by Steve James on Thu May 15, 2008 9:02 pm
Well, in one sense, it's not the card, it's the debt. If you're a "deadbeat" (to the credit card companies) who pays off your balance every month, then there's not really much difference between cards. You're in control, and you can just find the card that will get you the best rate.
Yeah, I know; you asked which card. Ok, depending on where you are, the answer will be different. In general, bigger banks in smaller markets will usually offer the best rates. But, here's the thing. You might find that CapitalOne offers the best rates in your area --6% for someone with sterling credit is about right. However, if you miss a month, they'll be able to raise your rate as much as they want. CapOne also prefers to give you a card with a low limit. Then, if you want to get a higher limit, they will give you another card --thereby putting a knock on your credit rating, which will ultimately allow them to raise your rates. So, beware.
Imo, find out your credit rating from the 3 agencies first. Then, drop your debt, and they'll be sending you offers of 1% for the first year. If you pay up, take 'em. If you don't, they're just going to pop you for a higher rate whenever they feel like. I've heard that even lawyers don't bother to read the credit contracts. They're designed to confure; and the company will be able to raise your rates no matter what. It's when you don't owe money that you can demand the best rate.
"A man is rich when he has time and freewill. How he chooses to invest both will determine the return on his investment."