$5000 debt /line of credit at bank and credit card offers you 3.99% for life of debt and upfront transaction fee of 3%?

But I am not clear how bank interest (simple?)differs from credit card interest overall. Both are opened ended in terms of time frame which adds to my mental confusion in figuring this out, Help! Asked by glowgirl 52 months ago Similar questions: $5000 debt line credit bank card offers 99% life upfront transaction fee 3% Business > Financial Services.

Similar questions: $5000 debt line credit bank card offers 99% life upfront transaction fee 3%.

Read the credit fine print The rate you are getting usually comes with fine print and if you don't pay on time or miss a payment elsewhere they can jack up your rate or if you keep using the card you need to pay off the new balance before it gets added to the old balance therefore accruing interest Sources: my opinion .

Watch out! You have to be careful! A 3% up-front fee means that if you pay back the loan in a month, you’ve paid the equivalent of 36% yearly interest!

3.99% is way too low to be yearly interest, so if it’s 3.99% (call it 4%), that’s 48% yearly interest! Or some places used to say 3.99% means 3.99% on the balance, plus 3.99% on the loan amount! Wowee!

Please read the offering VERY CAREFULLY! Those folks are not there to save you money. In most states they have laws that require them to quote things using the effective annual percentage rate (APR).

Also they have to give you an example of the actual costs using a dollar amount.

1 The 3% upfront is the kicker. You have to keep it for a while to make that reasonable. Three percent for just one week would be very nice.

For the Credit Card company.

The 3% upfront is the kicker. You have to keep it for a while to make that reasonable. Three percent for just one week would be very nice.

For the Credit Card company.

2 For god's sake, read the fine print. Virtually every credit card company now routinely includes language in their contracts which allows them to raise your interest rate to ANY amount, for ANY reason whatsoever, without warning. Congress almost totally deregulated the industry, and as a result we are seeing the early stages of the meltdown of our credit system.

Here are some links well worth reading:truthaboutcredit.org/credittrap.pdfhttp:... wife transferred a large credit-card debt to a new card that promised low rates. Within three months our rate was over 29%, and the monthly payments we were able to make were less than the accrued interest and penalties; in other words, our debt went up every month no matter what we did. We faced bankruptcy and the loss of our home.

Fortunately a lucky break allowed us to pay off and kill our credit card (a Discover card, and it wasn't easy; they fought like hell to keep that card active). But far too many Americans are deeper in debt than we ever were, and will lose everything as a result. Congress's contemptible gutting of bankruptcy protection for all but the wealthiest citizens and corporations only makes things worse - and intentionally so, since it was lobbying from the credit-card industry that was a major factor in getting that bill through Congress.

What I'm trying to say is, putting your debt on a credit card is like slashing your wrists and jumping into shark-infested waters. It would be a lot smarter to deal with a credit union (they're less predatory) and a financial or credit adviser to resolve your debt, if possible. But be warned: while in the past credit card companies would work with credit advisers to help those in financial trouble pay off their debts, these days consultation with a credit adviser or organization is often used as an excuse to raise interest rates on your credit card debt to the maximum penalty rate.

Good luck! .

For god's sake, read the fine print. Virtually every credit card company now routinely includes language in their contracts which allows them to raise your interest rate to ANY amount, for ANY reason whatsoever, without warning. Congress almost totally deregulated the industry, and as a result we are seeing the early stages of the meltdown of our credit system.

Here are some links well worth reading:truthaboutcredit.org/credittrap.pdfhttp:... wife transferred a large credit-card debt to a new card that promised low rates. Within three months our rate was over 29%, and the monthly payments we were able to make were less than the accrued interest and penalties; in other words, our debt went up every month no matter what we did. We faced bankruptcy and the loss of our home.

Fortunately a lucky break allowed us to pay off and kill our credit card (a Discover card, and it wasn't easy; they fought like hell to keep that card active). But far too many Americans are deeper in debt than we ever were, and will lose everything as a result. Congress's contemptible gutting of bankruptcy protection for all but the wealthiest citizens and corporations only makes things worse - and intentionally so, since it was lobbying from the credit-card industry that was a major factor in getting that bill through Congress.

What I'm trying to say is, putting your debt on a credit card is like slashing your wrists and jumping into shark-infested waters. It would be a lot smarter to deal with a credit union (they're less predatory) and a financial or credit adviser to resolve your debt, if possible. But be warned: while in the past credit card companies would work with credit advisers to help those in financial trouble pay off their debts, these days consultation with a credit adviser or organization is often used as an excuse to raise interest rates on your credit card debt to the maximum penalty rate.

Good luck!

3 Because of the Economic Crash of the United States Financial Market credit repair agents are needed . And on the other hand so are collection agents I can teach you how to take advantage of the recession and play both sides of the fence. Clean up your credit as well as your family's I also teach tech ques on how to get AAA credit in 30 days ..why pay a credit repair agency hundreds of dollars .

When you can learn to do it yourself ...if your interested please contact me mrmalikel@yahoo.com .

Because of the Economic Crash of the United States Financial Market credit repair agents are needed . And on the other hand so are collection agents I can teach you how to take advantage of the recession and play both sides of the fence. Clean up your credit as well as your family's I also teach tech ques on how to get AAA credit in 30 days ..why pay a credit repair agency hundreds of dollars .

When you can learn to do it yourself ...if your interested please contact me mrmalikel@yahoo.com.

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