Conference nyoss1::market_investing

    I have a question I hope some one can help me with.
    
    I presently have a credit card with an interest rate of 15.5%. I pay 
    an anual fee of $15. I have a Bal of $1,900 on it.
    
    I'm looking into applying for a credit card through a bank in 
    Wichovia Wilmington DE. They presently have an interest rate of 9.4%
    with an anual fee of $39. 
    
    Or a fixed rate of 14.98% with an anual fee of $25.
    
    Or a fixed rate of 16.4% with no fee.
    
    The main reason I would like to get this card is to pay off the
    balance on the card that has the 15.5% rate. 
    
    Does any one have sugestions or advice on what I should do or which
    option I should use.
    How do I go about figuring my monthly payment on a card with 9.4%
    interest as opposed to the one with 15.5% interest? 
    Would it be worth switching cards or would I be waisting money?
    
    Looking forward to hearing from the wiser and more informed.
    
    		Thanks, Roland

    Replacing one credit card with another is no way of getting rid of your
    debt. The best thing to do is to pay off your credit card balance each
    month before the interest kicks in.
    
    Are you planning to pay off that $1900 balance someday? Or, are you
    planning to leave it on there forever? If you are planning to pay it
    off eventually. Then, how soon do you plan to pay the whole thing off? 
    I'd try to pay off the balance ASAP. And then, go with the no annual 
    fee card to pay off the charges monthly.
    
    Mike 

    If your going to change cards, go with the lowest in the country!
    
    Try Simmons First National Bank in Pine Bluff AK.
    
    8.4% Interest rate.	
    
    The anual fee is either $25 or $35.
    
    If your interested, I'll post their phone # tomorrow.
    
    						Ellis

    reply to .2> Yes I am planning on paying it off. I can't pay it off
    in one lump sum so I figured it would be a good idea to get the lowest
    monthly payment and send in extra every chance I get. I don't use
    credit cards for more than I can aford to pay each month. I have
    learned my lesson the hard way.
    
    Reply to .3> Simmons is no longer accepting applications nation wide.
    	   	 Only from people that live in state.
    
    Any Idea how to figure monthly Payments?
    Which option would you choose in reply to .1 ?

    
    	Re: .4
    
    	I'd suggest that the right card would be a factor of how much extra
    you're putting in each month.  Even though you can't pay it off all at
    once, putting $20 extra into it each month or putting $200 extra makes
    a big difference on which card is right for you.  If I was paying this
    off at a rate of, maybe, having it paid off a year from now or sooner,
    I'd start shopping around for a card with no annual fee.  (As your
    balance drops, your current annual fee of $15 really starts to add up
    in terms of what effective interest rate you're paying.)  If the
    repayment period was going to be longer, then maybe that 9.4%/$39yr
    makes sense, but only until the balance is down, say, in the $500-700
    range where that annual fee starts really piling up the effective
    interest rate.
    
    	As to calculating the monthly payment on the 9.4% card, sorry,
    can't help you there.  Credit card companies do vary in how they
    compute the minimum monthly payment so you'll have to read the
    fine-print on the card's application to know for certain.
    
    							-craig

Try AFBA Industrial Bank in Alexandria, VA
They have VISA and Mastercard for 

NO annual fee

	AND

12.5% (variable) interest


[(800)776-2265]

    How about trying a home equity line of credit? Rates are about 9% plus
    the interest is deductible.
    

    To figure monthly payments: divide bal by 36.
    
    ex. bal of $2000
    
    	$2000/36 = $55.5
    
    This will give you a rough idea of what your monthly min payment will
    be.