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NEW CARD!!!! (wHells Fargo REFLECT)


hegemony
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CNBC sez (the bolding is mine):

 

The card isn’t flashy, but the opportunity to save on credit card interest can be excellent for consumers needing spending flexibility — especially with the holidays approaching.

 

The Wells Fargo Reflect℠ Card offers great benefits, including:

 

0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. You can receive an intro APR extension of up to three months with on-time minimum payments during the intro and extension periods.

 

So basically WF is looking for customers who want/need to finance holiday shopping at 0% and only pay minimum payments - so that they go beyond the promotional period and have to start paying interest.

 

Sounds.... Subprime?

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0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the introductory and extension periods.

 

Much better idea than paying some amateur kredit younyun 8.99% on one of their world-renowned "low APR cards" for almost two years.  
 


 

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13 hours ago, cv91915 said:

0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension of up to 3 months with on-time minimum payments during the introductory and extension periods.

 

Much better idea than paying some amateur kredit younyun 8.99% on one of their world-renowned "low APR cards" for almost two years.  
 


 

All of my low rate CU cards are currently SUB 5% and part of my highly diversified credit card portfolio strategy.  Never had to use them or carry a balance, however it's available.

 

If I do want to ever carry a balance, I have plenty of zero fee 0% APR BT offers or if there is a decent SUB, I will open a new card with a 0% APR offer such as this card, however I am not stupid enough to engage in ANY banking with wHells Fargo!

Edited by Rogue
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11 hours ago, Rogue said:

All of my low rate CU cards are currently SUB 5% and part of my highly diversified credit card portfolio strategy.  Never had to use them or carry a balance, however it's available.

 

If I do want to ever carry a balance, I have plenty of zero fee 0% APR BT offers or if there is a decent SUB, I will open a new card with a 0% APR offer such as this card, however I am not stupid enough to engage in ANY banking with wHells Fargo!

 

I have one card sitting here that pays 3x on clarinet lessons, because you never know.

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9 hours ago, creditcaper1 said:

Nothing wrong with keeping a card around for use in a situation that you might not see coming.  Especially a no AF card.  Would it make you feel better if the cards were not from a credit union?

It would make me feel better if he would take the damn clarinet lessons.

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11 hours ago, creditcaper1 said:

Nothing wrong with keeping a card around for use in a situation that you might not see coming.  Especially a no AF card.  Would it make you feel better if the cards were not from a credit union?

 

I'm a big fan of using the right tool for the job, but I cannot contrive a scenario where I'd run out of more appealing options before I would be forced to revolve an unplanned purchase on a "low APR" credit card.

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5 hours ago, cv91915 said:

 

I'm a big fan of using the right tool for the job, but I cannot contrive a scenario where I'd run out of more appealing options before I would be forced to revolve an unplanned purchase on a "low APR" credit card.

I understand what you are saying, but the credit options available to you are surely different than what someone else might have available.  A certain credit product that you might not touch could be a lifeline for someone else.  

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5 hours ago, creditcaper1 said:

I understand what you are saying, but the credit options available to you are surely different than what someone else might have available.  A certain credit product that you might not touch could be a lifeline for someone else.  

Alliant Credit Union was a lifeline to me when I was rebuilding. That meant the world to me.

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19 hours ago, creditcaper1 said:

I understand what you are saying, but the credit options available to you are surely different than what someone else might have available.  A certain credit product that you might not touch could be a lifeline for someone else.  

 

You can make the same argument about payday loans or overdrafts.

 

People get complacent about paying 5.99%, 9.99%, 11.99% (and up to 29.99% and beyond) interest and forget that there are better options out there to minimize (or even eliminate) the cost of financing.

 

 

 

 

 

 

 

 

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7 hours ago, cv91915 said:

 

You can make the same argument about payday loans or overdrafts.

 

People get complacent about paying 5.99%, 9.99%, 11.99% (and up to 29.99% and beyond) interest and forget that there are better options out there to minimize (or even eliminate) the cost of financing.

 

 

 

 

 

 

 

 

He said he had sub 5% credit cards from his credit union, not 15, not 25.  Sounds like he is trying to minimize the interest he might have to pay.

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7 hours ago, creditcaper1 said:

He said he had sub 5% credit cards from his credit union, not 15, not 25.  Sounds like he is trying to minimize the interest he might have to pay.

 

Let me take another stab at this.

 

0% < 4% < 5% < 7% < 15% < 25% < 29%

 

I can provide more examples if that would help.

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16 hours ago, creditcaper1 said:

Oh now I get it.  Since you never borrow money at anything other than 0%, no one else should.  Thanks for cleaning that up.

 

My controversial premise is that paying 0% is better than paying > 0%.  I don't care what anyone else does with the information.

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7 hours ago, cv91915 said:

 

My controversial premise is that paying 0% is better than paying > 0%.  I don't care what anyone else does with the information.

No one is arguing that.  But to act like there is no need for any credit product that isn't at a 0% APR is not being realistic.  Again, your situation is not the same as other people's.  

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