The Best Credit Card in America for those who carry a balance.
Written: Jul 04 '01
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Pros: Best Rates in the Country.
Cons: Annual Fee
The Bottom Line: If your one of many who has credit card debt then you can not afford to ignore this opportunity to take control of your finances.
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| brad_cantrill's Full Review: Pulaski Bank & Trust Co. |
Happy 4th of July everyone! It's been awhile since I've visited Epinions, and I've missed reading some of my favorite reviewers. It's nice to be back. Anyways, on to the review.
Pulaski Bank and Trust
For those of you (or perhaps) most of you who have the misfortune of owning a credit credit card with a high or maxed out balance trying to move towards the black can seem to be a daunting task. With the national credit card average looming around 17.50% a 5,000 dollar balance can take years to reach zero when paying the minimum. That is why as consumers we shop around for low APR's and perform balance transfers like a national pastime. Well, let me introduce you to a credit card company that will all but eliminate the need to participate in balance transfers or feel bad about yourself by making the minimum payment- Pulaski Bank and Trust.
The Scoop
Pulaski Bank is a relatively small operation based in Arkansas. It was founded in 1994, and since that time has consistently held a credit card with one of the lowest APR's in the country. What is that APR? 6.50% , With no gimmicks, bells and whistles, or strings attached. For a small annual fee, (35 dollars for a classic card or 50 for a gold card) any customer can lock in this fabulous APR and start saving mucho dinero on their interest payments.
Who is the card for?
Practically everyone that carries a balance should carry this card. I know the idea of paying an annual fee for a credit card might deter some applicants, but consider the benefits when using this card. Using the Rule of 72 (A basic financial principal) take the number 72 and divide it by your APR. The number would tell you how fast your money (or debt) will double (e.g. If I had a card that had a 12% interest rate then my debt would double every six years). Now are you beginning to see the beauty of 6.5%. Put another way, I have a 5,000 dollar balance at 12% then my interest payments for the year would total 600 dollars versus 350 dollars with Pulaski. So it's easy to see how the fee justifies itself.
Of course if your the responsible individual who pays or can afford to pay off your credit debt each month then this is not the card for you. If however, your like me and financially burdened with obligations then this is a good way to ease the suffering.
A note about balance transfers
Some of you might be thinking that balance transfers might be a more reliable method of paying down debt. Let me suggest to you that this might not be the case. Debt consolidation is a good idea, but becoming a chronic transferee does have it's hidden costs. 1) Their are balance transfer fees, 2) It can effect your credit rating by making you to appear "flighty" and 3) These are often promotional rates that if you don't watch like a hawk can kick up to 17-19% and kill all your transfer savings. So in my opinion the constant transfering to get 2.9% or 3.9% is not a good risk/reward justification versus continually paying at 6.9%.
Some more notes about Pulaski Bank and Trust
It should be noted that Pulaski Bank and Trust offers a wide variety of investment services. These can all be accessed by going to their website at www.pulaskibank.com. I have chosen to limit my discussion to just the credit card for purposes of this article. Other relevant information about the card includes the following: 29.00 late fee, insufficient check fee, and over the limit fee, 25 days in each billing cycle, no minimum finance charges or fees for cash advances. Special services for Gold members include: travel assistance, roadside assistance, extended warranty on purchases, rental insurance coverage, and special preferred seating for entertainment events.
If your one of many who suffers from excessive debt, then I urge you to investigate this opportunity to take control of your finances. If I were to hand you an extra $300 dollars a year in interest savings then you wouldn't throw it away would you? Don't fear credit cards take control and make them work for you.
Recommended:
Yes
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