USAA APR Misleading?

[CreditScoreBlueprint]

I'm curious... does anyone have a USAA Rate Advantage MasterCard with their lowest advertised APR of 6.9%?

I've got flawless credit... zero missed payments, a long credit history, a credit score of 750+. I have an NFCU platinum card with their lowest advertised rate of 7.9%. When I first applied for the USAA Rate Advantage MasterCard two years ago I was approved at 10.9%. I have yet to receive an APR decrease, even after calling them and manually requesting it.

So, I'm wondering how my APR with USAA is 4% higher than their lowest rate when my credit couldn't really get much better than it already is (and I now have two years of history with them). On the other hand, NFCU is giving me their lowest rate available.

Is there any point to holding out any longer with USAA... or should I just get another NFCU card and cancel USAA? I'm starting to get the feeling that USAA doesn't lower APR once you've been locked in.

[alvon123]

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@CreditScoreBlueprint wrote:

I'm curious... does anyone have a USAA Rate Advantage MasterCard with their lowest advertised APR of 6.9%?

I've got flawless credit... zero missed payments, a long credit history, a credit score of 750+. I have an NFCU platinum card with their lowest advertised rate of 7.9%. When I first applied for the USAA Rate Advantage MasterCard two years ago I was approved at 10.9%. I have yet to receive an APR decrease, even after calling them and manually requesting it.

So, I'm wondering how my APR with USAA is 4% higher than their lowest rate when my credit couldn't really get much better than it already is (and I now have two years of history with them). On the other hand, NFCU is giving me their lowest rate available.

Is there any point to holding out any longer with USAA... or should I just get another NFCU card and cancel USAA? I'm starting to get the feeling that USAA doesn't lower APR once you've been locked in.

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I have a Rate advantage ( age of this card will be 3 months in Feb) also at 10.9%.  Fico at the time was around 740 with 2 inq, I don't think I would hold my breath  for the advertised 6.9% unless you have a 850+ score

[samm90]

See if customer retention can help you out. If not maybe they can offer you something else. Otherwise they can cancel it for you and you can reapply later.

[efranklin23]

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@CreditScoreBlueprint wrote:

I'm curious... does anyone have a USAA Rate Advantage MasterCard with their lowest advertised APR of 6.9%?

I've got flawless credit... zero missed payments, a long credit history, a credit score of 750+. I have an NFCU platinum card with their lowest advertised rate of 7.9%. When I first applied for the USAA Rate Advantage MasterCard two years ago I was approved at 10.9%. I have yet to receive an APR decrease, even after calling them and manually requesting it.

So, I'm wondering how my APR with USAA is 4% higher than their lowest rate when my credit couldn't really get much better than it already is (and I now have two years of history with them). On the other hand, NFCU is giving me their lowest rate available.

Is there any point to holding out any longer with USAA... or should I just get another NFCU card and cancel USAA? I'm starting to get the feeling that USAA doesn't lower APR once you've been locked in.

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I wouldn't complain about the APR unless you're planning on holding a balance on the card. Based on your CS, that APR is about right as you don't have the best possible score so why expect the best possible APR?

And remember, not all Creditors are the same. While NFCU is more lenient with their credit and APRs, USAA tends to be more on the conservative side. 

[Swapmeet]

If it is worth it to you to make a point--to yourself, then close it. USAA will not even notice and you will have your moral victory. In reality, all you will get out of it is less total credit extended to you, which may affect utilization percentage. It is kind of illogical to me, because it has no AF--hence only has good reasons to stay open. What will you gain by closing it?

[youngandcreditwrthy]

The percentage of accounts that get the lowest APR is prob like 1% LOL...

That's a great rate though!!! I'd be happy with that. APRs don't come down like they used to before the subprime mortgage crisis blew everything up. I'm sure in a few more years, we will all forget about financial calamity and banks will become more comfortable with extending more fixed, lower APRs. That is, if history is any guide. LOL

[CreditScoreBlueprint]

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@efranklin23 wrote:

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@CreditScoreBlueprint wrote:

I'm curious... does anyone have a USAA Rate Advantage MasterCard with their lowest advertised APR of 6.9%?

I've got flawless credit... zero missed payments, a long credit history, a credit score of 750+. I have an NFCU platinum card with their lowest advertised rate of 7.9%. When I first applied for the USAA Rate Advantage MasterCard two years ago I was approved at 10.9%. I have yet to receive an APR decrease, even after calling them and manually requesting it.

So, I'm wondering how my APR with USAA is 4% higher than their lowest rate when my credit couldn't really get much better than it already is (and I now have two years of history with them). On the other hand, NFCU is giving me their lowest rate available.

Is there any point to holding out any longer with USAA... or should I just get another NFCU card and cancel USAA? I'm starting to get the feeling that USAA doesn't lower APR once you've been locked in.

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I wouldn't complain about the APR unless you're planning on holding a balance on the card. Based on your CS, that APR is about right as you don't have the best possible score so why expect the best possible APR?

And remember, not all Creditors are the same. While NFCU is more lenient with their credit and APRs, USAA tends to be more on the conservative side. 

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I realize I don't have THE best score. However, they have manually reviewed my account. And they saw someone who makes $200,000, had a score of 780 at the time, has a relatively long credit history, zero missed payments (or any other blemish), one inquiry, credit cards with limits of $25,000, a utilization of about 5%, a mortgage in good standing, and multiple auto loans successfully paid off. 

The difference between me and someone with a score of 850? Maybe a few years of additional history... nothing more. Now tell me, if I'm not getting anything better than 10.9%, how many people do you actually think have lower APRs than that?

Are they straight out lying about it? No... I'm not claiming that. But any unbiased person without an emotional connection to USAA surely recognizes that if they're only giving that 6.9% to people with a score of 850, and then giving everyone else with a score of 849 and lower a jump to 10.9%... then the reality is that the 6.9% is just a marketing prop. Clearly an attempt to compete with NFCU (who actually honors their lowest advertised rate in an acceptable manner), knowing they have no intention of going below the 10.9% with the VERY rare exception.

[CreditScoreBlueprint]

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@Swapmeet wrote:

If it is worth it to you to make a point--to yourself, then close it. USAA will not even notice and you will have your moral victory. In reality, all you will get out of it is less total credit extended to you, which may affect utilization percentage. It is kind of illogical to me, because it has no AF--hence only has good reasons to stay open. What will you gain by closing it?

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Why are you assuming this is about a "moral victory"? If you bothered to read the post, without bias, then you'd understand this is about APR which has a financial impact.

There wouldn't be "less total credit" because I'd simply swap it out for an NFCU card, where I'd actually get a higher credit limit. And I'm not one of those people who stashes a dozen cards in my dresser drawer so that my credit score gets a 10-point bump. If I don't need the card, then it gets closed.

My score is at the point now where I get approved for everything and anything, and I get the best possible APRs consistently... except, apparently, when it comes to USAA.

[longtime_lurker]

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@CreditScoreBlueprint wrote:

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@Swapmeet wrote:

If it is worth it to you to make a point--to yourself, then close it. USAA will not even notice and you will have your moral victory. In reality, all you will get out of it is less total credit extended to you, which may affect utilization percentage. It is kind of illogical to me, because it has no AF--hence only has good reasons to stay open. What will you gain by closing it?

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Why are you assuming this is about a "moral victory"? If you bothered to read the post, without bias, then you'd understand this is about APR which has a financial impact.

There wouldn't be "less total credit" because I'd simply swap it out for an NFCU card, where I'd actually get a higher credit limit. And I'm not one of those people who stashes a dozen cards in my dresser drawer so that my credit score gets a 10-point bump. If I don't need the card, then it gets closed.

My score is at the point now where I get approved for everything and anything, and I get the best possible APRs consistently... except, apparently, when it comes to USAA.

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That's great that you are approved for all of that! Now, 10.99% isn't by any means a high APR. But as you just said, if you don't need the card, then it gets closed. IF you're upset about how they responded to your APR reduction request and you do not need the card, then follow your principles.

[efranklin23]

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@CreditScoreBlueprint wrote:

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@efranklin23 wrote:

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@CreditScoreBlueprint wrote:

I'm curious... does anyone have a USAA Rate Advantage MasterCard with their lowest advertised APR of 6.9%?

I've got flawless credit... zero missed payments, a long credit history, a credit score of 750+. I have an NFCU platinum card with their lowest advertised rate of 7.9%. When I first applied for the USAA Rate Advantage MasterCard two years ago I was approved at 10.9%. I have yet to receive an APR decrease, even after calling them and manually requesting it.

So, I'm wondering how my APR with USAA is 4% higher than their lowest rate when my credit couldn't really get much better than it already is (and I now have two years of history with them). On the other hand, NFCU is giving me their lowest rate available.

Is there any point to holding out any longer with USAA... or should I just get another NFCU card and cancel USAA? I'm starting to get the feeling that USAA doesn't lower APR once you've been locked in.

---

I wouldn't complain about the APR unless you're planning on holding a balance on the card. Based on your CS, that APR is about right as you don't have the best possible score so why expect the best possible APR?

And remember, not all Creditors are the same. While NFCU is more lenient with their credit and APRs, USAA tends to be more on the conservative side. 

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I realize I don't have THE best score. However, they have manually reviewed my account. And they saw someone who makes $200,000, had a score of 780 at the time, has a relatively long credit history, zero missed payments (or any other blemish), one inquiry, credit cards with limits of $25,000, a utilization of about 5%, a mortgage in good standing, and multiple auto loans successfully paid off. 

The difference between me and someone with a score of 850? Maybe a few years of additional history... nothing more. Now tell me, if I'm not getting anything better than 10.9%, how many people do you actually think have lower APRs than that?

Are they straight out lying about it? No... I'm not claiming that. But any unbiased person without an emotional connection to USAA surely recognizes that if they're only giving that 6.9% to people with a score of 850, and then giving everyone else with a score of 849 and lower a jump to 10.9%... then the reality is that the 6.9% is just a marketing prop. Clearly an attempt to compete with NFCU (who actually honors their lowest advertised rate in an acceptable manner), knowing they have no intention of going below the 10.9% with the VERY rare exception.

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You have to keep in mind that while NFCU may gave you the lowest possible rate, USAA refuses to do so. It's their right (Based on risk and many other factors) to adjust the APR accordingly. If they don't feel that you deserve the lower APR, nothing can be done about it except a recon (USAA is usually firm on these and stand their ground most of the times). As a previous poster stated, you have a real good rate, this is nothing to worry about unless you plan on carry a large balance.

USAA (just like Discover and BofA) tend to have stricter guidelines on lowering APRs. While I see you clearly have a great portfolio (most ppl would die on here to have), I would just wait another 6 months and try again.