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Originally Posted by jerseyguy
The rate is for it's life. Fixed rate. I have over $60,000 in reserves, so if emergency I'm ok. I'm not a mad credit card spender, so that amount of the card is going up. It's old debt. Hope that answers your questions.
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First, there is no such thing as a "fixed rate" - even fixed rate cards can raise their rates as long as they tell you in advance (one of those lovely little things that cc companies never tell you) and believe me, they do it all the time. That rate is not likely to stay around if interest rates continue to rise.
I guess what you need to decide is whether you think you can get a much better return than a guaranteed 4.9%.