Money Managed

If you manage everything in your life with precision, why not your finances, too? Read our blog article below to learn more about managing your credit cards.

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You manage everything in your life like a boss! Your schedule, your closet, your lawn… So why not your finances? Why churn through four different credit cards with high variable interest rates when Cedar Point has a low fixed rate credit card? Transfer your balances to Cedar Point and save on interest in the long run. 

Have you made that all-important New Years Resolution to save money and pay down debt? Then don’t slowly chip away at that debt. A low rate credit card is perfect for the New Year because it means you can pay down your interest faster and get back to “business as usual”. Cedar Point offers a low fixed rate credit card that can help you save money. Here's how:

1. Make it simple: turn multiple payments into one payment
2. Lock in a low rate: Cedar Point offers consistently low rates
3. Fixed rate: there is no penalty rate or variable rate
4. Pay it down: with a lower rate, you can pay down debt faster
5. No balance transfer fee: so you can concentrate on saving
   
   

Here's a pretty stunning visual of what your monthly interest savings might look like by switching to Cedar Point.

 What does it mean? In the scenario above, your monthly payment would be reduced by $18. And you'd be saving over $30 on interest alone. Over time, that really adds up. So consider transferring your balance to a Cedar Point credit card today!

Simplify and pay it down. Money managed.

Do the math

If you carry a balance, with an APR of between 15 – 20%, almost half of every minimum payment made is consumed by interest charges. With over 20% APR that becomes nearly two thirds of your minimum payment. The example below reflects a $1000 balance.

If your minimum payment is $25 on your $1000 balance:

• At 15% APR, you will pay $12.50 of the $25.00 in interest alone. Exactly half of your minimum payment is committed to paying off accrued interest.
• At 20% APR, you will pay $16.67 of the $25.00 in interest. Here, you'll only be paying down $8.33 of principal.
• At 22% APR (which is a common APR for many reward credit cards), you'll be paying $18.33 in interest charges.

You get the idea. With a lower rate like 7%, you're paying more toward the principal, to help you decrease your debt faster.