topic Re: Checking Pre-Approvals with excellent credit and Why is the APR so high? in Credit Cards

Checking Pre-Approvals with excellent credit and Why is the APR so high?

AzCreditGuy — Sat, 06 May 2023 22:57:32 GMT

Just for fun decided to check pre-approvals with CITI, Cap 1 and Amex.

1. I am blacklisted with AMEX...So nothing

2. Citi came back with 17% APR

3. Cap 1 came back at 29%APR, even though I already have a card with them at 27%

My scores are 801, 802 and 799 across all 3...I feel these APRs are a joke

Re: Checking Pre-Approvals with excellent credit and Why is the APR so high?

Babblespeak — Sun, 07 May 2023 01:15:14 GMT

I have 823 to 850 credit scores (thanks WF for the 850) and have watched my interest rates creep up on every card. The low right now is a 15.9% all the way to a 24.9%. I agree. Interest rates are absolutely ridiculous. Tough time to carry any balance at all.

Re: Checking Pre-Approvals with excellent credit and Why is the APR so high?

Drifter73 — Sun, 07 May 2023 02:06:29 GMT

Best rate for me currently is my personal MCCU Visa at 11% (it went up from 8% on the last Fed rate hike). My next lowest is my Business Marcus GM MC at 18%.

I agree, rates at most the big nationals are pretty high.

You basically need to focus on the credit unions to find some of the lowest rates. Unless you pif, then it doesn't matter.

Re: Checking Pre-Approvals with excellent credit and Why is the APR so high?

OmarGB9 — Thu, 11 May 2023 14:39:33 GMT

I feel like APRs aren't always based on creditworthiness. Sometimes they just seem to be arbitrarily assigned. Regardless, as long as you PIF, why do they matter?

Re: Checking Pre-Approvals with excellent credit and Why is the APR so high?

ptatohed — Thu, 11 May 2023 15:06:31 GMT

Don't charge what you can't pay for.