Well, I received an interesting offer in the mail. It was from Fleet. They're offering a Platinum VISA with a Prime plus 0% APR for the life of the account. The downside -- it has a $98 annual fee. Anyone have any thoughts on this particular offer? Doc
Do the math. Do you keep a balance on any cards? Do you want to? If you keep a substantial balance (and knowing all these months, I think you do not) on your cards and pay more than a couple hundred in interest each year than it may make sense. I mean the $98 is just a fixed rate of interest added to the prime rate right AND it accrues even if you do not carry a balance. -Peace, Dave
Re: Offered Prime+0% but $98 annual Dave, thanks for clearing through the marketing baloney and making it clear. That $98 may as well be considered interest. And you're right -- I pay off my cards every month. Next question... HOW DID YOU KNOW THAT, lol???? Anyway, thanks again. Doc
Re: Offered Prime+0% but $98 annual I lied about my occupation. Ever hear of Madam Cleo? I am her spiritual advisor - Maven Nave LOL -Peace, Dave
Re: Offered Prime+0% but $98 annual Fleet. P+0% APR. Can you say "jack up"? With 86% of customer dissatisfaction, your $98 are better spent in a casino - at least it offers SOME rate of return. http://www.epinions.com/finc-Credit...num_MasterCard/display_~reviews/listype_~opnr Saar
The magic # is $3,654. That's how much you would have to put on the Fleet card (assume a balance transfer, then sock-drawer the card), paid-off over 24 months ($152/month + interest charges) for the Fleet card to save you any money. Over 24 months, assuming prime stays at 4.75% (anyone wanna take bets on that one?) you'd pay $376.82 with a "standard" 9.9% fixed card, and $376.80 with the Fleet offer. If prime went up one quarter point this summer, and one quarter point next summer, you would spend $6 more with the Fleet card. Now, if you're talkin' about putting $10k on it, then you save $300 over 2 years with the Fleet card ... so it depends on your situation. -mj
