King of interest reduction

Mr Wooly is officially the Kind of Interest Reduction, I am so proud of him. When switching all our accounts to the credit union Mr Wooly decided to switch his Royal Bank Visa. He applied for AND qualified for a new gold card which gives him an interest rate of 9.4% plus 1% cash back on all purchases. So if you remember, only 2 months ago or so he was paying 23.8% on his credit card- a reduction of 14.4%.

Now he is paying a $50 annual fee for this card, but we calculated the interest saved from an 11.4% card with a lower annual fee and this card saves him about $25 over the next 3 months. The financial planner suggested too that we think about moving some of our higher interest rate debt onto this card too which I had not thought about. That is for next week, I am mentally exhausted from all our bank appointments and applications in the past 2 weeks!


  1. mariam said...
    You had a busy 2 weeks :) I can relate. But doesn't it feel good? For me, it feels like I'm a little kid for being responsible and grown up. Weird. Just pick up the momentum and keep on going!
    SavingDiva said...
    If you pay all of your bills on time, you can usually call to get the annual fee returned if your account is in good standing.

Post a Comment

Blogger Template by Blogcrowds

Copyright 2006| Blogger Templates by GeckoandFly modified and converted to Blogger Beta by Blogcrowds.
No part of the content or the blog may be reproduced without prior written permission.