WCIF: Low-Interest Credit Cards?

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This topic contains 8 replies, has 5 voices, and was last updated by  Picasso 1 month, 1 week ago.

Viewing 9 posts - 1 through 9 (of 9 total)
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  • #100000996

    Lady007
    Participant

    My current situation has changed and I need to try to save money. Every bit helps. I want to get myself a new credit card, one that will help me save money, or at least not put me under such a strain.

    I’m a little hesitant to talk to my bank. I get the feeling they will only advise me on how they can profit from my decision. Who else can I approach and what advice do you have on applying for a new credit card?

    #100000998

    Danny
    Participant

    You’re doing the right thing. Depending on the card, a low interest credit card can be anything from 5%-11%. Generally, it’s somewhere around 11%, but that’s still better than what you’re paying now. The only thing is, you may not get as much rewards or benefits.

    #100000999

    Lady007
    Participant

    I don’t really care about rewards and stuff like that. To be honest, I don’t think I ever enjoyed any reward or benefit from my 19.99 percent card.

    #100001000

    Ron
    Participant

    Same thing here! If you don’t want to go to your bank, I suggest that you speak with ShopTheRate for some advice. That’s what I did and they were really helpful. They gave me good advice in trying to lessen my financial strain.

    #100001001

    Jason
    Participant

    The thing about these low interest cards is that they either have no annual fee or it’s a low fee. I did a balance transfer and it was such a huge relief!

    #100001002

    Lady007
    Participant

    What exactly is a balance transfer? I heard about the term before, but never really understood what it meant.

    #100001003

    Jason
    Participant

    Let’s say you owe $5,000 on your current credit card. You are paying interest on this amount. You need to pay a minimum amount. What you can now do is to apply for a low interest card and transfer this $5,000 onto your new card. Now, instead of paying the 19.99% on the 5,000, you only pay about 5% or 11% (whatever your new card is) so you aren’t stressed so much.

    In fact, some cards offer you things like 6 months of no interest as an introductory offer. For 6 months, you pay zilch! But you need to find out what it is after the 6 months. Be very clear on what happens after the 6 months before you sign anything.

    You can learn more about how to complete a balance transfer with this guide.

    #100001004

    Lady007
    Participant

    I love this idea! That’s my kind of card! That could really help me right now.

    #100001005

    Picasso
    Participant

    Go and talk to a financial institution for advice. Compare different cards and choose one appropriately, just for you. Ask them advice on how to use and benefit from a low interest card. If you are not careful, it could still be a problem. Talk to them and ask loads of questions. Be clear on what is required of you.

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