topic Re: Unify Fixed Rate Visa jumps from 9.99% to to 14.49% in Credit Cards

Unify Fixed Rate Visa jumps from 9.99% to to 14.49%

chally — Wed, 06 Nov 2024 22:45:30 GMT

Just received a Dear John letter from Unify informing of this rate increase effective Dec 16, 2024 for all members w this card. Never leaned on it much but was nice to have a "low" fixed APR card for emergencies and such. The 5.99% balance transfer for 12 mo was handy as well. Alas ...

Re: Unify Fixed Rate Visa jumps from 9.99% to to 14.49%

galahad15 — Thu, 07 Nov 2024 21:09:21 GMT

@chally wrote:
Just received a Dear John letter from Unify informing of this rate increase effective Dec 16, 2024 for all members w this card. Never leaned on it much but was nice to have a "low" fixed APR card for emergencies and such. The 5.99% balance transfer for 12 mo was handy as well. Alas ...

Very sorry to hear I also currently have a Unify Fixed-Rate card below 10% (i.e., as listed in my signature), I checked the mailbox today to see if I received a change-in-terms letter as well, nothing arriving yet so far but I will definitely keep checking to see when it will be arriving...

It is unfortunate because this will be the third consecutive credit union this year to hike previously-grandfathered, fixed-APR cards for me. The first was AOD, from 7.49% F to ~17.99% V. Next was BEFCU, as part of their merger with Arrowhead FCU, as they will very soon be hiking my present-day 5.49% F card to ~14.74% V. Now Unify...definitely not fun... I do take some comfort in the fact that they cannot retroactively hike any existing balances, and that the rate hikes will only be for new balances, but it still makes me feel rather sad...all that is left for me now in terms of unhiked, fixed-APR cards are my PACU, Dover FCU, and BoA cards...

Re: Unify Fixed Rate Visa jumps from 9.99% to to 14.49%

galahad15 — Thu, 14 Nov 2024 07:03:39 GMT

Update: I finally received the change-in-terms letter in the mail yesterday, increasing the go-to interest rate of my Unify Fixed-Rate VISA from 8.99% F to 14.49% F

The go-to APR on my Unify Variable-Rate VISA is still currently 8.99% V...not sure if Unify will eventually be increasing this as well in the future though...

Re: Unify Fixed Rate Visa jumps from 9.99% to to 14.49%

Anonymous — Thu, 14 Nov 2024 18:15:50 GMT

@galahad15 wrote:
@chally wrote:
Just received a Dear John letter from Unify informing of this rate increase effective Dec 16, 2024 for all members w this card. Never leaned on it much but was nice to have a "low" fixed APR card for emergencies and such. The 5.99% balance transfer for 12 mo was handy as well. Alas ...
Very sorry to hear I also currently have a Unify Fixed-Rate card below 10% (i.e., as listed in my signature), I checked the mailbox today to see if I received a change-in-terms letter as well, nothing arriving yet so far but I will definitely keep checking to see when it will be arriving...

It is unfortunate because this will be the third consecutive credit union this year to hike previously-grandfathered, fixed-APR cards for me. The first was AOD, from 7.49% F to ~17.99% V. Next was BEFCU, as part of their merger with Arrowhead FCU, as they will very soon be hiking my present-day 5.49% F card to ~14.74% V. Now Unify...definitely not fun... I do take some comfort in the fact that they cannot retroactively hike any existing balances, and that the rate hikes will only be for new balances, but it still makes me feel rather sad...all that is left for me now in terms of unhiked, fixed-APR cards are my PACU, Dover FCU, and BoA cards...

My guess is that once cards switch from fixed to variable, they won't switch back! Maybe if there was a huge customer outcry but I don't think many people know what their card(s) are or appreciate the difference. So @galahad15 did well getting a large number of such (low APR fixed rate) cards over time, so even after several have nerfed, there are still a few ones left.