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I got a new Amex card and was checking the APR after 15 months. What does this mean exactly?
"After that, your Goto APR will be a variable rate of the Prime Rate(5.50%) + 18.74%, currently 24.24%". So does this mean my APR will be 24.25% after 15 months?
@Anonymous wrote:I got a new Amex card and was checking the APR after 15 months. What does this mean exactly?
"After that, your Goto APR will be a variable rate of the Prime Rate(5.50%) + 18.74%, currently 24.24%". So does this mean my APR will be 24.25% after 15 months?
Yes, and if interest rates go up so will yours.
I know you didn't ask but i'm going to put my 2 cents in, you should never have to worry about interest rates because you should be paying your bill in full and never be paying interest. I only started building credit so I don't have many cards but I honestly don't know the interest rate or the due date on any of my cards. Once a week I login to all my accounts, check to make sure everything is correct and pay the current balance. Thats my way to avoid paying interest and late fees.
Ok. Thanks.
@hernaemm90 wrote:
@Anonymous wrote:I got a new Amex card and was checking the APR after 15 months. What does this mean exactly?
"After that, your Goto APR will be a variable rate of the Prime Rate(5.50%) + 18.74%, currently 24.24%". So does this mean my APR will be 24.25% after 15 months?
Yes, and if interest rates go up so will yours.
I know you didn't ask but i'm going to put my 2 cents in, you should never have to worry about interest rates because you should be paying your bill in full and never be paying interest. I only started building credit so I don't have many cards but I honestly don't know the interest rate or the due date on any of my cards. Once a week I login to all my accounts, check to make sure everything is correct and pay the current balance. Thats my way to avoid paying interest and late fees.
I strongly disagree. Yes, one should always strive to pay off their cards in full. However, don't forget the primary purpose of a credit card is for loans. Not points. One should take full advantage of 0% bank loans while your money is earning money. Securing the lowest rate possible is important to have for emergencies.
@Anonymous wrote:I got a new Amex card and was checking the APR after 15 months. What does this mean exactly?
"After that, your Goto APR will be a variable rate of the Prime Rate(5.50%) + 18.74%, currently 24.24%". So does this mean my APR will be 24.25% after 15 months?
Goto APR means the APR that you end up with after any introductory/promotional rates expire. The prime rate is three percentage points more than the federal funds rate https://en.wikipedia.org/wiki/Prime_rate#United_States_and_Canada and the prime rate is currently 5.5%. So your APR will be 24.24% after 15 months, and your APR (like almost all credit cards) can/will fluctuate with the prime rate.
@Credit_hawk wrote:
@hernaemm90 wrote:
@Anonymous wrote:I got a new Amex card and was checking the APR after 15 months. What does this mean exactly?
"After that, your Goto APR will be a variable rate of the Prime Rate(5.50%) + 18.74%, currently 24.24%". So does this mean my APR will be 24.25% after 15 months?
Yes, and if interest rates go up so will yours.
I know you didn't ask but i'm going to put my 2 cents in, you should never have to worry about interest rates because you should be paying your bill in full and never be paying interest. I only started building credit so I don't have many cards but I honestly don't know the interest rate or the due date on any of my cards. Once a week I login to all my accounts, check to make sure everything is correct and pay the current balance. Thats my way to avoid paying interest and late fees.
I strongly disagree. Yes, one should always strive to pay off their cards in full. However, don't forget the primary purpose of a credit card is for loans. Not points. One should take full advantage of 0% bank loans while your money is earning money. Securing the lowest rate possible is important to have for emergencies.
We'll have to agree to disagree
@Credit_hawk wrote:
@hernaemm90 wrote:
@Anonymous wrote:I got a new Amex card and was checking the APR after 15 months. What does this mean exactly?
"After that, your Goto APR will be a variable rate of the Prime Rate(5.50%) + 18.74%, currently 24.24%". So does this mean my APR will be 24.25% after 15 months?
Yes, and if interest rates go up so will yours.
I know you didn't ask but i'm going to put my 2 cents in, you should never have to worry about interest rates because you should be paying your bill in full and never be paying interest. I only started building credit so I don't have many cards but I honestly don't know the interest rate or the due date on any of my cards. Once a week I login to all my accounts, check to make sure everything is correct and pay the current balance. Thats my way to avoid paying interest and late fees.
I strongly disagree. Yes, one should always strive to pay off their cards in full. However, don't forget the primary purpose of a credit card is for loans. Not points. One should take full advantage of 0% bank loans while your money is earning money. Securing the lowest rate possible is important to have for emergencies.
Perhaps that's true for you, but not for me. I'm in it only for the rewards, not for loans over 30 days. I have savings to cover emergencies.