AMEX APR Increase

[Trini88]

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@Adkins wrote:

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@Trini88 wrote:

Yep my Apr went from 23.99 to 24.24 this month......don't get it....my credit score is higher and I don't owe them a penny 😑

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Your APR increase is probably from the Fed raising interest rates 0.25%

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Oh ok good to know.

[NoHardLimits]

Citibank raised the APR on my Dividend card in November from 10.24% to 13.99%.  The preceding statement explained the increase this way:

"Your APR for Purchases and Citi Flex Plans are below the lowest APR(s) we offer on the same or similar accounts. As a result, we are increasing your APR(s)."

In other words:  Your rate is lower than everyone else's rates, so we are going to raise yours.

Fortunately, I always PIF so this has no financial impact on me.  Still, it's a bit irritating.

[Gollum]

The Fed is (slowly, so far) increasing interest rates in an attempt to reduce 40 year highs in inflation.

I'm guessing American Express is proactively increasing interest rates for borrowers who were already seen as higher risk.

[Anonymous]

As was mentioned up thread other lenders move rates like AX. Chase does this and I had US Bank along with Citi Bank adjust for the market (not Fed Rates). Note, the Fed rates certainly do trigger adjustments on cards with variable rates and most every one knows this?!

[longtimelurker]

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@Cory88 wrote:

. They also stated that my APR was lower then other people's account with similar APR's. 

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If they really said that,  you should sue for crimes against logic!

[Cory88]

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@NoHardLimits wrote:

Citibank raised the APR on my Dividend card in November from 10.24% to 13.99%.  The preceding statement explained the increase this way:

"Your APR for Purchases and Citi Flex Plans are below the lowest APR(s) we offer on the same or similar accounts. As a result, we are increasing your APR(s)."

In other words:  Your rate is lower than everyone else's rates, so we are going to raise yours.

Fortunately, I always PIF so this has no financial impact on me.  Still, it's a bit irritating.

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I will have to see what Citi does with my account as my dividend card is like 7.45% opened in 2016, I don't know how it got that low.

[NoHardLimits]

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@Cory88 wrote:

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@NoHardLimits wrote:

Citibank raised the APR on my Dividend card in November from 10.24% to 13.99%.  The preceding statement explained the increase this way:

"Your APR for Purchases and Citi Flex Plans are below the lowest APR(s) we offer on the same or similar accounts. As a result, we are increasing your APR(s)."

In other words:  Your rate is lower than everyone else's rates, so we are going to raise yours.

Fortunately, I always PIF so this has no financial impact on me.  Still, it's a bit irritating.

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I will have to see what Citi does with my account as my dividend card is like 7.45% opened in 2016, I don't know how it got that low.

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My Dividend started its life in 2009 as a Forward.  IIRC, that product featured an APR that would automatically reduce after every 3 months of on-time payments.

[Gollum]

I thought I remembered that I had a pretty low interest rate on my Blue Cash Everyday card, but when I checked, it's 13.24% (variable). That seems pretty high, but it's 1% lower than currently advertised/available:

https://www.americanexpress.com/us/credit-cards/card-application/apply/prospect/terms/blue-cash-ever...

[AverageJoesCredit]

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@Gollum wrote:

I thought I remembered that I had a pretty low interest rate on my Blue Cash Everyday card, but when I checked, it's 13.24% (variable). That seems pretty high, but it's 1% lower than currently advertised/available:

https://www.americanexpress.com/us/credit-cards/card-application/apply/prospect/terms/blue-cash-ever...

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For n Amex card 13% is pretty good. 

[Gollum]

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@Anonymous wrote:
As was mentioned up thread other lenders move rates like AX. Chase does this and I had Socks adjust for the market (not Fed Rates). Note, the Fed rates certainly do trigger adjustments on cards with variable rates and most every one knows this?!

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Dinosaur,

What/who is "Socks?"