What is the lowest FIXED RATE Credit Card out there right now?

[dxkj]

My wife has outstanding credit, and I figure we should get a card with the lowest fixed rate possible, so that when/if the interest rates start rising again we are locked in on a good CC.

Right now she has a 7.99% Fixed on a MBNA MC I think.


EDIT: outstanding = OUTSTANDING!!!!

 

[RossMAN]

7.99% FIXED is a good APR.

However I would consider a balance transfer option but there are a few things you need to watch out for:
1) Are there any balance transfer fees (usually 3% or $50 - whichever is greater)?
2) Are there any annual fees?
3) Is it fixed or is there is a ceiling limit?
4) Payments are first applied towards higher APR purchases. So if you were to find a cc which has a great balance transfer rate which is FIXED you SHOULD NOT use it to buy anything with. Only use the cc for balance transfer, that's it.

My Bank of America cc started with a $5,000 limit ... which was increased to $8,000 and most recently $12,000 they also offered me a balance transfer option of 3.9% FIXED through the life of the loan until it's paid off. No balance transfer fees.

 

[Saulbadguy]

Just get a card with a 0 percent intro rate. Some cards have a year or even 18 months intro 0 percent rate on balance transfers. Do that, and pay it all off (unless were talking 10's of thousands here)

 

[KK]

Originally posted by: Saulbadguy
Just get a card with a 0 percent intro rate. Some cards have a year or even 18 months intro 0 percent rate on balance transfers. Do that, and pay it all off (unless were talking 10's of thousands here)

Or keep getting 0% offers, and never pay it off. I'm in the process of moving my 0% balance that is up in march over to another card that is good until next feb. Next Jan. I'll look for a chase card, that's about the only option I got left.

KK

 

[dxkj]

Weird I made a post but it didnt come up.


We have like Zero residual balance from month to month, so its not about that. We have a card that is 0% for another 8 months still.

I just wanted to find and lock in the best fixed interest rate card available

If 7.99% is around the lower limit then I wont worry too much


Thanks

 

[Vic]

If you don't carry a balance, then low interest rate is unimportant. Look for other perks, like cash back.

Playing the 0% APR "poker game", i.e. transferring your balances from one card to another every few months, will lower your credit score. Also, when interest rates move up in the next year or so, those 0% APR deals will disappear, and you will find yourself stuck with a high balance at a high rate. If you have a 0% card right now with a high balance, my advice would be to apply as much principal to it as you can while you have the opportunity.

 

[Vanstorm]

I think my lowest fixed rate is a 4.9 that I got 6 months or so ago.

 

[dullard]

Originally posted by: Vic
If you don't carry a balance, then low interest rate is unimportant. Look for other perks, like cash back.

Playing the 0% APR "poker game", i.e. transferring your balances from one card to another every few months, will lower your credit score. Also, when interest rates move up in the next year or so, those 0% APR deals will disappear, and you will find yourself stuck with a high balance at a high rate. If you have a 0% card right now with a high balance, my advice would be to apply as much principal to it as you can while you have the opportunity.

You forgot the most sneaky of the problems with that game. Some cards in their fine print charge you a significant % fee to transfer the balance from their card to another companies card. You may be moving that same balance around repeatedly and these occasional charges will start to build up to quite a significant fee. Luckilly that fee is still uncommon - but it certainly isn't rare. You really have to read the fine print to see it.

I definately agree with Vic's first sentence: just don't carry a balance so you never have to worry about interest rates. Focus on getting tons of rewards instead.

 

[Hayabusa Rider]

Look around. I have a 4.9% fixed.

 

[Kraeji]

i got 5.9 fixed