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@Dadof31978 wrote:reality is if you are remotely worried about this issue, you shouldn't be using credit cards unless you like to be broke.
A bit judgemental but thanks for the input. 👍
PSA: In the lending department I work at, a majority of the loan applicants are carrying credit card debt on 20%+ interest card(s), sometimes even having them maxed out. Additionally, credit card debt / balances across the country are at record levels. Keep in mind the fine folks on MyFico forums that never carry balances and such are quite possibly the minority. I'm not saying I endorse carrying balances AT ALL, but not everybody has the available funds to always pay off cards in full every month.
I think a low rate card has its place. When I've taken out personal loans in the past for unexpected repairs and such I've usually gotten a rate of around 10% or so with ~800ish credit score. If you have a credit card that can beat that rate it simplifies things.
You really only need one though (IMO). All the other cards should be maximizing rewards.
Used to be my oldest, biggest card was also the lowest rate and offered free cash advance (USAA @ 6.90%). But since interest rates went crazy it's now 12.15%. So now my lowest is AOD at 7.49%, but due to the 3% rewards and the 5k CL it's basically my daily driver and not a great choice to float some cash.
@Rockysocks wrote:
@Dadof31978 wrote:reality is if you are remotely worried about this issue, you shouldn't be using credit cards unless you like to be broke.
A bit judgemental but thanks for the input. 👍
I'll say it more bluntly.
@Dadof31978: That's rude and hyperbolic. And wrong.
Essentially no one "like(s) being broke." But many of us like to have a card with a low APR just as an option. Having options is good.
I haven't paid a dime of credit card interest in years. But I still liked having a low, fixed-rate card. And I reap substantial rewards from my cards each year. So, contrary to your advice, I'm going to continue using them.
@Curious_George2 wrote:
@Rockysocks wrote:UPDATE: I called customer care, and she informed me that current accounts will be impacted beginning in March. She said all purchases before March 22nd will be be fixed 6.9%, and all purchases after will be at the new variable higher rate. I kindly asked if she could verify with management, and she said it's already been verified and read me that info about purchases. If someone wants to make a call to get that double-verified with a different agent, feel free lol.
Bummer. The low, fixed APR was the only reason to have this card. It's right there in the name. It becomes useless if they do what this rep described. I haven't canceled a credit card in decades, but I'll probably cancel this one.
I got a letter saying the same thing that @Rockysocks reported, so I closed my account. Next step will be to terminate my membership with the CU. The only reason I joined was to get this card. Que sera, sera.
@maklovers wrote:Well, I got the low rate Visa 2 weeks ago and with these news kinda sad
It is what it is, can understand why CU did this step.
Hoping AOD will stay strong much more time and don't touch 7.49 %
also to someone who still hunts for low rate CC - there is LOCFCU Visa with 9.75 APR.
This CU are nationwide.
https://www.lcfcu.org/home/fiFiles/static/documents/LCFCUs-Visa-Credit-Card-Agreement.pdf
Yeah that's a great card, but I wouldn't call it "nationwide"; Library of Congress FCU has a very limited field of membership.
https://www.lcfcu.org/home/join/join-now#seg
dang that sucks... all those years and now makes you want to close the card. good thing my premier america credit union credit card is still at 7.950% FIXED.
@Curious_George2 wrote:
@Curious_George2 wrote:
@Rockysocks wrote:UPDATE: I called customer care, and she informed me that current accounts will be impacted beginning in March. She said all purchases before March 22nd will be be fixed 6.9%, and all purchases after will be at the new variable higher rate. I kindly asked if she could verify with management, and she said it's already been verified and read me that info about purchases. If someone wants to make a call to get that double-verified with a different agent, feel free lol.
Bummer. The low, fixed APR was the only reason to have this card. It's right there in the name. It becomes useless if they do what this rep described. I haven't canceled a credit card in decades, but I'll probably cancel this one.
I got a letter saying the same thing that @Rockysocks reported, so I closed my account. Next step will be to terminate my membership with the CU. The only reason I joined was to get this card. Que sera, sera.
Hey thanks for the DP! I actually had some good come out of this! A few months ago, as mentioned in one of my prior posts, I found a local, 1-branch credit union with a fixed 6.9% card with a 2% balance transfer fee / 2% cash advance fee, so, with all of this recent news, I said why not and went for it. They approved me with a CL 4x the amount Dow would give me! Yay! Check your local credit unions! This one is firmly geo-restricted to one county and boasts having over 2,000 members lol. They don't have a way to electronically apply for the card or apply for membership. In person is strongly encouraged by them lol.
This is the lowest I've seen... https://www.peachstatefcu.org/credit-card
@GhostCredit wrote:This is the lowest I've seen... https://www.peachstatefcu.org/credit-card
Rate there was last updated 2022 is it still that rate?
@GhostCredit wrote:This is the lowest I've seen... https://www.peachstatefcu.org/credit-card
That is sweet. But very limited field of membership.