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New Member
Posts: 3
Registered: ‎07-23-2008
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question about apr rates and rewards cards

i'm new to myfico and the forums, so just want to say hello to everyone out there. been reading many posts, and i've gained a lot of valuable info from all your insights and experiences. i have CCs with very good apr rates - a chase plat. mc with 6.99% (after 0% for 1 yr) and a merrill+ with 9.99%. the other day, i opened a bank acct. at chase and without even applying for a cc, i received a chase freedom plus in the mail. i was going to bring this up with my banker, because i was a little irked about a possible inquiry that i didn't even give approval for, but after looking over the extensive rewards program and an $11K CL, i decided to just activate the card. the apr on this card is 14.99%. is this too high a rate just to get on a rewards program? i could have taken an amex blue sky offer instead (9.99%/0% first yr), but after reading many posts about issues with amex revolving accts, i decided against it. thanks for any responses. 9/26/08: TU - 744 EQ - 758 EX - 771
Valued Contributor
Posts: 1,185
Registered: ‎03-04-2008
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Re: question about apr rates and rewards cards



chrismw wrote:
i'm new to myfico and the forums, so just want to say hello to everyone out there. been reading many posts, and i've gained a lot of valuable info from all your insights and experiences. i have CCs with very good apr rates - a chase plat. mc with 6.99% (after 0% for 1 yr) and a merrill+ with 9.99%. the other day, i opened a bank acct. at chase and without even applying for a cc, i received a chase freedom plus in the mail. i was going to bring this up with my banker, because i was a little irked about a possible inquiry that i didn't even give approval for, but after looking over the extensive rewards program and an $11K CL, i decided to just activate the card. the apr on this card is 14.99%. is this too high a rate just to get on a rewards program? i could have taken an amex blue sky offer instead (9.99%/0% first yr), but after reading many posts about issues with amex revolving accts, i decided against it. thanks for any responses. 9/26/08: TU - 744 EQ - 758 EX - 771


I strongly suggest that in all that paperwork you signed some box was checked that app'ed you for the CC. I do not believe they can legally send you a CC any longer that you have not app'ed for. The Freedom+ reward progam is excellent and you will like it. The rate is OK for a rewards card - just use it and PIF. (You really do not want to carry balance on a rewards card anyway unless it is on an intro offer.) After a year call them and ask them for an APR reduction. If everything with you is on track they should give it to you. This is a great card with a great initial CL. Be happy!

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