My mom received a letter about upcoming changes to her secured account. Found it to be interesting. Changes like lowering the APR to 10% on new purchases, retroing that to include existing non-promotional balances as well as deferred interest coming due. Below is a pic of the letter and new terms.
That is interesting.. for the cost of being secured... you get a 10% apr.... I could see reason to keep it secured ...
Or am I missing something?
And being able to choose to keep it as is or graduate when eligible...
There is an audience where this would not be a terrible thing to keep the card as secured....
-J
And, the late fee is reduced to $5. It's too bad the max deposit is $500.
That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.
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@Rudy1 wrote:That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.
Maybe this is their way of combating the thought that the secured card is preying on people.
@Anonymous wrote:
@Brian_Earl_Spilner wrote:
@Rudy1 wrote:That's an interesting change! I remember they use to get hate for having a high interest rate on the secured card.
Maybe this is their way of combating the thought that the secured card is preying on people.
I wonder the same thing. Maybe it'll be opened back up for new apps, or has it already been?
I could have sworn it's back already, but as an existing amazon card holder, I can't check the application page. It's really the only explanation as to why it has better terms than a normal card. That's an insanely low apr and penalty fee in and of itself, let alone from synchrony for a store card.