149
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 06 May 2024
149 points (97.5% liked)
News
23369 readers
3257 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
Please, for the sake of Pete, do not carry a sizable balance on a 22% card. Find another lender with a free balance transfer and 0% interest, transfer, pay down the principal, and repeat.
That's the standard rate...
Those 0% turn into like 22% after the first uear. And while I have no recent experience I think they've started paying attention to balance transfer to keep no interest.
The absolute lowest "best" cards are still high teens.
https://www.forbes.com/advisor/credit-cards/best/low-interest/
If someone is carrying a balance (you should never do that) then you either need to abuse balance transfer grace periods or sack up and get a real loan from a bank. Although right now that would probably still suck.
I don't know why everytime I talk about how ridiculous credit card interest is, someone who doesn't know how bad it is tells me that it's actually better.
But it happens every fucking time
Right. I don’t carry balances either, but we’re talking workarounds. Loans are ideal if you have collateral. No argument there. Otherwise I’m suggesting opening a new card with 0% into APR, transfer, and pay down the principal over the interest free period. The slight ding to your credit from opening a new card will be offset by the greater credit to debt ratio and bounce back in 4-6 months.
And you can do that...
But in the terms and agreements there's stuff about abusing it by continuously bouncing it around.
Has been for at least 20 years. They used to not care, but like I just said I believe some do now.
Like cellphones used to have a deal when you brought a line over so people always switched. So cell phones started denying people if they saw the number always bounced.
Credit card companies can see the paper trail. If they wanted to, they could go after people if the same money came back to one of their cards.
And those are usually closer to 30% than 22%, and they can wait till month 11 and charge 30% compound back to when you transfered the money in.
I didn't want to type all that, so I just said:
Hoping that would get the point across...
I didn’t realize by paying attention you meant implementing penalization. I follow now. So yes, in that case you’re right. The better option would certainly be a loan.