It is rumored that I at one time said.
> > Do what I do. 'Surf' the interest. That is take of advantage of the
> > 'teasers' then when it goes up...pay it off and get a new 'teaser'.
To which Robert J. Bradbury replied.
> Yes but its a pain-in-the-papoochka strategy. It ought to be easier
> for the cardholders to act collectively and send letters to the bank
> telling them if they raise the rates above X% they will lose their
> business. Logically, with reliable cardholders, the banks should
> be able to make money at something like 2-3% above mortgage rates
> (since these are "unsecured" loans). So that means a rate of 9-10%
> should be about right for both parties.
Yup...nothing comes easy.
How ever...since you mentioned it I do use a credit card that has an interest rate of approx 12% for my primary business usage. Theyre out there you just have to look for them. The best strategy is to let them find you. I get five or ten offers for credit cards a month.
It's an embarassment of "riches" and can easily lead to disastorous mistakes. You must disipline youself or you risk ruin. That is....never have a balance (pay off the entireity each month).
In some cases that is inconvient which is why 'surfing the interest" comes in.