topic Re: CSP new APR range in Credit Cards

CSP new APR range

myjourney — Thu, 21 Jan 2016 04:22:04 GMT

Not sure if it's been posted but

It's now a range 16.24-23.24

Re: CSP new APR range

selena — Thu, 21 Jan 2016 04:26:08 GMT

I just saw that. I wonder if it's just for new future accounts and or should current card holders expect a possible increase in current APRs.

Re: CSP new APR range

myjourney — Thu, 21 Jan 2016 04:27:00 GMT

Probably all new apps will be subject

Re: CSP new APR range

ddemari — Thu, 21 Jan 2016 04:30:34 GMT

Interesting!

Re: CSP new APR range

myjourney — Thu, 21 Jan 2016 04:35:08 GMT

@ddemari wrote:
Interesting!

Yes it is ....something tells me Chase has realized how popular the card is and that they can get some extra dividends added to the balance sheet

Re: CSP new APR range

-Cal- — Thu, 21 Jan 2016 04:36:13 GMT

Wow I hope the other cards that only had a single APR don't follow suit such as the Ritz and the IHG.

Re: CSP new APR range

myjourney — Thu, 21 Jan 2016 04:37:09 GMT

@-Cal- wrote:
Wow I hope the other cards that only had a single APR don't follow suit such as the Ritz and the IHG.

Lol

Cal I've been watching them for the last hour to see if any others change

Re: CSP new APR range

Anonymous — Thu, 21 Jan 2016 04:47:54 GMT

I'm not too bright when it comes to the federal reserve and all but didn't they just raise the rate 0.25%? My CSP is 15.99%. 16.24%-15.99% is 0.25%.

Re: CSP new APR range

selena — Thu, 21 Jan 2016 04:50:34 GMT

@Anonymous wrote:
I'm not too bright when it comes to the federal reserve and all but didn't they just raise the rate 0.25%? My CSP is 15.99%. 16.24%-15.99% is 0.25%.

They did, my CSP has been updated already and is reporting at 16.24%.

Re: CSP new APR range

Anonymous — Thu, 21 Jan 2016 05:02:08 GMT

My newly approved United MileagePlus is at 16.24%

Re: CSP new APR range

-Cal- — Thu, 21 Jan 2016 05:02:36 GMT

@Anonymous wrote:
I'm not too bright when it comes to the federal reserve and all but didn't they just raise the rate 0.25%? My CSP is 15.99%. 16.24%-15.99% is 0.25%.

This thread describes that the CSP has gone from a card that always issued out 1 APR across the board to a card that now issues out a range of APRs based on credit worthiness.

Re: CSP new APR range

myjourney — Thu, 21 Jan 2016 05:10:34 GMT

@Anonymous wrote:
My newly approved United MileagePlus is at 16.24%

Oz

Yeah all chase cards increased about 3 weeks ago due to the fed hike .025%

Re: CSP new APR range

Anonymous — Thu, 21 Jan 2016 05:14:17 GMT

My new csp was at 16.24%. just to verify

Re: CSP new APR range

Anonymous — Thu, 21 Jan 2016 05:20:13 GMT

Just yesterday I got a CSP offer in the mail with 19.99% APR. I thought it was odd, but now this explains it.

Re: CSP new APR range

Anonymous — Thu, 21 Jan 2016 05:28:12 GMT

I guess there was never any real upside for the issuer to offer just one rate, so maybe it's surprising it happened at all. Sure, you can mitigate risk by giving a lower CL (or declining to give the card) but also having the APR gives a lot more flexibility, encouraging slightly higher risk borrowers to either carry less balance or pay the price.

Re: CSP new APR range

degs138 — Thu, 21 Jan 2016 05:32:50 GMT

I just got approved today for CSP 15k at 20.24%. Maybe I should have apped last week when I could have got in at 16.24

Re: CSP new APR range

myjourney — Thu, 21 Jan 2016 05:34:10 GMT

@degs138 wrote:
I just got approved today for CSP 15k at 20.24%. Maybe I should have apped last week when I could have got in at 16.24

Just don't carry a balance and you'll be good

Congrats and welcome to the CSP family too

Re: CSP new APR range

myjourney — Thu, 21 Jan 2016 05:35:50 GMT

@Anonymous wrote:
I guess there was never any real upside for the issuer to offer just one rate, so maybe it's surprising it happened at all. Sure, you can mitigate risk by giving a lower CL (or declining to give the card) but also having the APR gives a lot more flexibility, encouraging slightly higher risk borrowers to either carry less balance or pay the price.

Which eats into the rewards/UR points handed out

Re: CSP new APR range

degs138 — Thu, 21 Jan 2016 06:13:29 GMT

I never carry a balance

Re: CSP new APR range

CreditScholar — Thu, 21 Jan 2016 06:27:58 GMT

@myjourney wrote:
Not sure if it's been posted but
It's now a range 16.24-23.24

Are you sure this is the complete range? I just checked and my CSP is showing as a 15.49% APR.