topic Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved in Credit Cards

Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

MomoMango — Tue, 13 Aug 2019 11:50:38 GMT

Hello,

I recently applied and got accepted for the Apple Card yesterday night. I received a $1,000 CL and a 23.99% APR. But this morning my APR dropped drastically.

Since I have a graveyard shift, my lunch break was around 1:30 am. So I used my Apple Card to buy lunch. About 40 minutes later; I decided to set up my auto pay. After I finished, I noticed that my APR dropped to 12.99%!

I have almost 4 months of credit history with Discover: CL of $1,500. I won’t get my scores until October or November. I have no late fees, or any baddies. I have only 1 inquiry by the Apple Card. My annual income is about $30,000

I want to know if this might be a glitch or something temporary. I don’t see how I could get their lowest APR since I just started earning credit not that long ago.

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

AverageJoesCredit — Tue, 13 Aug 2019 11:55:04 GMT

Congrats You broke Apple. It was bound to hsppen with all these approvals. Wow, lunch at 1:40 am, nice

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

CreditInspired — Tue, 13 Aug 2019 11:59:11 GMT

Congrats on the approval and APR drop.

I kept thinking something was wrong with Apple/GS rollout the first two days because there were people with 800 scores getting between 17.99-23.99% APR.

I sure hope that drop happens to a lot of those folks.

Thanks for sharing.

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

MomoMango — Tue, 13 Aug 2019 12:03:46 GMT

I hope the same happens to those with 800 scores. They deserve it way more than I do. 😢

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

Anonymous — Tue, 13 Aug 2019 12:12:14 GMT

They’re not going to go back and change APRs now for those of us who got the card last week but congrats on the drop, that’s a very nice APR even for people with excellent credit history when it comes to rewards cards!

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

CreditInspired — Tue, 13 Aug 2019 12:58:44 GMT

@Anonymous wrote:
They’re not going to go back and change APRs now for those of us who got the card last week but congrats on the drop, that’s a very nice APR even for people with excellent credit history when it comes to rewards cards!

IMO, it really should be a simple coding fix--something like this:

If scores are >790, change any APR to 12.99% (I used 790 since I was offered 12.99% at that score)

and so on, and so on.

Just my 2cents

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

Anonymous — Tue, 13 Aug 2019 12:56:02 GMT

@CreditInspired wrote:
@Anonymous wrote:
They’re not going to go back and change APRs now for those of us who got the card last week but congrats on the drop, that’s a very nice APR even for people with excellent credit history when it comes to rewards cards!
IMO, it really should be a simple coding fix--something like this:
If scores are >790, change any score to 12.99% (I used 790 since I was offered 12.99% at that score)
and so on, and so on.
Just my 2cents

But why give up potential future revenue when we already accepted and started using our cards? If they do it, that would be amazing, but I don’t see it happening.

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

CreditInspired — Tue, 13 Aug 2019 13:05:06 GMT

@Anonymous wrote:
@CreditInspired wrote:
@Anonymous wrote:
They’re not going to go back and change APRs now for those of us who got the card last week but congrats on the drop, that’s a very nice APR even for people with excellent credit history when it comes to rewards cards!
IMO, it really should be a simple coding fix--something like this:
If scores are >790, change any ~~score~~ APR to 12.99% (I used 790 since I was offered 12.99% at that score)
and so on, and so on.
Just my 2cents
But why give up potential future revenue when we already accepted and started using our cards? If they do it, that would be amazing, but I don’t see it happening.

True. But once the hype dies down, I sure hope all those with 790+ scores call in and complain about the discrepancy. I mean shouldn't it be equitable across the board? DARN!

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

Anonymous — Tue, 13 Aug 2019 14:36:21 GMT

I got the pre-offer email last night. Just gave it a shot and it came back with 17.99% and $9000 SCL. Do not agree was my answer. My scores are all over 800.

$9000 doesn't impress me enough to go through with the hard inquiry. I just got Chase a couple months back with a SL of $27000. Along with that 2 AMEX w unlimited on Rose Gold and $30K on the BCE. $30K with BofA. etc...

All which are in my apple Wallet and just as user friendly.

Maybe another time.

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

Anonymous — Tue, 13 Aug 2019 14:48:46 GMT

@Anonymous wrote:
But why give up potential future revenue when we already accepted and started using our cards? If they do it, that would be amazing, but I don’t see it happening.

Companies sometimes do promotional reductions, but if you think about it, TD and Amex know I've never carried a balance at the ~20% they're charging me. Amex does know I will carry a balance at 0%. Why don't they consider lowering rates for people who don't carry a balance till they reach a level where they'll use them?

Re: Apple Card APR changed from 23.99% to 12.99% in almost the same day of being approved

pinkandgrey — Tue, 13 Aug 2019 15:19:42 GMT

Congrats! You have a great rate now lol. If it were me, I would contact Support just to make sure it’s not a “glitch” lol but I know a lot of people would say not to poke the bear.