AMEX everyday offer question

[Anonymous]

Hello,

 I just received an offer when I signin to my AMEX, 9.99% for 12 months.

But, it says after that time it will revert to  "After the end of the promotional period the APR for these purchases will be a variable rate, based on Prime Rate plus 9.74%, currently 13.49%."

 Here I am confused, I thought my rate was fixed when I received the card, now it says it is variable, is that normal?

I was not watching it, but my rate went from 12.49 when I opned it to 13.49 now, but they have given me 10k more in credit in that time with out ever asking.

This well may be normal, just asking as I never paid it attention befofre this.

Thanks.

[Anonymous]

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@Anonymous wrote:

Hello,

 I just received an offer when I signin to my AMEX, 9.99% for 12 months.

But, it says after that time it will revert to  "After the end of the promotional period the APR for these purchases will be a variable rate, based on Prime Rate plus 9.74%, currently 13.49%."

 Here I am confused, I thought my rate was fixed when I received the card, now it says it is variable, is that normal?

I was not watching it, but my rate went from 12.49 when I opned it to 13.49 now, but they have given me 10k more in credit in that time with out ever asking.

This well may be normal, just asking as I never paid it attention befofre this.

Thanks.

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Yes that is normal.  Most credit cards have variable rates and anytime the Federal Reserve raises the Prime rate, your interest rate will go up correspondingly.