Chase really doesn't waste any time!

[PNW_Hunter]

Woke up with a mint.com alert that my APR on my Chase Freedom card has been increased by .25%. I assume this is due to the most recent Federal Funds rate increase by the Fed, but can Chase just raise my APR without telling me?

Seems like APR rates would be a good thing to communicate out to your customers....

[bz386]

Technically they didn't really increase it. Credit cards have a variable APR that is prime rate + your account rate. Your account rate didn't change, the prime rate did, and that was well published all over the news.

[daihashi]

I just checked, and none of my rates have gone up yet... but I have no doubt that they will all see the 0.25 increase soon.

[PNW_Hunter]

You are totally correct. For some reason I forgot about how they structure the variable APRs. I appreciate the clarification!

[Cmikul]

Guess that Fed rate hike is getting passed thru.

Still sux

[Cmikul]

got my notification today too...blows

[willwar14]

Yeah, but their the only CC that I have had raise it so far, they don't waste any time..

[willwar14]

Yup...

[Anonymous]

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@Cmikul wrote:

Guess that Fed rate hike is getting passed thru.

Still sux

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US Bank did the same thing the day of the Fed increase 0.25%. As to Chase, I got notice they were increasing my Chase Business Ink VS  portion for Cash from 19.24% to 24.99% effective to December 29, 2015 (had this account since 2006 with a perfect payment record so I figure it must be a business decision).

[Anonymous]

Must be nice. I haven't seen notices from any bank.  Kinda frustrating.