Rain comments on Credit card that donates to SIAI. - Less Wrong

5 Post author: Alexei 22 July 2011 06:30PM

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Comment author: Rain 22 July 2011 08:01:43PM *  6 points [-]

From the Important Disclosures page of the application:

  • No annual fee
  • 11.9% to 21.9% APR based on credit worthiness
  • 24.9% APR for cash advances
  • 29.4% penalty APR for late payments
  • Due date is 25 days after close of each billing cycle
  • No transaction fees
  • $10 or 3% fee (whichever is greater) for cash advances
  • Late payment up to $35 fee
  • Over-the-credit-limit penalty up to $29 (only if you allow them to charge beyond the limit)
  • Returned payment fee up to $35
  • Credit limit based on your credit history, between $300 and $20,000
  • Minimum payment of $15 or 1% of balance plus interest and late fees
  • No cap to the rewards on purchases
  • Rewards balances are transferred to SI quarterly
  • They provide an example of rewards, and note that $9000 in purchases for a year is about $126
  • All the standard boilerplate about applying for a new credit card.
Comment author: jsalvatier 22 July 2011 11:08:12PM 0 points [-]

Anyone who has lots of knowledge about credit card terms care to chime in about how good these terms are? 126/9000 = 1.4%