SDFCU - No longer Fixed Rate - now Variable

[Anonymous]

I posted in another sub-forum that I was searching for a low Fixed Rate card and someone replied that SDFCU was a 6.99% fixed rate card.

I applied and was approved but the disclosure said 7.24% Variable. I went back to the website and it also now says variable.

Not sure if the original information I got was true but if it was just FYI that SDFCU is now Variable even if it is a decent rate ATM.

[Anonymous]

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@Anonymous wrote:

I posted in another sub-forum that I was searching for a low Fixed Rate card and someone replied that SDFCU was a 6.99% fixed rate card.

I applied and was approved but the disclosure said 7.24% Variable. I went back to the website and it also now says variable.

Not sure if the original information I got was true but if it was just FYI that SDFCU is now Variable even if it is a decent rate ATM.

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Thanks for the info.  I think the SDFCU Platinum Visa was always a variable APR but I could be wrong.

Congrats on the card approval.  Did they ask for POI for approval?

[Anonymous]

Looking at the card on the site it says:

• Rates as low as 7.24 percent Annual Percentage Rate (APR)

No footnote or mention of a Variable APR. You have to dig deep into the disclosures that are not directly linked on the same page or wait until you get approved to find out it is variable. (Negative points for that)

Yes, they requested POI. The wanted last two pay stubs (W2 job) and Last 2 years of tax returns (1099 work)

They do not mess around. 

They do it the way it should be done. Never understood why a lender would take anything you put in a web form as what your income really is. Sometime I may put in 600K annual income to see what happens lol.

[Anonymous]

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@Anonymous wrote:

Looking at the card on the site it says:

• Rates as low as 7.24 percent Annual Percentage Rate (APR)

No footnote or mention of a Variable APR. You have to dig deep into the disclosures that are not directly linked on the same page or wait until you get approved to find out it is variable. (Negative points for that)

Yes, they requested POI. The wanted last two pay stubs (W2 job) and Last 2 years of tax returns (1099 work)

They do not mess around. 

They do it the way it should be done. Never understood why a lender would take anything you put in a web form as what your income really is. Sometime I may put in 600K annual income to see what happens lol.

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Hah.  Thanks for the reply

[Imperfectfuture]

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@Anonymous wrote:

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@Anonymous wrote:

I posted in another sub-forum that I was searching for a low Fixed Rate card and someone replied that SDFCU was a 6.99% fixed rate card.

I applied and was approved but the disclosure said 7.24% Variable. I went back to the website and it also now says variable.

Not sure if the original information I got was true but if it was just FYI that SDFCU is now Variable even if it is a decent rate ATM.

---

Thanks for the info.  I think the SDFCU Platinum Visa was always a variable APR but I could be wrong.

Congrats on the card approval.  Did they ask for POI for approval?

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It was always variable.  My CU card is only fixed rate I have.  Even BECU (6.99% advertised and Alliant are variable).

[Imperfectfuture]

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@Anonymous wrote:

Looking at the card on the site it says:

• Rates as low as 7.24 percent Annual Percentage Rate (APR)

No footnote or mention of a Variable APR. You have to dig deep into the disclosures that are not directly linked on the same page or wait until you get approved to find out it is variable. (Negative points for that)

Yes, they requested POI. The wanted last two pay stubs (W2 job) and Last 2 years of tax returns (1099 work)

They do not mess around. 

They do it the way it should be done. Never understood why a lender would take anything you put in a web form as what your income really is. Sometime I may put in 600K annual income to see what happens lol.

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Mine did not need the tax returns, just anecdotal proof (plus, they must notice the extra income on my other account I use for business).  Alliant is also not that particular, will need some form of proof.  But, they now have some bank records on me.

[Anonymous]

I first sent in my 1099's but they said it was not good enough and they needed tax returns.

Regardless, for all who may be thinking about applying, you must have a DTI ratio of < 45% and proof of all income in addition to whatever credit score they require. All application get bumped to "Referred" status as they stated on the phone every application goes through a manual review. Not sure how accurate that is but it is what their Loan Department stated.

Definatly not your usual credit card applicatioin process

[CreditDunce]

Did anyone mention SSFCU's Power Travel Rewards for a fixed rate card?  The PTR has a variable purchase APR 10.25-11.25%.    However, balance transfers are at 7.9% fixed.    Added pluses: no cash advance, balance transfer or FTF fees.   Once interest rates go up a point or two, it will be better than the Ring for BT's.  Now the PTR is about equivalent to the Ring for BTs. 

I app'd for the PTR as an emergency card that earns some rewards.  3x points for gas, travel and restaurants.  10% annual bonus.  Points can be redeemed for visa gift cards at 1point:1cent.   It turned out, SSFCU doesn't like my CR.  They approved me for the minimum amount ($5).  Probably because my total CL's are a little over 2x my income.  It could also be I app'd at the end of large app spree (several new accounts were showing on my TU credit report).

https://www.ssfcu.org/en-us/loans-credit/credit-cards/Pages/travel-rewards.aspx

SSFCU has strict membership requirements.  You need to either live/work in their service area or be related to a member.