Which credit card is better?
Find a Conversation
Which credit card is better?
| Thu, 01-06-2005 - 2:19pm |
Hello from an occasional lurker . . . .
We have a TON of credit card debt -- equivalent to about half our annual income -- and I am trying to get as much of it as possible on cards with low fixed rates. Which do you think is better: a variable rate equal to the Prime Rate (currently 4.75% I think) or a 4.99 fixed rate? It's going to take us years to pay this off, either way. Thanks for sharing your opinions. ~Anne

Hi, Anne-
My first thought is the 4.99% fixed, just because it is fixed. The other, while low now, has the potential to go up up up!
Maybe once you've been paying on it for awhile, and have some of the total knocked down, you'll be able to surf the balance to a 0% card (if they're still around, lol).
Lisa
I would definately take the fixed rate at 4.99%. Right now prime rate is at 5.25% and is expected to rise several more times this year. Good luck!
Susan
<ahref="http://www.TickerFactory.com/debt/wJLmWvM/"><imgborder="0"src="http://tickers.TickerFactory.com/ezt/t/wJLmWvM/debt.png"></a>
I agree with the others. I would go with the 4.99% fixed interest credit card.
MYM