Barlcay Ring Variable?

[Anonymous]

Not sure what the rules are now but back in 2008 all my fixed rate cards changed to variable. So i guess they can increase, decrease, or change to variable at any time with notice

[jsucool76]

Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.

[longtimelurker]

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@jsucool76 wrote:
Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.

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Right, that's what I thought (although I assume the CARD act requires some notice).  And that means fixed rate cards aren't that much of a prize....

[Anonymous]

The only card I have that can never alter the rate (currently 3.5%) is the Wells Fargo prime For Life. adjustable to prime rate but they cannot just bump it up and change the terms....As my terms are prime for life. (At least they have not in 8 years, but I guess they could)

[galahad15]

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@longtimelurker wrote:

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@jsucool76 wrote:
Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.

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Right, that's what I thought (although I assume the CARD act requires some notice).  And that means fixed rate cards aren't that much of a prize....

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Except that if fixed rate cards are in fact changed to variable rate cards by the lender, the change is still not retroactive to existing balances under CARD Act, right?  Meaning in theory, that any balances that were incurred before the switch to the variable rate would still remain fixed permanently, and that the variable rates only applies to new charges?  Not the best deal in the world I know lol, but perhaps something of a consolation prize of sorts still?

[galahad15]

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@Anonymous wrote:

The only card I have that can never alter the rate (currently 3.5%) is the Wells Fargo prime For Life. adjustable to prime rate but they cannot just bump it up and change the terms....As my terms are prime for life. (At least they have not in 8 years, but I guess they could)

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That's a very nice card that you have with Wells Fargo there!    J/w, does your prime for life card carry an AF?  No AF?  I know that FNBO has a similar (targeted audience) prime rate card product, but it also has a corresponding $90-something AF, I believe...

[longtimelurker]

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@galahad15 wrote:

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@longtimelurker wrote:

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@jsucool76 wrote:
Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.

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Right, that's what I thought (although I assume the CARD act requires some notice).  And that means fixed rate cards aren't that much of a prize....

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Except that if fixed rate cards are in fact changed to variable rate cards by the lender, the change is still not retroactive to existing balances under CARD Act, right?  Meaning in theory, that any balances that were incurred before the switch to the variable rate would still remain fixed permanently, and that the variable rates only applies to new charges?  Not the best deal in the world I know lol, but perhaps something of a consolation prize of sorts still?

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I wasn't thinking of just fixed-to-variable, more fixed rate to higher fix rate.   Yes, applies only to new balances.  I said that in my earlier post but I think you are right, with a variable rate card it will apply to current balances because the terms haven't changed (just the index).   And maybe if the fixed rate changes you have the option to close and payoff at the old rate.

[Anonymous]

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@galahad15 wrote:

That's a very nice card that you have with Wells Fargo there!    J/w, does your prime for life card carry an AF?  No AF?  I know that FNBO has a similar (targeted audience) prime rate card product, but it also has a corresponding $90-something AF, I believe...

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  Yes it does have an annual fee. i think it is $75.00. But I carry a balance on that card to the fee is worth it, especially since they added Wells Fargo Rewards to the card.

Now, CLI is another story. I am at 9.6K and just got turned down for a CLI since I carry a balance (util is 60% on this card). Overall util is 14%. once I pay it off I will request a CLI and see what happens. At 3.5% though no incentive to pay it off quickly. They did balance chase me in 2008 but I got it back to the 9.6K 3 years ago.