topic Re: AMEX increasing APR? in General Credit Topics

AMEX increasing APR?

Anonymous — Tue, 19 Feb 2019 17:15:37 GMT

I am confused. I have had this card for 9 months and have noticed they keep increasing the APR on it. I have only carried a balance once, use it past the amount making payments all through the month to not go over limit (not that they will let me....) and have zero reporting or a couple of dollars each statement I then wipe off. They are the only ones doing this. Any idea why?

And I am not overly worried as I don't carry a balance on it to get charged interest, but they have gone up dramatically bit by bit and am curious as to why.

Re: AMEX increasing APR?

rbentley — Tue, 19 Feb 2019 17:37:42 GMT

@Anonymous wrote:
I am confused. I have had this card for 9 months and have noticed they keep increasing the APR on it. I have only carried a balance once, use it past the amount making payments all through the month to not go over limit (not that they will let me....) and have zero reporting or a couple of dollars each statement I then wipe off. They are the only ones doing this. Any idea why?

And I am not overly worried as I don't carry a balance on it to get charged interest, but they have gone up dramatically bit by bit and am curious as to why.

How much did it go up this time? How much as it gone up during prior increases? It is not unusual to se small increases (often .25% of a point) when the Fed raises the prime rate. You could always call AmEx if you want to be certain.

Re: AMEX increasing APR?

Anonymous — Tue, 19 Feb 2019 18:16:49 GMT

I honestly don't pay attention the the APR that much, as I PIF on Amex. So i wouldn't really notice if it did change. But as been said the FED raises rates which will cause an increase. Though it shouldn't happen as frequently as you mentioned.

It can also change depending on your activity with other lenders, hence high balances etc. They SP you periodically, and if they see something it can trigger the increase.

Recently I've carried a high BT with Discover, and they've raise my APR 1 point.

Re: AMEX increasing APR?

Anonymous — Tue, 19 Feb 2019 18:53:42 GMT

Replying to both:

I started at 17 or 18% and am sitting around 27%. Can't find the exact at the moment for some reason. My other two cards did hold a large balance for a couple of months but have been cleared. Usually utilization is under 5% and AMEX is the only one who has given adverse action of any kind. And super surprised by amount of jump. Don't want to ask, lol, because I will go for an increase when card hits 1 year in May.