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Author: AliFool Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Prime Rate for Life? Date: 11/17/1998 3:27 PM
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Hi there... I got an unsolicited offer in the mail from Wachovia for a card that offers the "prime rate" for life. It is currently at 8.25% or so... which is less that the 9.99% I have from FirstUSA.

Does anyone have experience with this type of card?

Thanks... --AliFool
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Author: pwyles Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5531 of 308881
Subject: Re: Prime Rate for Life? Date: 11/17/1998 4:27 PM
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<<Hi there... I got an unsolicited offer in the mail from Wachovia for a card that offers the "prime rate" for life. It is currently at 8.25% or so... which is less that the 9.99% I have from FirstUSA.

Does anyone have experience with this type of card?>>

AliFool
I went to their website http://www.wachovia.com the thing that I can see that reduces the value of prime for life is the $88 annual fee. To just get some rough numbers as to whether prime for life was worth it I approximated carrying a $2000 balance on there card or at 20%. here's what I coame up with.

At 20% with no annual fee you would pay about $400 in interest for the year. On their card you would pay $160 interest and plus the $88 fee for a total of $248. The card that might be interesting is the NoFee Prime for a year card, then card surf the balance somewhere else until it is paid off.

The other thing I noticed is it is a Deleware credit card (translation no consumer protection or all laws favor the CC company). As far as the company itself I have heard nothing good or bad.

~~paul

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Author: AliFool Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 5532 of 308881
Subject: Re: Prime Rate for Life? Date: 11/17/1998 4:41 PM
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Thanks for the info. I don't remember whether it has an annual fee. If not, I won't sign up. I almost never carry a balance, but would like to have that as low as possible for emergencies or heavy months. But a fee? No can do. And I don't think I would want to card-surf, necessarily. So, it looks like I may keep what I have. Thanks.

--AliFool

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