Which CC has the lowest APR?

[y0rascal]

one of the members just mention that First Command Bank has a APR of 4.25% on their platnium card, thats nuts,  anyone better then them?

has anyone app'd and received this card?  mininum credit limit approval is 5k which is nice... who do they pull from?

which card has the best APR?

[Chopbrocoli]

Is it a fixed or teaser rate? My Schwab platinum has a 5.15% fixed on everything.

[y0rascal]

they advertise prime rate +1% so it can be good if interest rates keep going down,

[MattH]

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@y0rascal wrote:

one of the members just mention that First Command Bank has a APR of 4.25% on their platnium card, thats nuts,  anyone better then them?

has anyone app'd and received this card?  mininum credit limit approval is 5k which is nice... who do they pull from?

which card has the best APR?

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Well, it sure ain't Citi, the purchase APR on my Citi card is 19.99% versus 13.24% on my Discover card and 5.25% on my Chase card (all three have limits over $10K, all three have been active for over 10 years, and all are consistently paid in full before due date).  The only APR that my wife and I pay is our mortgage, so these variations have no practical effect, but I am somewhat bemused by how different my rates can be among these CCCs.  Does Citi actually think somebody like me is actually going to pay 19.99% or have they merely given up on getting any interest from me?  Citi does regularly send balance transfer offers with a much lower rate to my wife (who has her own Citi card also with a limit over $10K) and me, which suggests their computers do think we can be tempted by a lower rate.

[Anonymous]

First Command pulls TU. They aren't hard to get approved with but they do generally require proof of income. 

[score_building]

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@Anonymous wrote:
First Command pulls TU. They aren't hard to get approved with but they do generally require proof of income. 

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there are posts to the contrary:

 http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=135290&query.id=206223#M135290

[Anonymous]

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@score_building wrote:

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@Anonymous wrote:
First Command pulls TU. They aren't hard to get approved with but they do generally require proof of income. 

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there are posts to the contrary:

 http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=135290&query.id=206223#M135290

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There are two posts to the contrary in that thread  If that is the criteria to determine if you will get approved or not then maybe they should just stick with a debit card. I can find two posts from people that got denied for an Orchard card.

[score_building]

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@Anonymous wrote:
I can find two posts from people that got denied for an Orchard card.

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i'm not debating that with you  however, steph has a v. strong track record of accurate and reliable posts here and i have no reason to doubt the veracity of her experience, as it happens, other sources also confirm it.

where have your beliefs about first command not being difficult to get come from?  steph's came from her personal experience.

[Anonymous]

Prime + 1 is hard to beat as rate.  Once you are down to 4.25, you begin to split hairs

[Anonymous]

"hard to get" is a relative statement.  Minimum standards, deal-breaker criteria in CR, etc. will vary from institution to institution. 

My interpretation of "hard to get" is that "I don't qualify" and in that sense, if my CR, income or FICO (one or combo) do not qualify, then it will indeed be "hard to get"

In addition, the APR usually is representative of the "risk" association of the lender criteria.  The lower the APR, usually the higher their standards of lending criteria.  I have no personal experience with this CU, but a prime plus 1 tells me that they make loans to "prime" borrowers who not only have CR/FICO qualifications, but income too and may require proof of income.

Also, Credit Unions usually "work with you better" than many banks, but it may first require you building a relationship, such as depositing savings and gradually building a relationship that will help offset other factors such as past CR baddies that will demonstrate that you have turned over a new leaf, financially speaking.

Lending criteria will also be influenced by the need of the lender to lend.  If they have a lot of money needing placement, then standards tend to relax.  If they do not, standards tighten.  Loaning money is really an auctioning system of supply and demand.  Short supply and high demand means only the cream of the crop borrowers get the loans.   High supply and standards allow that loans make it down the qualification ladder.

Message Edited by txjohn on 04-09-2009 05:01 AM