topic Re: How do I get a fixed rate? in Credit Cards

How do I get a fixed rate?

Amwar73mf — Mon, 23 Jan 2023 15:31:30 GMT

I have three cards with variable rates. All of them are over 25% at this time. I screwed up on Discover and lost the last few months of my 0% interest period by paying two payments 1 day late, because I got the due dates on two cards mixed up. Now they've jacked my rate up to 27.24% I paid off the balance and just don't use it anymore.

Citi is 26.74% variable

Cap 1 has a balance less than $1,000 and is in 0% until May, 25.24% variable after that.

FICO: per Discover 772, per Citi 754
Transunion 764

I'm probably not going to get any more 0% offers anytime soon, so I need a card with a fixed rate, much lower than the var. rates I have now. How do I get a fixed rate card?

Re: How do I get a fixed rate?

Anonymous — Mon, 23 Jan 2023 15:48:08 GMT

@Amwar73mf wrote:
I have three cards with variable rates. All of them are over 25% at this time. I screwed up on Discover and lost the last few months of my 0% interest period by paying two payments 1 day late, because I got the due dates on two cards mixed up. Now they've jacked my rate up to 27.24% I paid off the balance and just don't use it anymore.
Citi is 26.74% variable
Cap 1 has a balance less than $1,000 and is in 0% until May, 25.24% variable after that.
FICO: per Discover 772, per Citi 754
Transunion 764

I'm probably not going to get any more 0% offers anytime soon, so I need a card with a fixed rate, much lower than the var. rates I have now. How do I get a fixed rate card?

Basically apply to the (relatively few) CUs that offer them, @galahad15 is a great source for low fixed APR cards

Re: How do I get a fixed rate?

Remedios — Mon, 23 Jan 2023 15:48:35 GMT

@Amwar73mf wrote:
I have three cards with variable rates. All of them are over 25% at this time. I screwed up on Discover and lost the last few months of my 0% interest period by paying two payments 1 day late, because I got the due dates on two cards mixed up. Now they've jacked my rate up to 27.24% I paid off the balance and just don't use it anymore.
Citi is 26.74% variable
Cap 1 has a balance less than $1,000 and is in 0% until May, 25.24% variable after that.
FICO: per Discover 772, per Citi 754
Transunion 764

I'm probably not going to get any more 0% offers anytime soon, so I need a card with a fixed rate, much lower than the var. rates I have now. How do I get a fixed rate card?

You'd have to apply for a card with fixed rate.

Most major lenders don't issue fixed rate credit cards, so you'll have to explore CUs who offer them.

They aren't impossible to find but definitely rarer than a decade ago.

Also, they didnt "jacked up apr" because per cardmember agreement, Discover doesn't utilize penalty Apr, only fee for late payments.

Interest rates have gone up, so that's probably why your Apr is higher now than at approval. It's not much higher than your Citi apr (or Cap One).

Re: How do I get a fixed rate?

Remedios — Mon, 23 Jan 2023 15:51:03 GMT

Some fixed rate credit cards, courtesy (Galahad15)

Re: How do I get a fixed rate?

Amwar73mf — Mon, 23 Jan 2023 16:44:07 GMT

Thanks! I'll check these out. I'll also check out my local CU right down the street. I was thinking of opening an account there anyway.

@Remedios wrote:
Some fixed rate credit cards, courtesy (Galahad15)

Re: How do I get a fixed rate?

galahad15 — Wed, 25 Jan 2023 01:03:06 GMT

To get a low single-digit, fixed-rate APR card, the 3 2 CUs I would currently be most likely to recommend would be Dow CU, Unify FCU, and Garden Savings FCU. (There are some other CUs that offer fixed rates, but they have been gradually increasing rates on them over time for new customers so that they are now in the double digits from previously being in the single digits, such as PACU, and some other CUs have discontinued their fixed-rate cards from new apps, such as Dover FCU.)

(1) Dow CU has 3 fixed-APR offerings:

a. Low Rate Visa: 6.9% F (no rewards)

b. Rebate Eligible Visa: 8.9% F (rebate rewards)

c. Rewards Visa: 9.9% F (with rewards)

(2) Unify FCU: offers an as-low-as 9.49% F card (no rewards, but also no BT fee, no cash advance fee and same rates for BTs and cash advances as for purchases).

ETA: (3) Garden Savings FCU: has an option for a fixed-APR Premier Rate Mastercard, as low as 8% F. According to their Rates page, FICO scores as low as 680-729+ can qualify for the lowest-available rate. Also appears to have MC benefits of cellphone warranty and Price Protection?

**BEFCU also has a fixed-rate card as low as 4.99% F, but it is presently geo-fenced to California.

***AOD FCU formerly offered a fixed, unsecured VS card with 3% rewards, but unfortunately it is now closed to new apps. However, they appear to still have a (secured) fixed-rate VISA option available, at 7.20% F.

ETA: adds/edits

Re: How do I get a fixed rate?

Amwar73mf — Mon, 23 Jan 2023 17:05:11 GMT

Poor choice of words. I meant they reinstated interest for two late payments (only one day late) which was an insane amount on an $87 balance, something like $7.50/month. I don't know why it was so high, but I paid it off as soon as I could. Hit a rough patch and was only paying minimum payments for a few months.

Re: How do I get a fixed rate?

Amwar73mf — Mon, 23 Jan 2023 17:06:43 GMT

Thanks! Will def. check those out. I'd happily take 9.9% with rewards over what I have now.

Re: How do I get a fixed rate?

Rockysocks — Tue, 24 Jan 2023 05:44:47 GMT

@galahad15 wrote:
To get a low single-digit, fixed-rate APR card, the 2 CUs I would currently be most likely to recommend would be Dow CU and Unify FCU (there are some other CUs that offer fixed rates, but they have been gradually increasing rates on them over time for new customers so that they are now in the double digits from previously being in the single digits, such as PACU, and some other CUs have discontinued their fixed-rate cards from new apps, such as Dover FCU).

(1) Dow CU has 3 fixed-APR offerings:
a.  Low Rate Visa: 6.9% F (no rewards)
b.  Rebate Eligible Visa: 8.9% F (rebate rewards)
c.  Rewards Visa: 9.9% F (with rewards)

(2) Unify FCU: offers an as-low-as 9.49% F card (no rewards, but also no BT fee, no cash advance fee and same rates for BTs and cash advances as for purchases).

**BEFCU also has a fixed-rate card as low as 4.99% F, but it is presently geo-fenced to California.

***AOD FCU formerly offered a fixed, unsecured VS card with 3% rewards, but unfortunately it is now closed to new apps. However, they appear to still have a (secured) fixed-rate VISA option available, at 7.20% F.

ETA: adds/edits

What credit bureau does Dow pull? I actually did apply there once for this very card in the beginning of 2020. They told me no, but I can't remember why lol.

Re: How do I get a fixed rate?

galahad15 — Tue, 24 Jan 2023 15:46:49 GMT

@Rockysocks wrote:

What credit bureau does Dow pull? I actually did apply there once for this very card in the beginning of 2020. They told me no, but I can't remember why lol.

Yup you and me both in the same boat there -- I apped a total of 3x for the Dow CU 6.9% F card, but alas they declined me each time On your question: as far as I can best determine, I believe that the CRA that Dow pulled for me was TU, when I apped with Dow CU?

Re: How do I get a fixed rate?

galahad15 — Wed, 25 Jan 2023 00:38:09 GMT

Update: in my earlier post (Message #6) above in this thread, I just remembered and added a third recommended CU (Garden Savings FCU) that the MF community may be interested in, for those like the OP who are looking for a low, fixed-rate APR card. Thanks!

Re: How do I get a fixed rate?

OmarGB9 — Wed, 25 Jan 2023 04:46:13 GMT

@galahad15 wrote:
Update: in my earlier post (Message #6) above in this thread, I just remembered and added a third recommended CU (Garden Savings FCU) that the MF community may be interested in, for those like the OP who are looking for a low, fixed-rate APR card. Thanks!

8% isn't bad at all...I may actually go for this one... 🤔 BTW, do you happen to know which bureau/model they pull, @galahad15?

Re: How do I get a fixed rate?

Anonymous — Wed, 25 Jan 2023 15:54:09 GMT

@galahad15 wrote:
Update: in my earlier post (Message #6) above in this thread, I just remembered and added a third recommended CU (Garden Savings FCU) that the MF community may be interested in, for those like the OP who are looking for a low, fixed-rate APR card. Thanks!

Also no FTF, which can be a plus.

Re: How do I get a fixed rate?

galahad15 — Sun, 05 Feb 2023 04:43:14 GMT

@OmarGB9 wrote:
@galahad15 wrote:
Update: in my earlier post (Message #6) above in this thread, I just remembered and added a third recommended CU (Garden Savings FCU) that the MF community may be interested in, for those like the OP who are looking for a low, fixed-rate APR card. Thanks!
8% isn't bad at all...I may actually go for this one... 🤔 BTW, do you happen to know which bureau/model they pull, @galahad15?

@OmarGB9: when I had previously apped twice some time back for the Garden Savings FCU card at 8% F (unfortunately unsuccessfully, as I was not approved for either attempt), as far as I can best determine after checking my HPs, I believe they pulled TU for both times I apped? Thx again for your question and for asking!