cc hurt your credit? sorry, i am ignorant to how credit scores are calculated. fwiw, i think the card is from FIA, so those of you that have them may be expecting that.

also, this was a cc that was originally from my credit union that i have been a member of for nearly 15yrs, guess FIA bought out the credit card dept of the credit union.

 

[alkemyst]

Originally posted by: bignateyk

Originally posted by: bob4432
i have never been late, actually never really carried a balance on it, it get paid every month.

Then why do you care if the rate goes up?

probably for when the shit hits the fan and one HAS to use that credit.

 

[RadiclDreamer]

Originally posted by: bob4432
the reason i care about the apr is sometimes a couple purchases get into a weird situation where they don't end up on the a bill but show up on the next and somehow there is a small amount of interest paid. it is more principle than anything else. i honestly don't know how this happens because when i get the bill i will pay exactly what it is + whatever i have outstanding.

as far as a monthly fee, not yet, so it sounds after this discussion that i will keep it and just not use it and see if i can find another.

how does closing a cc hurt your credit? sorry, i am ignorant to how credit scores are calculated. fwiw, i think the card is from FIA, so those of you that have them may be expecting that.

also, this was a cc that was originally from my credit union that i have been a member of for nearly 15yrs, guess FIA bought out the credit card dept of the credit union.

Length of the account plays into the credit rating

 

[Kelvrick]

Originally posted by: LS21
ameriprise world elite is at 4.50% permanent for me
chase freedom is 7.24%
citi dividend plus was at 5.49% on a 19k line, a 7 year old card, then one day they mailed me a new one and said destroy the old one... new one is 14.99% on 9k

I just got something in the mail today. My chase freedom just went up to 10.24. I don't care though, I usually pay the balance the end of every week.

 

[Jadow]

Originally posted by: bob4432
the reason i care about the apr is sometimes a couple purchases get into a weird situation where they don't end up on the a bill but show up on the next and somehow there is a small amount of interest paid. it is more principle than anything else. i honestly don't know how this happens because when i get the bill i will pay exactly what it is + whatever i have outstanding.

as far as a monthly fee, not yet, so it sounds after this discussion that i will keep it and just not use it and see if i can find another.

how does closing a cc hurt your credit? sorry, i am ignorant to how credit scores are calculated. fwiw, i think the card is from FIA, so those of you that have them may be expecting that.

also, this was a cc that was originally from my credit union that i have been a member of for nearly 15yrs, guess FIA bought out the credit card dept of the credit union.

that makes no sense, pay your bill in full each month, and you will not get charged interest. (you may need to pay it in full 2 months in a row if you're on double cycle billing.

 

[Red Squirrel]

I don't see the big deal with CC interest rates. You should be paying it off monthly anyway.

 

[olds]

See sig

 

[FlashG]

Get a debit card adn pay down the CC. Only buy stuff that you need and save up for what you want.

 

[bob4432]

Originally posted by: FlashG
Get a debit card adn pay down the CC. Only buy stuff that you need and save up for what you want.

the only time i buy on a cc is for protection online - i always have $$ for stuff i buy, if not i wait until i have the $$$.

maybe i am too stuck on the principle of getting hosed on a % i will just about never get with when i am not a "problem" customer