what does p+2.99% mean?

Question

When a credit card says P+2.99% what does that mean? Is the Prime rate high to make up for the low apr rate. Im having trouble finding a good chase or citi fixed apr rate thats low and now 17.99 percent. What credit score do you have to have in order to get the lowest rate possible??

Answer 1

P+2.99 is prime rate + 2.99%. Prime is the rate charged by banks to their best customers (currently about 8.25%). Be careful about teaser rates on credit cards. If you are deeply in credit card debt the best thing to do is to stop! Pay it off, no matter how painful the changes to your lifestyle. Otherwise, it can get worse in a hurry.

Answer 2

P is the prime rate which is now 8.25 %. So p + 2.99% is 11.24% APR.

This offer is variable and will go up and down with flucuations in the prime rate.

There are not many credit cards that offer fixed APR's, but lots of them are available at less than 17.99%, even if you have poor credit.

To get the absolute lowest rates, you probably need a credit score of 720 or higher.

Click on the link below for a list of good credit card deals.

Answer 3

that means prime plus 2.99% so whatever the prime rate is, you add 2.99% to this. Find out how often the company updates it's prime rate. They can do this quarterly, monthly, weekly, etc. which can be to your advantage or disadvantage. An "excellent" credit score is over 750. So to secure the lowest rates, you'll be up in that category. Most cards offer low introductory rates, but vary on how long you'll keep getting that rate. I have a pretty good credit score (about 740), and most mail that I get is offering me about 9.99 right now. I have heard people talk about how you can haggle with credit card companies and get them to lower your rates after you've been with them for a while, but I have yet to be successful with this. One tip is this, cards with "benefits" or "points" tend to have a higher interest rate to compensate for what they're giving you. You may want to research on improving your credit score and get better offers that way. I've got a couple credit cards, one with rewards at about 13% and one without at about 9 %. I like my Washington Mutual card, because online it tells you your credit score and gives you tips and scenarios on how to improve it. My Citi Card has cool rewards, but it takes forever to earn the points, the interest rate is higher, and they have a lot more restrictions as to what you can do online.

If you haven't already done so, get your free credit report at www.annualcreditreport.com This is where you can get all three major credit bureaus reports for free, once every 12 months, and fix any potential errors on the report. A good friend of mine found out her ex had set up a phone service in her name and was delinquent. You never know what might be on there. Correcting errors can raise your score significantly.

Good luck with everything. I've been working hard at improving my credit for the past year, and I'm up from 640 to 740. And I'm not rich or anything, I just did a lot of research online and have been following all the advice I can get.