AOD Nerf has come

[AndySoCal]

The  17.99% is the maximum interest that can be charged on the account. If you want to know your current interest rates on your account look at your credit card statement. Keep in mind the screen shot on page 1 of the post was in May of 2024. Regarding what the maximum interest rate a federal credit Union can charge is

https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/permissible-loan-intere... 

This does not apply to non federal credit Union. You can tell the name of the credit union.

[crystal626]

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@unsungivy wrote:

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@TrapLine wrote:

@unsungivy 

My own experiences with other financials is they seem to take one to two months before the new rate is applied. The list is long but many appear slow.

Will say, US Bank changed my Aprs the day after the Federal Reserve adjusted the rates (that included Elan Financial). I was shocked!

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Even at a couple months, 17.99% is not a calculation that tracks for a bank that used prime+9.5%. Somewhere a .24 or .49 wiggled into things, OR they just overwrote it to the max. The question is what does it look like for others? Did they set anyone else to the max? Looking for data points.

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Mine has been 17.99% since they made the change to variable and remains so today. Shouldn't it be like 16.5% right now?

[ptatohed]

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@crystal626 wrote:

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@unsungivy wrote:

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@TrapLine wrote:

@unsungivy 

My own experiences with other financials is they seem to take one to two months before the new rate is applied. The list is long but many appear slow.

Will say, US Bank changed my Aprs the day after the Federal Reserve adjusted the rates (that included Elan Financial). I was shocked!

---

Even at a couple months, 17.99% is not a calculation that tracks for a bank that used prime+9.5%. Somewhere a .24 or .49 wiggled into things, OR they just overwrote it to the max. The question is what does it look like for others? Did they set anyone else to the max? Looking for data points.

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Mine has been 17.99% since they made the change to variable and remains so today. Shouldn't it be like 16.5% right now?

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No.  It should be as high as possible so that other people pay for our rewards and keep the card(s) sustainable.      

[unsungivy]

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@crystal626 wrote:

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@unsungivy wrote:

---

@TrapLine wrote:

@unsungivy 

My own experiences with other financials is they seem to take one to two months before the new rate is applied. The list is long but many appear slow.

Will say, US Bank changed my Aprs the day after the Federal Reserve adjusted the rates (that included Elan Financial). I was shocked!

---

Even at a couple months, 17.99% is not a calculation that tracks for a bank that used prime+9.5%. Somewhere a .24 or .49 wiggled into things, OR they just overwrote it to the max. The question is what does it look like for others? Did they set anyone else to the max? Looking for data points.

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Mine has been 17.99% since they made the change to variable and remains so today. Shouldn't it be like 16.5% right now?

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Yeah, based on what they sent us it should be 16.5%.

[crystal626]

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@unsungivy wrote:

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@crystal626 wrote:

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@unsungivy wrote:

---

@TrapLine wrote:

@unsungivy 

My own experiences with other financials is they seem to take one to two months before the new rate is applied. The list is long but many appear slow.

Will say, US Bank changed my Aprs the day after the Federal Reserve adjusted the rates (that included Elan Financial). I was shocked!

---

Even at a couple months, 17.99% is not a calculation that tracks for a bank that used prime+9.5%. Somewhere a .24 or .49 wiggled into things, OR they just overwrote it to the max. The question is what does it look like for others? Did they set anyone else to the max? Looking for data points.

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Mine has been 17.99% since they made the change to variable and remains so today. Shouldn't it be like 16.5% right now?

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Yeah, based on what they sent us it should be 16.5%.

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I don't care enough to contact them about it since I'll never carry a balance anyway but I'll have to look at my statements to see when/if it finally updates.