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About Shane
Expertise
Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience
Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations
American Association of Medical Assistants
Education/Credentials
High School Graduate and Medical Assisting Diploma
Awards and Honors
Significantly exceeds expectations annual review from the bank I presently work at
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You are here: Experts > Real Estate > Banking: U.S. > Using Banks and Bank Accounts > interest rates
Expert: Shane
Date: 8/26/2008
Subject: interest rates
Question
This might not be the right place to ask this but here it goes: I heard that credit card intrust and bank loan interest is calculated differently. Would it be more beneficial to use a fixed lower intrust rate from a credit card or take out a bank loan, the difference is 2 times higher rate on the bank loan and both are fixed.
Answer
credit card fixed rate is the best as long as its not a short term promotion where the interest is low then skyrockets after 6 months or a year (unless you can have it paid off within that time frame). Otherwise, I'd go with the bank loan, however personal unsecured loans can be quite expensive interest rate and payment wise. You will also want to check in to see if there is an early termination fee, origination fee, etc on the bank loan. Likewise, you will want to check and see if there is an annual fee on the credit card. It really depends on how fast you intend to pay it back, how much you are borrowing, etc.
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