J/c, has anyone here with 760-800+ credit scores received a (bank) fixed-rate cc offer?

[galahad15]

Just wondering, has anyone here on the forum with say 760-800+ credit scores received a fixed-rate credit card offer, over the past year, etc. (also not counting CUs here, only bank-based lenders like Citi, Chase, BoA, and others)?  The reason I ask is because there were some online news articles just a few years ago that hinted that fixed-rate cc offers still *might*(?) be available from banks as targeted offers, but only to the very most credit-worthy in terms of scores, so I just thought I'd ask if the rumors were indeed true, or just that, lol (i.e., rumors) 

[barthooper]

Recently I've received fixed rate offers for BoA, mostly Cash Rewards. I believe I've gotten Amex offers that only refer to a single APR as well, but I'm not sure.

[galahad15]

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@barthooper wrote:

Recently I've received fixed rate offers for BoA, mostly Cash Rewards. I believe I've gotten Amex offers that only refer to a single APR as well, but I'm not sure.

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Thank you for providing the very helpful and valuable datapoint! 

[Anonymous]

OP im not entirely sure what your question is. What exactly do you mean?

"Fixed rate (or fixed APR)An annual percentage rate that does not change throughout the year, unlike an introductory APR that changes after a specific period of time. The credit card reform law President Obama signed in May 2009 changed the rules for cards advertised as having fixed rates. Previously, fixed rates could be changed with as little as 15 days' notice. Under the reform law, fixed rates must remain fixed for at least a year, and then can be raised with 45 days' notice to consumers."

[VinnyofLegend]

galahad15,

Do you mean true fixed-rate as in, it will not vary with the prime rate? Some of these responses seems to talking about a single rate (vs tiered), which may be still be variable based on the current prime rate (ex: FNBO 3.25 rate is card is really prime rate+0%, Barclaycard Ringcard 8% APR is prime + 4.75%). I'm not aware of any cards that are truly fixed like the pre-CARD act fixed-rated credit cards.

[NRB525]

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@barthooper wrote:

Recently I've received fixed rate offers for BoA, mostly Cash Rewards. I believe I've gotten Amex offers that only refer to a single APR as well, but I'm not sure.

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You might want to read the fine print. The rate may be a single rate offered, that is not the same thing as a fixed rate that will never change.

What are the specific rates that they are offering you, BTW?

[barthooper]

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@NRB525 wrote:

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@barthooper wrote:

Recently I've received fixed rate offers for BoA, mostly Cash Rewards. I believe I've gotten Amex offers that only refer to a single APR as well, but I'm not sure.

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You might want to read the fine print. The rate may be a single rate offered, that is not the same thing as a fixed rate that will never change.

What are the specific rates that they are offering you, BTW?

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Whoops, I missed the "fixed rate" aspect. I thought OP was just referring to a mailer that quotes you a specific APR instead of a range, but referring to it as fixed rate.

I don't have any of the mailers right now but I have gotten 12.99% for cash rewards before.

[galahad15]

Hi everyone, sorry for any unintended confusion caused by the language on my part -- yes, by"fixed rate", I had meant a cc rate that does not vary with the prime rate.  Guess they are truly no longer available then with bank lenders (outside of certain CUs that I regrettably either would not meet membership criteria for, or would not receive the lowest-possible rate).  Many thanks to everyone again for their very helpful replies; I appreciate your kind assistance!

ETA:  corrected typo.

[FinStar]

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@galahad15 wrote:

Hi everyone, sorry for any unintended confusion caused by the language on my part -- yes, but "fixed rate", I had meant a cc rate that does not vary with the prime rate.  Guess they are truly no longer available then with bank lenders (outside of certain CUs that I regrettably either would not meet membership criteria for, or would not receive the lowest-possible rate).  Many thanks to everyone again for their very helpful replies; I appreciate your kind assistance!

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OP - they are still available by some banks.  I have received actual "fixed rate" offers (not variable) from FNBO, Bank of the Cascades, and a few others (have never heard of some of them).  Nothing from Chase, US Bank or Citi that I can recall.  Most of the other fixed rate offers have come primarily from CUs.  Just got one from Western FCU and BEFCU and can't recall if the other one was from Golden1 recently.

At any rate, you're really not going to see any of the major banks offer what used to be comptetivie available in the market place prior to the Card Act.

[Imperfectfuture]

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@VinnyofLegend wrote:

galahad15,

Do you mean true fixed-rate as in, it will not vary with the prime rate? Some of these responses seems to talking about a single rate (vs tiered), which may be still be variable based on the current prime rate (ex: FNBO 3.25 rate is card is really prime rate+0%, Barclaycard Ringcard 8% APR is prime + 4.75%). I'm not aware of any cards that are truly fixed like the pre-CARD act fixed-rated credit cards.

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True, I read the post, and did not answer earlier, because you did not want to hear about CU's.  My CU is fixed rate, and the lowest they will offer is 10.5%.  I haven't seen any true fixed rate cards offered by the major banks.  Not to say, that if the interest changes via prime, with really good credit, there are many banks that will lower interest rates via negotiations.