Abound FCU APR Increase DP

Rockysocks · ‎04-26-2023

Preface: I am aware this card has a variable rate, and the federal funds rate/ prime rate has been kooky for a while.

I just got a letter from Abound (previously Fort Knox FCU) that my rate will increase on 06/16 to 18%. On my most recent bank statement, my APR is listed as 16.5%, and, when I got the card, I think I got 13-something%. I've had the card since January 2018.

The letter I received stated these changes are due to "changes in market conditions". This is the first letter I've gotten regarding an APR increase. I called to verify my account specifically is in good standing, and she confirmed it was. She also confirmed that 18% was the highest APR for that card. My scores currently are 780+. She did inform me that apparently Abound recently decided to (not sure what loans this affects outside of credit cards) change the APR their pre-existing members have currently to the APR of the credit bracket these pre-existing members fell in when they initially applied for the card. In other words, if I was in credit bracket C when I applied in 2018, but I am now in credit bracket A, they are adjusting my current APR to reflect their current APR they give to members that fall in the C credit bracket.

Just thought other members here would like the heads up.

heyryan · ‎04-27-2023

My PSECU Visa has been doing the same thing. Theirs was the most obvious because I use Quicken, and it actually imports these changes as transactions on the account I'm sure other cards have done it too, but I don't pay much attention. AOD is steadfast at 7.25% though

Personal:

Business:

Credit Unions:

Banks:

(TU Split File - FIXED!)

AndySoCal · ‎04-27-2023

@Rockysocks

I logged into my credit card account because I had no idea what the interest rate was on my cards. I pay them off in full every month. So the rate for Discover and US Bank 16.74 Chase 19.74 Citi 20.74 my scores are in my siggy

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