Any Fixed Rate Credit Cards Around?

[wasCB14]

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@longtimelurker wrote:
I'm not sure that there is a huge advantage in fixed rate. The issue is free to change the rate with appropriate notice

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Probably a Murphy's Law there...

When rates are low, some other issuer will run a better promo offer.

When rates are high, the card terms will change.

[galahad15]

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@digitek wrote:

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@wasCB14 wrote:

IIRC, user galahad15 has a few.

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Haha I was going to say the same, they're the resident expert on low APR cards...let's see if we can page him/her idk their avatar is a unicorn lol

@galahad15

shoot I can't figure out the markup for it....

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Thanks digitek, wasCB, and UncleB for letting me know about 9Cline's question!  Hi there, sure thing 9Cline, I would be more than happy to provide info on any cards with fixed-rate APRs that I am aware of, that are currently open to new apps and are not geographically restricted - please see listed cards #2 and #3 in this post that I recently wrote, also please refer to the asterisk references in the lower portion of the post for eligibility in terms of credit scores and/or SLs needed to qualify for the lowest-available APRs    (Also if you have any questions, please feel free to send me a personal message if you'd like and I be happy to try to answer for you.)

ETA:  I am a "he", lol thanks for asking...the reason for the unicorn avatar is because I was in sort of a kind of middle ages / medieval / fantasy-style mood the last time I changed the avatar icon, and so the unicorn seemed to fit the bill rather nicely...  

[galahad15]

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@longtimelurker wrote:
I'm not sure that there is a huge advantage in fixed rate. The issue is free to change the rate with appropriate notice

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True that the card issuer is free to change the fixed rate for new purchases, as long as they give the cardholder at least 45 days advance notice.  However, as per CARD Act IIRC, lenders cannot raise or change the interest rate of existing purchases made prior to the rate change (i.e., they cannot retroactively change the APR for purchases that were already made before changing the rate).  Also, if cardholders with fixed-rate cards decide to opt out of the rate change, I believe that the lender is required by CARD Act to allow the cardholder to pay off the card at the pre-change fixed rate.

[9CLINE]

Thanks so much guys.. @galahad15 I bookmarked your post and will definitely hit ya up with any questions, thanks for the offer.

Just as I knew you guys would know where to go to find these things..

Thanks for your expertise...

[longtimelurker]

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@galahad15 wrote:

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@longtimelurker wrote:
I'm not sure that there is a huge advantage in fixed rate. The issue is free to change the rate with appropriate notice

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True that the card issuer is free to change the fixed rate for new purchases, as long as they give the cardholder at least 45 days advance notice.  However, as per CARD Act IIRC, lenders cannot raise or change the interest rate of existing purchases made prior to the rate change (i.e., they cannot retroactively change the APR for purchases that were already made before changing the rate).  Also, if cardholders with fixed-rate cards decide to opt out of the rate change, I believe that the lender is required by CARD Act to allow the cardholder to pay off the card at the pre-change fixed rate.

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Good points, especially the opting out.    But the difference is really only in changes to the prime rate.   If the issuer wants to change the rate (i.e. margin) of a variable card, exactly the same will be true for them.    But yes, if the prime rate goes up say 1/4%, that rate is due on existing and new purchases, and if you close you will pay off at the new rate.   

The other side, although extremely unlikely in the current market conditions, is that when the prime rate drops, so will the interest on variable rate cards, whereas fixed ones won't.   Last time the prime rate dropped, we didn't have a CARD Act, be interesting to see what happens now (assuming the CARD act is allowed to survive, given the threats to the CFPB)

[Turbobuick]

I have a AAA branded BofA visa that is a 20 yr old acct relic. On the card it says proudly "Platinum Plus Gas Rebate", but it has no rebate value whatsoever. I called and asked when I found nothing online. It has always had a 7.9% fixed rate so I keep it for emergencies/peace of mind/contingencies.

I have a Merrick prime card that was in the 5% range a few yrs ago, but it is variable and now resides in the 7% and climbing range. 

[Anonymous]

If your in the Pennsylvania area and qualify...

PSECU has a 9.9% card 

[tcbofade]

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@Anonymous wrote:

If your in the Pennsylvania area and qualify...

PSECU has a 9.9% card 

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...and if you are in the Kansas City area, Mainstreet credit union has one too.