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Got a letter in the us mail today from Penfed that said they are changing from evaluating my semi-annual APR evaluation to a MONTHLY EVALUATION.
Did anyone else get this ?
@Andy77 wrote:
Got a letter in the us mail today from Penfed that said they are changing from evaluating my semi-annual APR evaluation to a MONTHLY EVALUATION.
Did anyone else get this ?
Nope, just you. J/K. This is the first I've heard of any APR evals with PenFed.
769 ⋅ INQs: 6 | 774 ⋅ INQs: 5 | 764 INQs: 8 | UTIL: 2% | AAoA: 5yr 8mos | Total Credit Line: $873,950 |
I got my Penfed Cash Rewards card in 2014...I checked on the application today and when you apply now they have the same verbiage that was in the letter I received today about the APR being re-evaluated monthly instead of semi-annually...
With that in mind, I would imagine all the accounts will change...
"On the first Tuesday of the first full week of each month, we determine what the Prime Rate is as published in the Wall Street Journal. We then add a margin as set forth in the Summary of Terms issued with your card to the Prime Rate to get the APR for the following month. If the APR increases, you will have to pay a higher periodic finance charge and may have to make a higher minimum payment."
@Andy77 wrote:
I got my Penfed Cash Rewards card in 2014...I checked on the application today and when you apply now they have the same verbiage that was in the letter I received today about the APR being re-evaluated monthly instead of semi-annually...
With that in mind, I would imagine all the accounts will change...
"On the first Tuesday of the first full week of each month, we determine what the Prime Rate is as published in the Wall Street Journal. We then add a margin as set forth in the Summary of Terms issued with your card to the Prime Rate to get the APR for the following month. If the APR increases, you will have to pay a higher periodic finance charge and may have to make a higher minimum payment."
OK, that's not what I thought you meant. This merely means that when the prime rate changes they will change your APR the following month, rather than doing it twice year (As compared to a monthly evaluation of "Should we change the APR Andy77 is paying" when the prime rate doesn't change)
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |