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Credit cards - interest rates - Brief Article - Statistical Data Included
Holiday-inflated balances make this the best time to take advantage of rock-bottom teaser interest rates
If you took part in the holiday shopping spree that was expected to add $100 billion to Americans' credit card bills, chances are your outstanding balance is at its high point of the year. So you should be highly motivated to hold down the carrying charges.
Target the highest-interest-rate debt first. Or take advantage of a teaser rate to transfer the balance on a high-rate card to a temporarily tow-rate card. For example, First USA (866-932-3808)is offering a 1.9% rate on transferred balances and new purchases until July. Your mailbox may be swamped with similar offers. Pay off as much of your debt as possible while the almost-free rate applies, and be prepared to transfer again when the teaser rate expires. First USA's rates could climb to more than 15% when the promotion ends. --JOAN GOLDWASSER
Low-interest premium cards Best if you carry a balance
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(C) FEE
Pulaski Bank & Trust (G) 8.75% 8.75%/none $50
Simmons First National (P) 9.95 9.95/none 50
USAA Savings Bank (G,P) 10.5 10.5/none 45
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Pulaski Bank & Trust (G) $20/$20 800-980-2265
Simmons First National (P) 20/none 800-636-5151
USAA Savings Bank (G,P) 20/none 800-922-9092
No-fee premium cards Best if you usually pay the balance each month
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(C) FEE
Capital One (G,P) 9.9% 19 8%/2.5% 25 days
Aria/Providian (P) 9.99 21.99/3 25 days
Wachovia (G) 10.9 19.99/4 20 days
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Capital One (G,P) $29/$29 800-822-3397
Aria/Providian (P) 29/29 888-237-4837
Wachovia (G) 29/29 800-842-3262
Rebate cards Best of the air-miles card (for travel on all major
airlines)
RECENT CASH-ADVANCE ANNUAL
ISSUER RATE(*) RATE/FEE(C) FEE
Visa MilesOne (P)([dagger]) 9.9% 19.8%/2.5% 19
Chase Travel Rewards (P) 14.9 21.05/3 25
Travel Choices Visa 17.99 17.99/3 25
LATE/ TELEPHONE
ISSUER OVER LIMIT NUMBER
Visa MilesOne (P)([dagger]) 25,000 800-548-4593
Chase Travel Rewards (P) 25,000 800-500-2153
Travel Choices Visa 25,000 888-349-2632
(*) As of Dec. 6; rates are adjustable, often tied to the prime rate. (C) Cash advances often have no grace period; additional fees may be charged. (G) gold card (P) platinum card ([dagger]) pays air miles on balances transferred up to limit
SOURCE FOR LOAN RATES AND CREDIT CARDS: Bankrate.com, a division of ilife.com, N. Palm Beach, Fla., 800-243-7720 ext. 279. Banks sometimes offer lower introductory rates.
COPYRIGHT 2001 The Kiplinger Washington Editors, Inc.
COPYRIGHT 2001 Gale Group
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