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2BLUE
03-15-2013, 10:48 PM
Someone asked me this question but because I pay my cards off every month I didn't know the anwser...

Is it smarter to pay off the mastercard with the line of credit? Reason why i ask 17.99% divide by 12 1.49% per month, seems cc would be smarter, but there's people at tonights party saying different.

$4000 owing on Mastercard (Interest rate 17.99% APR

Line of credit 1% plus prime

EDIT: I shall clarify the question, in terms of interest which way would you pay less?

I know it sounds dumb but $2250 came out to $24 in a minimum payment.
Weapon_R
03-15-2013, 11:43 PM
You serious?
Super_Geo
03-15-2013, 11:45 PM
Originally posted by Weapon_R
You serious?
trieuth
03-16-2013, 12:01 AM
Pay with loc. /endthread
TYMSMNY
03-16-2013, 03:00 AM
So... another way to solve this riddle is...

Do you want to pay "prime (3%) +1%" or "17.99%" on your loan.

4.0% - Line of Credit
or
17.99% - credit card

:nut:
dj_rice
03-16-2013, 06:34 AM
:rofl: :rofl: :rofl: :rofl: :rofl:

Did OP go to school in Forest Lawn?
2BLUE
03-16-2013, 12:51 PM
Ok I think you guys are getting mixed up, or I am...

Line of credit is NOT APR? (Annual Percentage Rate)

Credit card 17.99% APR

This is a business line of credit so i belive the rules are a bit different.
turbotrip
03-16-2013, 02:16 PM
line of credit is APR too, simple comparison
Tik-Tok
03-16-2013, 02:26 PM
The only people I ever hear of advertising monthly interest rates, are loan sharks and "payday loan" places, lol.

Everything else is APR.

So LOC is FARRR better than Credit Card.
2BLUE
03-16-2013, 03:45 PM
Perfect thanks guys

:D
Super_Geo
03-16-2013, 05:18 PM
Can't fault a guy for trying :burnout:
max_boost
03-16-2013, 05:27 PM
Originally posted by 2BLUE
Perfect thanks guys

:D You are the kind of dude who would do something like ban himself....oh wait....:D :thumbsup:
FixedGear
03-16-2013, 06:20 PM
i'm pretty sure every child is taught about interest in grade 6 math. :rofl:
Isaiah
03-16-2013, 06:35 PM
Search this user's previous posts and it's evident that he's not quite up to speed.
Disoblige
03-16-2013, 06:42 PM
2BLUE is awesome hahaha
2BLUE
03-18-2013, 12:30 AM
Originally posted by Disoblige
2BLUE is awesome hahaha

Why thanks! hahaha

Business Line of credit out of usa owned by sweden bank is monthly. :thumbsup:

As stated this was for someone else and I didn't know all the details.

Interest is monthly at some of the slezzy banks etc.