topic Re: APR range vs. multiple choice in Credit Cards

APR range vs. multiple choice

MrDisco99 — Mon, 21 Aug 2017 22:45:43 GMT

Which issuers have a "multiple choice" APR in their terms and conditions as opposed to a range?

So far I've noticed Cap1 and Barclay do. I'm guessing that simplifies their algorithm somewhat, but it also probably makes them less likely to make minor adjustments by request.

I know many of us PIF every month and don't care about APR anyway, but has this ever factored into anyone's app decisions or approval reactions?

Re: APR range vs. multiple choice

galahad15 — Mon, 21 Aug 2017 23:19:19 GMT

@MrDisco99 wrote:
Which issuers have a "multiple choice" APR in their terms and conditions as opposed to a range?

So far I've noticed Cap1 and Barclay do. I'm guessing that simplifies their algorithm somewhat, but it also probably makes them less likely to make minor adjustments by request.

I know many of us PIF every month and don't care about APR anyway, but has this ever factored into anyone's app decisions or approval reactions?

As far as I can best recall, all of the time-limited FNBO cards that where offered over the past 2 years (i.e., the non-Travelite FNBO Amex and the BucksBack VS), with the exception of the Travelite Amex, offered a single specific APR value. If past is prologue, it may be that future time-limited offers from FNBO may possibly follow this pattern? Also not 100% sure how to differentiate an APR range from multiple choice per se, can you pls elaborate a little more as to how you are making the distinction?

ETA: I PIF on all of my cards except 1 or 2 with minimal balances, but APR is still very important to me regardless, and during the app process as well

Re: APR range vs. multiple choice

K-in-Boston — Tue, 22 Aug 2017 04:16:36 GMT

American Express has this one some cards. The Blue from American Express in my signature is a good example. With the hike in prime rate it's gone up a lot in just a year!

APR on purchases will be a variable rate, currently 16.24, 19.24 or 21.24%, based on your creditworthiness and other factors.

I guess that means mine is now 15.24 (1% off on a promo right now); it was in the 14s not long ago.

Some store cards are like this too. The BJ's Elite Perks WMC was I think 15% or 25% depending on creditworthiness.