@Guyatthebeach wrote:All of my CapitalOne cards have had APR increases every time the Federal Reserve rates increase. I only have one old credit card with a CU that has not increased, it's a fixed rate Visa.
Guyatthebeach
^^ This, agree with @Guyatthebeach, the OP may want to look into the fixed-rate cards that are still offered by some credit unions, if he wants a credit card that is not tied to the Fed rate increases.
@Remedios wrote:
Well, it doesn't matter if you pay in full every month.
Additionally, when you post on the public forum, you (or me) do not get to dictate response, especially when it's the "right" response.
If you believe your APR has been raised outside of what feds are doing, call Cap One and ask because this type of APR hike must be communicated to consumer.
Before you call, check emails, snail mail, and your document center if you elected to go fully paperless.
With all kind respect intended, since some people PIF and some people may choose to revolve a balance, whether due to emergency circumstances or for some other reasons, who is to say that "PIF" is necessarily always the "right" response? The "right" response varies according to the particular customers' needs. There are transactors and there are revolvers, and PIF and non-PIF each have their advantages and disadvantages -- just mho, but being a transactor doesn't always mean that the transactor's point-of-view is right, always right, and the only correct answer. There are legitimate reasons as to why a revolver may want to carry a balance -- for example, business owners who want to start businesses do it all the time, at least on a temporary basis and from what I've read on various forums online. Alternatively, an unexpected emergency may come up, medical or otherwise (e.g., I myself had a serious car accident some time ago that caused severe damage to the car and it required large amounts of funds to repair, which I am still faithfully paying off), or a customer with a low-APR card may want to float a short-term balance as a temporary loan of sorts.
@galahad15 wrote:
@SouthJamaica wrote:
@J0hnD0nuts wrote:I have a Quicksilver and a Savor and over the last year or so they've been bumping up the rates when the feds do it. I get that. But from last months statement to this one I got an additional 1.25% apr hike on both cards on top of that! I pay on time every time so it can't be a penalty rate. No email or anything. I only noticed it because they sent me a balance transfer offer and noted my current rate. Just wanted to know if anyone else got that?
Also, yeah no need to reply with "iT dOeSn'T mAtTeR iF yOu PaY iN fUlL eVeRy MoNtH". Thanks.
All my cards, no matter who the issuer is, have been raising the APR right and left ever since the Fed started raising the Fed Funds rate.
@SouthJamaica: Happy New Year, just wanted to briefly mention that there are still fixed-rate APR cards out there that are offered by some credit unions, whose APRs are not tied to the Fed Funds rate or the Prime Rate, and whose rates stay static (in theory). True, it is still technically possible for the fixed-rate cards to receive a rate hike on their fixed APRs or be converted to variable-rate cards, if the issuer elects to and provides 45 days notice to the customer. Ime and fwiw, thus far to date, none of my fixed-rate APR cards have received a change-of-terms notice from the issuer indicating that either the fixed rates will be increased or converted to variable rates.
Thanks. Yeah I know they're out there, I just don't seem to have any.
@longtimelurker wrote:
@galahad15 wrote:@SouthJamaica: Happy New Year, just wanted to briefly mention that there are still fixed-rate APR cards out there that are offered by some credit unions, whose APRs are not tied to the Fed Funds rate or the Prime Rate, and whose rates stay static (in theory). True, it is still technically possible for the fixed-rate cards to receive a rate hike on their fixed APRs or be converted to variable-rate cards, if the issuer elects to and provides 45 days notice to the customer. Ime and fwiw, thus far to date, none of my fixed-rate APR cards have received a change-of-terms notice from the issuer indicating that either the fixed rates will be increased or converted to variable rates.
@galahad15 : Do you know if the rates have gone up for new applicants? With the huge increases in Prime, I can see them keeping the rate for good existing customers, but it seems dangerous to keep offering the low rates to new customers!
@longtimelurker: great question, the answer appears to depend on the individual CU; just for example, Unify FCU has been gradually and incrementally raising the rates on their low-APR fixed and variable rate cards over the past few years, also PACU has been slowly increasing the rates on their fixed-rate card offerings over this time as well. Although relatively speaking, the last time I checked their most recent rates, they still appeared to be pretty low?
There are other CUs though that have still maintained their low, fixed APR rates for both new and existing members. For instance, BEFCU still offers their fixed-rate credit card as low as 4.99% F, and new members can still app for this rate level. Additionally, Dow FCU still offers 3 fixed-rate card options, depending on whether you want a rewards card or not (i.e., 6.9% F, 8.9% F, and 9.9% F), with these fixed APRs also still available to new members as well 