FNBO Evergreen pre-approval $15K SL but 22.24% APR ??

[4sallypat]

So I wanted to see what offer I would get from the FNBO pre-qualify link.

I got a pre-approval for $15K which sounds solid but the APR is a high 22.24%.

I have a lot inquiries on EX (10/12) but only a few on TU & EQ.

Scores: 700+ on all 3 CRA.

Is this normal or am I being offered a "predatory" rate ?

Is my EX inquiries the reason ?

Usually I PIF so the rate shouldn't bother me but wanted to know what others think ?

Should I get this 2% or should I wait for a 3% cash back card ?

[hawkins]

Don't worry about the APR just pay in full every month and the APR is not a concern.

[Anonymous]

I tried the prequalify site for FNBO a few days ago, and I received $15k at 18.24 APR.

760+ FICO for all 3 CRA, and 4 combined inquiries for all 3 as well (0 EQ, 2 EX, 2 TU). No baddies on any report. I just wanted to see what I would get offered. 

Hopefully that gives you some insight.

[Eyepinpools]

At what point is a CC APR not considered predatory? Seems like they virtually all fit this description unless it's one of those 

6% NFCU non rewards cards 

[hawkins]

Just tread carefully with FNBO they are known to be somewhat unreliable. 

[Anonymous]

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@4sallypat wrote:

Usually I PIF so the rate shouldn't bother me but wanted to know what others think ?

Should I get this 2% or should I wait for a 3% cash back card ?

As far as I can make out, being obsessed over APR and APR reductions on rewards CCs is a uniquely "FICO" thing to do. There's no practical significance, as one should always PIF and should never carry an interest-bearing balance on a rewards CC. If one has no choice but to carry a CC balance, they should do it on a low-rate CC, not a rewards CC.

So I wouldn't worry about the high APR. That said, two words of warning. One, FNBO's preapproval page is reputedly less than a sure thing. There are plenty of DPs with folks getting approved with lower CLs than the apparently almost standard $15k CL the preapproval page displays. Two, FNBO is, well, FNBO. Check out FNBO's reviews on Consumer Affairs and you will see tons of folks reporting multiple rounds of across-the-board CL decreases over the past year that weren't triggered by any fault on the cardholder's part. So if you have a choice, don't go with FNBO. Other options for a 2%-back-across-the-board, $0 AF card include the Citi DC and the WF Active Cash, neither of which require opening a bank account. There are also a bunch more options if you already have, or don't mind opening, a qualifying bank account - Elan (Fidelity), Fifth Third, PenFed, SoFi, TD Bank.

[AverageJoesCredit]

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@4sallypat wrote:

So I wanted to see what offer I would get from the FNBO pre-qualify link.

I got a pre-approval for $15K which sounds solid but the APR is a high 22.24%.

I have a lot inquiries on EX (10/12) but only a few on TU & EQ.

Scores: 700+ on all 3 CRA.

Is this normal or am I being offered a "predatory" rate ?

Is my EX inquiries the reason ?

Usually I PIF so the rate shouldn't bother me but wanted to know what others think ?

Should I get this 2% or should I wait for a 3% cash back card ?

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A 22% apr rate is not predatory. 

[Trini88]

Since you PIF that shouldn't be a issue but I just did the prequal again, a lot of inquiries on EX and my apr is high as well.

[MrDFinance]

As others have stated ignore the APR.....All it does is give you justification to hold a balance.....

Pay in Full Always 

[Rudy1]

I did the pre approval and was preapproved for the same thing the fnbo evergreen for $15,000 but at an 18.24% apr though I do pif every month so even if it was higher it would not matter to me. If the rewards are worth it for you then I would apply. My application was instantly approved but I can't tell you if your's would be I will say I do have a fair amount of inquiries on all reports. I was also approved before the Evergreen like 2 weeks before for a Fnbo blue visa card also instant approved. I don't really know how I got past the system but i'm not complaining.