Rate reduction.Even though the Fed has raised rates, you can find the best deals for your credit cards Here's a dicey dic·ey adj. dic·i·er, dic·i·est Involving or fraught with danger or risk: "an extremely dicey future on a brave new world of liquid nitrogen, tar, and smog" New Yorker. scenario: You've you've Contraction of you have. you've you have you've have maxed out your credit cards, and learn the Fed has hiked interest rates another 50 basis points. Effectively, the annual percentage rate (APB APB See Accounting Principles Board (APB). ) on your card has jumped to a whopping 17.04%. Well, don't panic
Don't panic may refer to:
Debt results when a client of a credit card company purchases an item or service through the card system. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Luther R. Gaffing, president of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based Budget and Credit Counseling Credit counseling (known in the United Kingdom as debt counselling) is a process offering education to consumers about how to avoid incurring debts that cannot be repaid. This process is actually more debt counseling than a function of credit education. Services Inc. (BUCCS), there are several steps you can take to combat rising credit card rates. First, negotiate with your credit card company. Says Gaffing, if you've been paying your bill on time, simply make a request to have your APR APR See: Annual Percentage Rate lowered. Most companies don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. want to lose good customers and will be open to such adjustments (see chart). If that doesn't does·n't Contraction of does not. work, consider transferring the balance of your card to a card with a lower interest rate. But experts caution you to read the fine print on such agreements. Oftentimes of·ten·times also oft·times adv. Frequently; repeatedly. Adv. 1. oftentimes - many times at short intervals; "we often met over a cup of coffee" frequently, oft, often, ofttimes a company will allow you to switch to another card, but that rate will only apply to the amount of money in the account that you transferred and not to future purchases. The lower rate may also be slated for a fixed period of time. Make certain you're you're Contraction of you are. you're you are you're be getting the complete package--a deal that includes debts from your existing account as well as those accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. from future purchases--and a clear indication that rates will not escalate es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. over time. Jumping from one credit card to another, however, can hurt your overall credit rating. According to Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Rhode For the Irish town, see . For the spider genus, see . In Greek mythology, Rhode was the oldest Oceanid, a daughter of Tethys and Oceanus. Such an ancient island nymph might gain various Olympian parentages: she was thought of as a daughter of Poseidon with any of several , president and co-founder of Myvesta.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. , a Rockville Rockville, city (1990 pop. 44,835), seat of Montgomery co., W central Md., a NW suburb of Washington, D.C.; settled c.1760s, inc. as a city 1860. It has several scientific research and technology laboratories that focus on the aerospace, electronics, nuclear energy, , Maryland-based nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. financial solutions organization, balance transfers are often viewed by creditors as cash advances with higher interest rates accruing from the first day. Another option is to consider a secured card. Secured cards, which are backed by your own money, can often carry interest rates of as low as 14% (see chart). Once the secured card company reviews your payment history with them, it will return the initial deposit plus any interest you've accrued. Pay off credit card balances in full whenever possible. Gaffing believes most people have too many credit cards. He says the average person should have three credit cards: one easily paid back in 30 days; a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. card with an interest rate that is much lower than a store credit card; and a debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. that works like an automatic check Overall, credit cards are a good, safe, and convenient tool when used as a convenience. To combat rising interest rates, keep only the absolutely necessary credit cards and maintain balances at a level where they are easily managed on a monthly basis. Personal Credit Cards With the Lowest Interest Rates
Annual
Percentage
Rate(*) Fee
Pulaski Bank & Trust/ 8.75% $35
Mastercard Personal Standard
Wachovia Bank Card Services 9.50 88
Visa Personal Classic
Capital One Bank/ 9.90 0
Visa Personal Classic
Simmons First National Bank/ 9.95 50
Visa Personal Platinum
USAA Savings Bank/ 10.50 45
Mastercard Personal Standard
Fleet Bank N.A./ 10.63 0
Mastercard Personal Titanium
Metropolitan National Bank/ 10.98 25
Mastercard Personal Standard
6anco Popular North America/ 11.49 0
Visa Personal Platinum
AFBA Industrial Bank/ 11.50 0
Visa Personal Platinum
Union Federal Savings Bank/ 11.99 0
Visa Personal Classic
Grace
Period Phone Number
Pulaski Bank & Trust/ 25 days 800-980-2265
Mastercard Personal Standard from billing
Wachovia Bank Card Services 20 days 600-842-3262
Visa Personal Classic from billing
Capital One Bank/ 25 days 800-822-3397
Visa Personal Classic from billing
Simmons First National Bank/ 25 days 800-630-5151
Visa Personal Platinum from billing
USAA Savings Bank/ 25 days 800-922-9092
Mastercard Personal Standard from billing
Fleet Bank N.A./ 20 days 800-225-5353
Mastercard Personal Titanium from billing
Metropolitan National Bank/ 25 days 800-883-2511
Mastercard Personal Standard from billing
6anco Popular North America/ 25 days 800-270-7982
Visa Personal Platinum from billing
AFBA Industrial Bank/ 25 days 800-776-2265
Visa Personal Platinum from billing
Union Federal Savings Bank/ 25 days 317-782-3014
Visa Personal Classic from billing
Website
Pulaski Bank & Trust/ www.pulaskibank.com
Mastercard Personal Standard
Wachovia Bank Card Services www.wachovia.com
Visa Personal Classic
Capital One Bank/ www.capitalone.cam
Visa Personal Classic
Simmons First National Bank/ www.simmonsfirst.com
Visa Personal Platinum
USAA Savings Bank/ www.usaa.com
Mastercard Personal Standard
Fleet Bank N.A./ www.fleet.com
Mastercard Personal Titanium
Metropolitan National Bank/ www.melhank.com
Mastercard Personal Standard
6anco Popular North America/ www.bancapopular.com
Visa Personal Platinum
AFBA Industrial Bank/ www.afba.com
Visa Personal Platinum
Union Federal Savings Bank/ www.unlanfedbank.com
Visa Personal Classic
(*) As of 7/19/00. Rates are subject to change without notice. Source: bankrate.com Secured Credit Cards With the Lowest Interest Rates
Annual
Percentage
Rate(*) Fee
Amalgamated Bank of Chicago/ 14.00% $50
Mastercard Secured Gold
American Secured Pacific Classic Bank/ 17.40 35
Visa Secured Classic
Union Plus Household Bank/ 18.00 20
Mastercard Secured Standard
Citibank N.A./ 18.90 20
Mastercard Secured Standard
First Premier Bank/ 18.90 48
Mastercard Secured Standard
Key Bank & Trust/ 19.40 35
Mastercard Secured Standard
First Union National Bank/ 19.49 35
Visa Secured Classic
Associates National Bank 19.49 35
(Delaware)/Visa Secured
Classic First Cons. Nad Bank/ 19.50 39
Mastercard Secured Standard
First Nat'l Bank of Brookings/ 19.80 35
Mastercard Secured Standard
Grace
Period Phone Number
Amalgamated Bank of Chicago/ 25 days 800-723-0303
Mastercard Secured Gold from billing
American Secured Pacific Classic Bank/ 25 days 800-610-1201
Visa Secured Classic from billing
Union Plus Household Bank/ 25 days 800-651-5108
Mastercard Secured Standard from billing
Citibank N.A./ 20 days 800-743-1332
Mastercard Secured Standard from billing
First Premier Bank/ 25 days 800-987-5521
Mastercard Secured Standard from hans.
Key Bank & Trust/ 25 days 800-840-5577
Mastercard Secured Standard from billing
First Union National Bank/ 30 days 800-377-3404
Visa Secured Classic from billing
Associates National Bank 25 days 800-533-5600
(Delaware)/Visa Secured from billing
Classic First Cons. Nad Bank/ 30 days 800-937-3795
Mastercard Secured Standard from billing
First Nat'l Bank of Brookings/ 25 days 800-658-3660
Mastercard Secured Standard from billing
Website
Amalgamated Bank of Chicago/ www.aboc.com
Mastercard Secured Gold
American Secured Pacific Classic Bank/ www.apbank.com
Visa Secured Classic
Union Plus Household Bank/ www.gohcs.com
Mastercard Secured Standard
Citibank N.A./ www.citibank.com
Mastercard Secured Standard
First Premier Bank/ www.firstpremier.com
Mastercard Secured Standard
Key Bank & Trust/ www.keyb-t.com
Mastercard Secured Standard
First Union National Bank/ www.firstunion.com
Visa Secured Classic
Associates National Bank www.anbcards.com
(Delaware)/Visa Secured
Classic First Cons. Nad Bank/ www.fcnb.com
Mastercard Secured Standard
First Nat'l Bank of Brookings/ www.firsnb.com
Mastercard Secured Standard
(*) As of 7/19/00. Rates are subject to change without notice. Source: bankrate.com |
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