Skip to main content
No. of Recommendations: 0
Hello Fools,

I have 3k @23.24% in a CC account at BoA. I've been shopping around for a new BT option but I'm also looking at this card for the long term. Because of this, I can't seem to decide whether I like airline miles or rebates better. Through my research I've found that the rebate rates have been in steady (if not, precipitous) decline recently and may not even be worth it. I figure that if I can use an airline miles card responsibly over a period of time it could eventually help fund a vacation or two.
That said, I'm also quite disillusioned with the whole CC industry. The slightest of mistakes is all it takes to slash your credit history and get "ratejacked". This is not something I'm very interested in perpetuating.
A few weeks ago I found the Prosper site. I have been lurking and posting there since. It's amazing to think that I could get my 3k loan locked in at around 9-10% (I'm a credit grade A) for the duration of the 3-yr loan. If I happen to be late with a payment (which I don't plan to be), the rate won't shoot up at all. I'll just be penalized after a period of time. Also, I'll be fulfilling the investment vehicles of REAL people across the country, not some corporation out for my money.

So the overall question is this:

A.) 0% APR over a 6-12 month BT with a CC company. Jack chance.

B.) 9~% over three years to other people. No jack chance.

If you need more explanation of how prosper works, post a question.

Other than that, any opinions?

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.