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#3
07-03-2007, 01:23 AM
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 Re: Credit Card Accounts with Multiple APRs "JohnnyQuest" <JohnnyQuest[at]discussions.microsoft.com> wrote in message news:A20D6744-0160-404E-923B-A5FDB7611CBA[at]microsoft.com... - quote - > We have some credit cards where part of the balance is at a promotional > APR > (until the balance is paid off), and another part of the balance is at a > different APR. We want to use the debt reduction tool. Is there a way to > split the balance of a credit card between APRs, or should I create it > as two > separate accounts? You can have a promotional rate change at a certain date to a standard rate, but both apply to the entire balance. If you can, get out from under that by transferring the total balance to another card with a teaser rate. That assumes the total interest paid on the new card is less than that on the old card. Beware also that Money will guide you to pay the minimum for cards with low teaser rates, even if the standard rate is exorbitant. Use some common sense and use the DRP as a guide, not a rule. If that is true, set the teaser rate to .0001% higher than the next higher card. Money will then pay off the teaser rate faster, resulting in a lower balance when it hits the standard rate. I'm doing that on a 0%/1 year teaser, to pay off the 0% teaser in 1 year. That way I avoid the usurous rates they hope I'll pay by only paying the minimum in the meantime. -- Chris Cowles Gainesville, FL |
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#2
07-03-2007, 12:18 AM
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| Re: Credit Card Accounts with Multiple APRs Thanks for the responses. I believe that we have a credit card with one balance that is 4.99% APR until paid off and another balance that is 7.99% APR until the balance is paid off. Until now, we've just input it at the higher APR, but I'd like it to be as accurate as possible. "theorbo" wrote: - quote - > I think it's going to be more work than it's worth but with more details we > might can offer a suggestion. Is the promotional APR 0% or something else? > What are the two rates? > The debt reduction planner is going to try and minimize the total spent > (principal + interest) over the life of the debts. So, you will ultimately > want to "describe" your debt to Money in a fashion to help it do that. > "JohnnyQuest" <JohnnyQuest[at]discussions.microsoft.com> wrote in message > news:A20D6744-0160-404E-923B-A5FDB7611CBA[at]microsoft.com... > > We have some credit cards where part of the balance is at a promotional > > APR > > (until the balance is paid off), and another part of the balance is at a > > different APR. We want to use the debt reduction tool. Is there a way to > > split the balance of a credit card between APRs, or should I create it as > > two > > separate accounts? |
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#1
07-02-2007, 11:28 PM
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| Re: Credit Card Accounts with Multiple APRs I think it's going to be more work than it's worth but with more details we might can offer a suggestion. Is the promotional APR 0% or something else? What are the two rates? The debt reduction planner is going to try and minimize the total spent (principal + interest) over the life of the debts. So, you will ultimately want to "describe" your debt to Money in a fashion to help it do that. "JohnnyQuest" <JohnnyQuest[at]discussions.microsoft.com> wrote in message news:A20D6744-0160-404E-923B-A5FDB7611CBA[at]microsoft.com... - quote - > We have some credit cards where part of the balance is at a promotional > APR > (until the balance is paid off), and another part of the balance is at a > different APR. We want to use the debt reduction tool. Is there a way to > split the balance of a credit card between APRs, or should I create it as > two > separate accounts? |
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07-02-2007, 10:01 PM
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| Re: Credit Card Accounts with Multiple APRs In microsoft.public.money, JohnnyQuest wrote: - quote - > We have some credit cards where part of the balance is at a promotional APR
No.> (until the balance is paid off), and another part of the balance is at a > different APR. We want to use the debt reduction tool. Is there a way to > split the balance of a credit card between APRs, - quote - > or should I create it as two
I'm not going to try to comment on that.> separate accounts? |
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#-1
07-02-2007, 08:28 PM
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| Credit Card Accounts with Multiple APRs We have some credit cards where part of the balance is at a promotional APR (until the balance is paid off), and another part of the balance is at a different APR. We want to use the debt reduction tool. Is there a way to split the balance of a credit card between APRs, or should I create it as two separate accounts? |
| Tags |
| accounts, aprs, card, credit, multiple |
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