APRs going up?

[Boragard]

Hello MyFicoers!

I hope you all had a very Merry Christmas!

I have a question regarding some APR increases...

Yesterday, I received some emails from MInt stating that some of the APRs on my credit cards were going up.  The funny this is most of these accounts new statements are not available yet until next month, therefore, it is a possibility it could be true.  I was wondering if there were any news out there in the media stating these cards APR will go up in 2016?  Is Mint scaring or preparing me for the future? Any details would be great. 

According to the emails from Mint it says these cards APRs are going up:

US Bank Cash Plus: 21:99-->22.24%

Chase Freedom: 22.99-->23.24%

Chase Sapphire Preferred: 15.99-->16.24%

[takeshi74]

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@Boragard wrote:

I was wondering if there were any news out there in the media 

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Yup.  See also:

https://www.google.com/search?q=fed+rate&oq=fed+rate&aqs=chrome..69i57.2407j0j7&sourceid=chrome&es_s...

Read the terms for your cards about how the APR's are set.  You'll probably see something like this on some of them:

These APRs will vary with the market based on the Prime Rate.

[lg8302ch]

Yup... I only checked my highest  -  Chase Freedom and on the account it is visible with 23,24% ... a new "penalty" APR   

[UncleB]

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@Boragard wrote:

Hello MyFicoers!

I hope you all had a very Merry Christmas!

I have a question regarding some APR increases...

Yesterday, I received some emails from MInt stating that some of the APRs on my credit cards were going up.  The funny this is most of these accounts new statements are not available yet until next month, therefore, it is a possibility it could be true.  I was wondering if there were any news out there in the media stating these cards APR will go up in 2016?  Is Mint scaring or preparing me for the future? Any details would be great. 

According to the emails from Mint it says these cards APRs are going up:

US Bank Cash Plus: 21:99-->22.24%

Chase Freedom: 22.99-->23.24%

Chase Sapphire Preferred: 15.99-->16.24%

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Yep, unfortunately (or for savers, fortunately) there was a 0.25% rate increase at the FED a couple of weeks ago, so those of us with variable rate APRs are seeing adjustments.

There are a few threads running right now that have more details:

http://ficoforums.myfico.com/t5/Credit-Cards/Citi-increased-APR/td-p/4384635

http://ficoforums.myfico.com/t5/Credit-Cards/Chase-really-doesn-t-waste-any-time/m-p/4381670#M125603...

[Imperfectfuture]

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@lg8302ch wrote:

Yup... I only checked my highest  -  Chase Freedom and on the account it is visible with 23,24% ... a new "penalty" APR   

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LOL, it's not a penalty, you just do not wish to close, and re apply in a few months.  I bet there will be options to lower Apr coming, just as I was auto upgraded to signature when card only 8 months old.  That was new, and happened to a lot of folks.  Or, the old fashioned way, close and re app.  

[Boragard]

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@lg8302ch wrote:

Yup... I only checked my highest  -  Chase Freedom and on the account it is visible with 23,24% ... a new "penalty" APR   

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wow, I just logged into Chase and saw this.  I guess its true.  Mint is preparing me I see.  Funny thing is when people apply it still shows the old lower APRs. 

[Boragard]

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@takeshi74 wrote:

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@Boragard wrote:

I was wondering if there were any news out there in the media 

---

Yup.  See also:

https://www.google.com/search?q=fed+rate&oq=fed+rate&aqs=chrome..69i57.2407j0j7&sourceid=chrome&es_s...

Read the terms for your cards about how the APR's are set.  You'll probably see something like this on some of them:

These APRs will vary with the market based on the Prime Rate.

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Yikes, I had no idea!

[lg8302ch]

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@Imperfectfuture wrote:

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@lg8302ch wrote:

Yup... I only checked my highest  -  Chase Freedom and on the account it is visible with 23,24% ... a new "penalty" APR   

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LOL, it's not a penalty, you just do not wish to close, and re apply in a few months.  I bet there will be options to lower Apr coming, just as I was auto upgraded to signature when card only 8 months old.  That was new, and happened to a lot of folks.  Or, the old fashioned way, close and re app.  

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sorry...should have mentioned "my penalty APR" ...it is me that calls Chase Freedom with penalty APR ..it is the regular in the highest tier..   No problem as Chase will not see a dime in interest from me as long as they keep the account on this level.  Interesting though is that Chase is giving me 1% BT offers on that same account and this does not make much sense to me but hey I will take it .  First I thought of closing and to reapply but that is too much of a hassle so I keep it the way it is and simply PIF so I could care less about the APR... just find it interesting with the BT offers on that account.

[Anonymous]

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@Boragard wrote:

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@lg8302ch wrote:

Yup... I only checked my highest  -  Chase Freedom and on the account it is visible with 23,24% ... a new "penalty" APR   

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wow, I just logged into Chase and saw this.  I guess its true.  Mint is preparing me I see.  Funny thing is when people apply it still shows the old lower APRs. 

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Interesting.   Chase Freedom says 

Prime Rate: Variable APRs are based on the 3.25% Prime Rate as of 9/18/2014.

which explains why the old rates like 13.99 show.   

Citi has:

Prime Rate: Variable APRs are based on the 3.5% Prime Rate as of 12/26/2015.

So I guess for Chase updating the rates on the application pages isn't a priority, as it looks good when people compare them to other issuers

[taxi818]

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@lg8302ch wrote:

Yup... I only checked my highest  -  Chase Freedom and on the account it is visible with 23,24% ... a new "penalty" APR   

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This made me check both of my chase cards. I just got statement from the Marriott and appears that is still the same. 15.99%

The statement on the freedom is 22.99% im guessing i can expect it to go to 23.24% but i still have promo Apr on freedom until August 2016, Time to pay that puppy off now i guess.