Comments on: New Year’s Resolution: Pay No Credit Card Interest http://www.smartcreditchoices.com/blog/2008/12/pay-no-credit-card-interest/ Be Smart About Credit Cards Thu, 24 Dec 2009 19:51:33 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: admin http://www.smartcreditchoices.com/blog/2008/12/pay-no-credit-card-interest/comment-page-1/#comment-197 admin Thu, 19 Feb 2009 18:52:08 +0000 http://www.smartcreditchoices.com/blog/?p=147#comment-197 Jeffrey, The 3% fee is charged once, not monthly, so the APR would only be 3%. This is significantly lower than the 10% to 18% most consumers pay. If, for example, you did a $50,000 balance transfer from a credit card with a 15% interest rate, you would pay $1500 in fees, but save $7500 in interest over the course of a year. Thus, your net savings would be $6000. Jeffrey,

The 3% fee is charged once, not monthly, so the APR would only be 3%. This is significantly lower than the 10% to 18% most consumers pay. If, for example, you did a $50,000 balance transfer from a credit card with a 15% interest rate, you would pay $1500 in fees, but save $7500 in interest over the course of a year. Thus, your net savings would be $6000.

]]> By: Jeffrey http://www.smartcreditchoices.com/blog/2008/12/pay-no-credit-card-interest/comment-page-1/#comment-196 Jeffrey Mon, 16 Feb 2009 19:47:48 +0000 http://www.smartcreditchoices.com/blog/?p=147#comment-196 Be careful with those 0.0% transfers, especially if you may pay them off fairly quickly. I have 3 credit cards with substantial lines (all in excess of $30,000) with a total outstanding of $150. I get the 0.0% transfer requests all the time, probably because I don't need them. In the fine print all of my cards now have a 3% upfront fee, and none of them have the $75 max that they used to have. Thus, if I was to take out $50,000 in advances, I would be charged $1,500 fee for the priviledge. If I for whatever reason, that translates into a 36% APR. Just be careful out there. Regards Be careful with those 0.0% transfers, especially if you may pay them off fairly quickly. I have 3 credit cards with substantial lines (all in excess of $30,000) with a total outstanding of $150. I get the 0.0% transfer requests all the time, probably because I don’t need them. In the fine print all of my cards now have a 3% upfront fee, and none of them have the $75 max that they used to have. Thus, if I was to take out $50,000 in advances, I would be charged $1,500 fee for the priviledge. If I for whatever reason, that translates into a 36% APR.

Just be careful out there.

Regards

]]> By: admin http://www.smartcreditchoices.com/blog/2008/12/pay-no-credit-card-interest/comment-page-1/#comment-176 admin Thu, 08 Jan 2009 22:55:51 +0000 http://www.smartcreditchoices.com/blog/?p=147#comment-176 Discover and Capital One have been the most popular with visitors of Smart Credit Choices. And they have also garnered the least complaints. In fact, we haven't received a single complaint about Discover Card in more than a year - and we had close to half a million visitors in that time. Discover and Capital One have been the most popular with visitors of Smart Credit Choices. And they have also garnered the least complaints. In fact, we haven’t received a single complaint about Discover Card in more than a year – and we had close to half a million visitors in that time.

]]> By: Sherri http://www.smartcreditchoices.com/blog/2008/12/pay-no-credit-card-interest/comment-page-1/#comment-171 Sherri Mon, 29 Dec 2008 21:53:26 +0000 http://www.smartcreditchoices.com/blog/?p=147#comment-171 What credit card do you recommend for 0% balance transfers? What credit card do you recommend for 0% balance transfers?

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