Amex apr jumped 5 points

[ways2go]

My Amex preferred blue cash and my everyday card apr's jumped about 5 points. I recently applied for the Chase United card. Which I was approved with a 14,300 limit. That dropped my experian fico score down to 759., a drop of 14 points. So this month Amex raised my apr's to 19.54 and to 20.24 on the Everyday card. One of the factors Amex said on my fico score was too many inquiries in the last 12 months, which is one , the recent chase.
They said those apr's are inline of what I would get with my current fico scores , if I applied today. I'm like what? My fico score was still in the high 600's with way lower apr's when I got the cards.

[CJ7]

Wow, that's insane.  I could see if the 14 points dropped you into a lower tier but 759

is still **bleep** good.  Then we have the "one inquiry is too many" going on.

I'd sockdrawer the thing.

[sarge12]

Sounds ridiculous, but I would likely not even know it if my APR were to increase, and would not care either. I always PIF, and have not personally paid a cent in credit card interest in at least 15 years. My sister is an AU on a credit union account, but all charges and payments are made by her, but it is at 8.99%. That is also the only card in my name that carries a balance...currently 5200 on a 10,000 dollar limit. I have no idea how many points that cost me due to the high individual card utilization. I also do not really care much, because well...she is my Sister. She is also an AU on my American express card, which I pay in full every month. Anything she charges on that card is basically a gift. I am always helping her and her grown children...a lot!

[CJ7]

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@sarge12 wrote:

... My sister is an AU on a credit union account, but all charges and payments are made by her, but it is at 8.99%. That is also the only card in my name that carries a balance...currently 5200 on a 10,000 dollar limit.

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I'm betting *she* would care if it were suddenly 18.99%   Kudos for helping out!

[Anonymous]

I have noticed that AMEX seems to really like their high APRs. They approved me for my Cash Magnet at 703 EX with a whopping 24.24% after the 0% for 15 which puts it behind my QS that was my first card when I started my rebuild in 2014 and is at 25.15% now. I don't plan to carry a balance on that card though, I have my NFCU Platinum at 8.24% if I need that, so it doesn't bother me. 

I think AMEX uses high APR to deter revolving balances and that's fine with me. I do agree that one inquiry is nothing but we all know that these AA letters hardly ever have the actual reasons that something was done on them. 

[AverageJoesCredit]

The title is a little confusing . Im expecting to see your apr to go from 19.54 to 24.54 or something. Your actual jump , while sad to see, isnt as drastic as it could be.

[kdm31091]

Amex seems to be giving higher APRs to many people. I know when I got my Magnet last year it was at the highest APR, which kind of surprised me at the time. I really don't care because it's not worth carrying a balance even at the lower end of the scale, but it still kind of sucks getting the high APR and Amex isn't known for reducing them like they used to.

[HeavenOhio]

It looks to me like the APR "jump" was half a point rather than five points. Or am I missing something?

[Anonymous]

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@HeavenOhio wrote:

It looks to me like the APR "jump" was half a point rather than five points. Or am I missing something?

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At least the title wasn't 50 (as in basis points!)

[CreditInspired]

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@ways2go wrote:
My Amex preferred blue cash and my everyday card apr's jumped about 5 points. I recently applied for the Chase United card. Which I was approved with a 14,300 limit. That dropped my experian fico score down to 759., a drop of 14 points. So this month Amex raised my apr's to 19.54 and to 20.24 on the Everyday card. One of the factors Amex said on my fico score was too many inquiries in the last 12 months, which is one , the recent chase.
They said those apr's are inline of what I would get with my current fico scores , if I applied today. I'm like what? My fico score was still in the high 600's with way lower apr's when I got the cards.

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The score dropped 14 points because of the inquiries; not because of being approved for Chase. I guess AmX perceived a risk from all the inquiries. It might be time to take a break