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Old 03-27-2013, 04:56 PM   #1
Malakaiii
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Join Date: Feb 2013
Location: Parksville, BC, Canada
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Visa Question - What Would You Do?

Hi All!

First, I'm in Canada so our banking system is probably a little different than what most of you know. I'll try to share enough info that you can give me a fair opinion!

We have about $2100 on our Visa card. The limit is $3500. I'm working on savings right now, but will BEGIN actively paying off the Visa in about a month.

Currently our card is: 19.99 % interest, no annual fee
(we also receive 'rewards' but don't spend much on it and therefore don't get any rewards worth having)

I called to ask about a lower rate (can't hurt!) and was told I could purchase a lower rate card...

New card: $11.50 % interest, $20 annual fee
(no rewards)

What would you do? Is it worth switching to the new card to get the lower rate if I will actively be paying it off? They will not lower my rate on my current card.
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Old 03-27-2013, 05:12 PM   #2
Happy 2 B Me
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20% on a 2100.00 loan V 11% on same loan is ( 420.00 V 231.00 interest payment) sort of a no brainer. Even adding the 20.00 to the 11% is still 160.00 less then the 20% card.

You can also call back and maybe get another rep with a better offer. Maybe even look on the net for a 0% for 12-18 months and pay the card off asp. Make sure there is no fee to transfer the one visa to a new visa.

I charge every thing-- I mean everything-- but I also pay it off every month. Rewards are not a good reason to use a credit card if it may not be paid off each month. I do think using a card for emergecny reasons is A-ok even if you know you will need to make monthly payments.

Good luck --
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Old 03-27-2013, 05:16 PM   #3
Malakaiii
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Thanks! I knows it's a much better deal just based on pure numbers, but I don't want to have to pay $20 a year for a card after that either! I guess I could always cancel it once it's a 0 balance again.

I like having an emergency card for sure. I HATE having a balance! I've been fighting so hard to make it go away.
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