What's a low APR (Credit Card)?

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M

McPhreak

Diamond Member
Jul 28, 2000
3,808
1
0
I got an offer for a credit card with a 9.9% APR (after the usual introductory 6 month 0% APR) and was just wondering what's considered a low APR for a common, non-gold/platinum/corporate Visa or Mastercard credit card?
 
N

NikPreviousAcct

No Lifer
Aug 15, 2000
52,763
1
0
well, I'm 21 next month. I got "approved" (mysteriously, magically in the mail, non the less!) for a GREAT creditcard that had a low 12%APR that jumps to a low 19.9% APR after six months. I've got credit history since age 16, and I have better credit than my mom who owns her house and has a mortgage.

I make two points here.

1) the credit card offered to me sucks.
2) the credit card offered to you kicks ass.

nik
 
iamwiz82

iamwiz82

Lifer
Jan 10, 2001
30,772
13
81
Originally posted by: ffmcobalt
well, I'm 21 next month. I got "approved" (mysteriously, magically in the mail, non the less!) for a GREAT creditcard that had a low 12%APR that jumps to a low 19.9% APR after six months. I've got credit history since age 16, and I have better credit than my mom who owns her house and has a mortgage.

I make two points here.

1) the credit card offered to me sucks.
2) the credit card offered to you kicks ass.

nik
Click to expand...

i'm 19 and my low APR is 11.99%.
 
M

Mister T

Diamond Member
Feb 25, 2000
3,439
0
0
if the 9.9% is fixed, then it is good.

I have a variable card that is prime + 1.75% or about 6.5%, that is cool too.
 
M

McPhreak

Diamond Member
Jul 28, 2000
3,808
1
0
Oh wait... this is an offer for the Cal Alumni Association Platinum Plus card...:(

::grumble, grumble:: stupid fine print...
 
M

mrCide

Diamond Member
Nov 27, 1999
6,187
0
76
my usaa mastercard is 10%, my amex blue is 12.99, and my verizon 'platinum' (garbage) fluctuates between 14 and 21%
 
B

bizmark

Banned
Feb 4, 2002
2,311
0
0
my Discover (variable rate) is sitting at 10.74% right now, and I'm very happy with that. I would say that 9.9% fixed is pretty good.
 
RossMAN

RossMAN

Grand Nagus
Feb 24, 2000
79,008
430
136
I have a 9.0% APR fixed with my classic (standard) VISA with no annual fee.

Of course it helps to work for the same company which issues your cc.
 
apoppin

apoppin

Lifer
Mar 9, 2000
34,890
1
0
alienbabeltech.com
If you already have a credit card you can be very picky.

If not, take whatever they give you and just pay off the balance every month . . . a 0.0 APR is best.

I remember - a long time ago and in a galaxy far away . . . wait that's another story - getting a secured card with an annual fee and a crappy APR . . . after 6 months, the secured part disappeared . . . then the annual fee went bye-bye . . . the credit limits kept increasing every six months and I was able to negotiate the APR down to reasonable levels.

Now, I can be picky . . . :D

Edit: Oh, yeah the point . . . NEVER miss a payment, be patient and you will get an excellent APR.
 
M

McPhreak

Diamond Member
Jul 28, 2000
3,808
1
0
Originally posted by: manly
Originally posted by: McPhreak
Oh wait... this is an offer for the Cal Alumni Association Platinum Plus card...:(
Click to expand...
And what's wrong with that?
Click to expand...

Well, seeing how I just got out of college last year and am only making ~$30k/year and have only had my current credit card for about 2 years, I doubt I qualify for a platinum card.
 
L

lawaris

Banned
Jun 26, 2001
3,690
1
0
Originally posted by: Mister T
if the 9.9% is fixed, then it is good.

I have a variable card that is prime + 1.75% or about 6.5%, that is cool too.
Click to expand...

what's that one ?

 
D

DAM

Diamond Member
Jan 10, 2000
6,102
1
76
Well, what do you guys think? I currently do not have a credit card, just the regular bank account/checks/debit card, and I would like to build my credit up. I am a senior in college (still another year to go) should I just got with any CC or are there any "perks" I should be looking for?



Thanks,


dam()
 
RossMAN

RossMAN

Grand Nagus
Feb 24, 2000
79,008
430
136
Originally posted by: DAM
Well, what do you guys think? I currently do not have a credit card, just the regular bank account/checks/debit card, and I would like to build my credit up. I am a senior in college (still another year to go) should I just got with any CC or are there any "perks" I should be looking for?



Thanks,


dam()
Click to expand...

It sounds like you've never had a credit card/loan held in your name only, right? If this is true I would just get a cc that you're approved for and wait for perks on your next cc. Ask your local bank if they offer a SECURED CREDIT CARD which requires a deposit of at least $500 which is invested into a savings account or CD and is refunded to you 6-12 months later.

After you've established credit with a secured credit card then get a credit card with perks.
 
kranky

kranky

Elite Member
Oct 9, 1999
21,019
156
106
Like apoppin said, pay in full every month, and it doesn't matter what the APR is.

If you (or anyone else) is looking for a low APR card because you plan to run up a balance, beware. The CC issuers are very smart. They actually look for people who have high balances with short credit histories. If they think you will have trouble switching to another card, they will jack up your rate. They suck you in with the low rate and wait for you to amass a big balance. Then the low rate goes away.
 
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matmax

Senior member
May 20, 2000
571
0
0
Originally posted by: hudster
I've got 6.99% fixed and no annual fee...Providian Visa Platinum.
Click to expand...

these guys lost a class action law suit a few years ago for offering extremely low rates and then not allowing you to pay before the due date thereby cancelling your low interest rate and boosting you into the 20+ percent interest charge plus a $30 late pay fee. once burned, twice shy, i was lucky enough to have good credit and bought out my balance with a fixed 9.99% AMEX card.
 
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