Due to a recent cash infusion.. Im wanting to decide what to do about credit cards. This questsion is specific to credit cards only.
My question (and please keep answers specific to the question only, I will not need your advise about what to do with the new funds).
All credit cards i have will be paid off with above new funds.
1. Discovercard
2. VIsa-plantinum (Bankofamerica)
3. Visa-Platinum PLUS (mortgage related)
I definately considering eliminating #2.
I am tempted to cancel Discovercard.?
Whats your view? What would u do?
DOnt both saying cancel all...thats not realistic answer.
2007-01-05 08:56:57 · 3 answers · asked by pcreamer2000 5 in Business & Finance ➔ Personal Finance
Likely:
If I get rid of BofA cards, will likely get MBNA related (which are BofA also).
Reason: My primary broker is Edward Jones which does MBNA ... will likley go with that.
Thanks guys.
2007-01-05 10:22:05 · update #1
Just a couple of things to think about to make your decision:
Do you get reward points or cashback for the Discover card or the Bank of A? Do you care about the other benefits each card may provide (auto rental insurance or warranty protection, etc)? The interest rate should be an important concern also if you are revolving your balance and wont be paying off account in full each month. Is there an annual fee on either card?
2007-01-05 09:36:00 · answer #1 · answered by AL 2 · 0⤊ 0⤋
Discover has to go look at the apr on that
B of A should go
The only one to left open is the mortgage related card as the interest could be tax deductible.-- How ever look at the note if a heloc it is adjustable to some index usually prime.
2007-01-05 17:01:49 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
The best thing to do is to evaluate the balances on each, and the interest rates on each. High interest rate cards can kill you, even if they have a smaller balance. Good for you, paying off cards. It's such a good feeling.
2007-01-05 17:16:21 · answer #3 · answered by Jennie Fabulous 4 · 0⤊ 1⤋