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Posts: 81
Registered: ‎05-06-2012
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Just got a great pre-approval letter, shame I'm in the garden.

Just got a pre-approval letter from First National Bank of Omaha (Pre-approval, not pre-selected) for a 9.99% fixed APR (BTs and purchases) American Express with 2% cash back on gas/grocery and 1% on everything else - with no annual fee.

 

Checked the website and apparently they don't offer this APR to the general public? Couldn't see a card with that low of an APR anyways. Despite having better rewards cards and never needing to carry a balance, I enjoyed getting this letter. Not only does this seem like a REALLY good card (Really low fixed APR with decent rewards seems impossible to find nowadays, it's either/or), but from what I read, FNBO is a conservative lender, aren't they?

 

Meh, shame I'm gardening till January, and this pre-approval won't be good then.

Valued Contributor
Posts: 2,281
Registered: ‎09-16-2011
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Re: Just got a great pre-approval letter, shame I'm in the garden.


NewSurrender wrote:

Just got a pre-approval letter from First National Bank of Omaha (Pre-approval, not pre-selected) for a 9.99% fixed APR (BTs and purchases) American Express with 2% cash back on gas/grocery and 1% on everything else - with no annual fee.

 

Checked the website and apparently they don't offer this APR to the general public? Couldn't see a card with that low of an APR anyways. Despite having better rewards cards and never needing to carry a balance, I enjoyed getting this letter. Not only does this seem like a REALLY good card (Really low fixed APR with decent rewards seems impossible to find nowadays, it's either/or), but from what I read, FNBO is a conservative lender, aren't they?

 

Meh, shame I'm gardening till January, and this pre-approval won't be good then.


They do a manual review of every Ap, but not terribly hard to get i was about 690 or so when I was approved for the Discover version,  14.99%  APR and 6k CL matching my highest.  No baddies for the last 4+ years, 3+ med collections 5 years old, 6 year old judgement ,, and about 20%UTL, 

Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 10k and a nice stack of store cards.
Last APP/HP 4/22/2015
Regular Contributor
Posts: 144
Registered: ‎07-21-2012
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Re: Just got a great pre-approval letter, shame I'm in the garden.

I just got an offer in the mail that read:

 


Great news! You are pre-approved for the Frist National Bank of Omaha Platinum Edition Visa Card, with a LOW variable rate for life.

 

  • 7.99% variable APR fixed for life on purchases and balance transfers
  • No Penalty APRs
  • Visa Platinum benefits, perks and privileges
  • NO ANNUAL FEE

 

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $16,000  $8,000
Established Contributor
Posts: 504
Registered: ‎08-28-2012
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Re: Just got a great pre-approval letter, shame I'm in the garden.

[ Edited ]

HenryJumbo wrote:

I just got an offer in the mail that read:

 


  • 7.99% variable APR fixed for life on purchases and balance transfers

 


Ok....is it variable or is it fixed?

Regular Contributor
Posts: 144
Registered: ‎07-21-2012
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Re: Just got a great pre-approval letter, shame I'm in the garden.


djrez4 wrote:

HenryJumbo wrote:

I just got an offer in the mail that read:

 


  • 7.99% variable APR fixed for life on purchases and balance transfers

 


Ok....is it variable or is it fixed?


Yea I was like what are they trying to say lol. I'm guessing it means, right now they are going to lock me into that variable rate and when the interest rate goes up in the future my APR will stay fixed at 7.99%. Any lawyers in the house can make sense of this one?

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $16,000  $8,000
Super Contributor
Posts: 5,889
Registered: ‎12-11-2011
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Re: Just got a great pre-approval letter, shame I'm in the garden.


HenryJumbo wrote:

djrez4 wrote:

HenryJumbo wrote:

I just got an offer in the mail that read:

 


  • 7.99% variable APR fixed for life on purchases and balance transfers

 


Ok....is it variable or is it fixed?


Yea I was like what are they trying to say lol. I'm guessing it means, right now they are going to lock me into that variable rate and when the interest rate goes up in the future my APR will stay fixed at 7.99%. Any lawyers in the house can make sense of this one?


Not a lawyer but my guess would be it varies with the prime rate, but your actual rate won't change at all. Your actual rate is about 4.5% or something with a 3.5% prime rate added onto that. Your 4.5% half of it (the rate they actually assign to you without the prime rate added on) won't ever change since there is no penalty APR on the card, however, your 3.5% portion (the prime rate) will vary with the market. 

 

At least that is what I think. 

;
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
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Re: Just got a great pre-approval letter, shame I'm in the garden.


NewSurrender wrote:

Just got a pre-approval letter from First National Bank of Omaha (Pre-approval, not pre-selected) for a 9.99% fixed APR (BTs and purchases) American Express with 2% cash back 

Got the same letter not too long ago.....wonder what your score.. ??baddie and goodie ??? And what in your wallet ???

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Moderator Emeritus
Posts: 4,875
Registered: ‎11-02-2010
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Re: Just got a great pre-approval letter, shame I'm in the garden.

I received an offer for the same card and rewards structure, but with a 15.9% APR. There was a discussion about this bank on the forum recently, and the consensus was that they're a good bank to deal with. I'm passing on the offer, though, as I don't need another card at this point and I really just want to continue gardening. But, your offer has a really nice APR. If you think that the card would indeed benefit you, and you're not gardening because of a mortgage or other large purchase, then you may want to consider it. The decision, of course, is ultimately up to you.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Frequent Contributor
Posts: 293
Registered: ‎05-01-2007
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Re: Just got a great pre-approval letter, shame I'm in the garden.

I applied for a pre approved offer from them last week(9-7) for their Platinum Edition Visa Card with a 9.99% low variable rate for life. I received the card yesterday and the website layout is pretty nice.

Regular Contributor
Posts: 144
Registered: ‎07-21-2012
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Re: Just got a great pre-approval letter, shame I'm in the garden.

[ Edited ]

jsucool76 wrote:

HenryJumbo wrote:

djrez4 wrote:

HenryJumbo wrote:

I just got an offer in the mail that read:

 


  • 7.99% variable APR fixed for life on purchases and balance transfers

 


Ok....is it variable or is it fixed?


Yea I was like what are they trying to say lol. I'm guessing it means, right now they are going to lock me into that variable rate and when the interest rate goes up in the future my APR will stay fixed at 7.99%. Any lawyers in the house can make sense of this one?


Not a lawyer but my guess would be it varies with the prime rate, but your actual rate won't change at all. Your actual rate is about 4.5% or something with a 3.5% prime rate added onto that. Your 4.5% half of it (the rate they actually assign to you without the prime rate added on) won't ever change since there is no penalty APR on the card, however, your 3.5% portion (the prime rate) will vary with the market. 

 

At least that is what I think. 


I think you are right. The APR they are giving me is 4.74% (says it on the summary of credit terms slip) + whatever the prime rate is. The prime rate is what's variable, and the fix part is the initial APR. Sounds like a very good deal, sadly I'm in the garden trying to get a high 750+ score but under different circumstances I would consider it.

 

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $16,000  $8,000
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