Pen Fed...new rule: monthly re-eval of standard purchase APR

[score_building]

"PenFed frequently evaluates cost effectiveness of our products so that we can continually offer low rates to all our memebers...your variable APR will be changing from semi-annual to monthly..."

Apparently have their fingers on the pulse of the imminent PR increase...term change on both cards which may turn their Promise ("low rate") card into a Lie card going forward, lol

Their standard purchase rates are unsuitable to revolve in any case, even at current Prime Rate. Suppose it's a clever, if somewhat agro term change, which highlights the variable rate climbs to come.

[gdale6]

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@score_building wrote:

"PenFed frequently evaluates cost effectiveness of our products so that we can continually offer low rates to all our memebers...your variable APR will be changing from semi-annual to monthly..."

Apparently have their fingers on the pulse of the imminent PR increase...term change on both cards which may turn their Promise ("low rate") card into a Lie card going forward, lol

Their standard purchase rates are unsuitable to revolve in any case, even at current Prime Rate. Suppose it's a clever, if somewhat agro term change, which highlights the variable rate climbs to come.

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This is why one needs a fixed rate card to carry balances on, you could never figure out the cost of anything this way and that is why they do it to stack the deck to themselves.

[score_building]

Or not carry a balance on cc ideally: "fixed" rate cards terms can change too, in fact most were converted to variable rates many moons ago, are there really any "fixed" still out there...would imagine they're far and few between.

[longtime_lurker]

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@score_building wrote:

Or not carry a balance on cc ideally: "fixed" rate cards terms can change too, in fact most were converted to variable rates many moons ago, are there really any "fixed" still out there...would imagine they're far and few between.

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My CU card is fixed.

[jsucool76]

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@longtime_lurker wrote:

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@score_building wrote:

Or not carry a balance on cc ideally: "fixed" rate cards terms can change too, in fact most were converted to variable rates many moons ago, are there really any "fixed" still out there...would imagine they're far and few between.

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My CU card is fixed.

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No card is truly "fixed." The lender has the right to change the APR whenever they feel like it. 

Variable rate cards change when the prime rate changes, or when the lender feels like changing it. 

Fixed rate cards change when the lender feels like it. 

[kevinjjc]

Just got the letter notification about this in the mail yesterday.

[Anonymous]

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@jsucool76 wrote:

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@longtime_lurker wrote:

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@score_building wrote:

Or not carry a balance on cc ideally: "fixed" rate cards terms can change too, in fact most were converted to variable rates many moons ago, are there really any "fixed" still out there...would imagine they're far and few between.

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My CU card is fixed.

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No card is truly "fixed." The lender has the right to change the APR whenever they feel like it. 

Variable rate cards change when the prime rate changes, or when the lender feels like changing it. 

Fixed rate cards change when the lender feels like it. 

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You speak of rate-jacking. Yep...that's when you charge a BIG purchase to it and close it.

[pipeguy]

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@score_building wrote:

"PenFed frequently evaluates cost effectiveness of our products so that we can continually offer low rates to all our memebers...your variable APR will be changing from semi-annual to monthly..."

Apparently have their fingers on the pulse of the imminent PR increase...term change on both cards which may turn their Promise ("low rate") card into a Lie card going forward, lol

Their standard purchase rates are unsuitable to revolve in any case, even at current Prime Rate. Suppose it's a clever, if somewhat agro term change, which highlights the variable rate climbs to come.

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Wow that's not what you would expect from a credit union. PFCU is becoming more like CreditOne or First Permier everyday. I would never accept an open ended credit card agreement that promised to "change" my rates every month. Yeah yeah I know, "trust me we're looking out for YOU". Been a member of PFCU for 40 years, glad I no longer use them for loans or credit cards and my second mortgage with them is a set rate. 

Have you ever noticed that interest rates you pay go up quickly and in bigger moves than they go down (and the inverse for those savings that pay you), reminds me of gas prices that go up on the spot price of oil, but go down on market conditions of inventoried supply in Cushing OK.