FNBO APR Hike

[EAT_SLEEP_JEEP]

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@ptatohed wrote:

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@Qstagg wrote:

I would not use this card at all. At this point, they would have to pay me to use it. I have a high credit score with 100% payment history and they upped the APR to 30%.  There are too many other good cards out there to deal with this company. 

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If my issuers moved my rates to 60% APR, I wouldn't even notice.  

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Same here. 

[galahad15]

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@K-in-Boston wrote:

29.24% is fairly average for a credit card these days, even what some call "super prime" cards like Chase Sapphire Reserve are in that range.  Interest rates shot way up.  Credit union cards that were as low as 5-6% a few years ago are well into the teens today.  You said you always pay your statement balance, so it's pretty moot.  But if you need to carry a balance and are otherwise qualified, I'd just apply for something with a 0% balance transfer offer when and if you needed to carry a balance.

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YMMV.  IME, I still have 5 cards with grandfathered fixed-rate, go-to APRs that are below 10% -- thus far to date, I have only had 2 interest rate hikes on my fixed-rate cards, one was in 2008 or thereabouts, the second with the recent AOD APR hike/nerf.

[galahad15]

I'm sorry but I'm afraid that I must very politely and respectfully disagree with the majority of the posters here who say that go-to APRs are irrelevant and don't matter at all.  All I really mean here is, if a person can hypothetically obtain a go-to, fixed-rate APR card as low as say something around the range of 4.XX% F - 9.XX% F and some even having rewards on top of that (and there were indeed some cards that were available out there, up until even a few years ago and are indeed still honored today under the original grandfathered terms), what rational person wouldn't realistically want to have or own an ultra-low card like that?

Think about it:  which would you really rather have:  a go-to APR of 29.XX% V, or a go-to APR of say 5.XX% F, 6.XX% F, 7.XX% F etc.?  I believe the answer should be fairly obvious...

[ptatohed]

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@galahad15 wrote:

I'm sorry but I'm afraid that I must very politely and respectfully disagree with the majority of the posters here who say that go-to APRs are irrelevant and don't matter at all.  All I really mean here is, if a person can hypothetically obtain a go-to, fixed-rate APR card as low as say something around the range of 4.XX% F - 9.XX% F and some even having rewards on top of that (and there were indeed some cards that were available out there, up until even a few years ago and are indeed still honored today under the original grandfathered terms), what rational person wouldn't realistically want to have or own an ultra-low card like that?

Think about it:  which would you really rather have:  a go-to APR of 29.XX% V, or a go-to APR of say 5.XX% F, 6.XX% F, 7.XX% F etc.?  I believe the answer should be fairly obvious...

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For me, "go-to APRs are irrelevant and don't matter at all" are irrelevant and don't matter at all.    Not exactly sure what I just said but, yeah, I can't remember the last time (if ever) I carried a balance / paid interest in my 31 years of possessing credit cards.  If a credit card came out tomorrow offering 3.5% CB on everything, uncapped, with a 75% APR, I'd be the first in line.     

[CreditCuriosity]

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@ptatohed wrote:

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@galahad15 wrote:

I'm sorry but I'm afraid that I must very politely and respectfully disagree with the majority of the posters here who say that go-to APRs are irrelevant and don't matter at all.  All I really mean here is, if a person can hypothetically obtain a go-to, fixed-rate APR card as low as say something around the range of 4.XX% F - 9.XX% F and some even having rewards on top of that (and there were indeed some cards that were available out there, up until even a few years ago and are indeed still honored today under the original grandfathered terms), what rational person wouldn't realistically want to have or own an ultra-low card like that?

Think about it:  which would you really rather have:  a go-to APR of 29.XX% V, or a go-to APR of say 5.XX% F, 6.XX% F, 7.XX% F etc.?  I believe the answer should be fairly obvious...

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For me, "go-to APRs are irrelevant and don't matter at all" are irrelevant and don't matter at all.    Not exactly sure what I just said but, yeah, I can't remember the last time (if ever) I carried a balance / paid interest in my 31 years of possessing credit cards.  If a credit card came out tomorrow offering 3.5% CB on everything, uncapped, with a 75% APR, I'd be the first in line.     

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I guess I am under same impression.  I haven't carried a balance unless 0% for 7 or whatever years.  With that said there is a term stuff happens and never know if you are in a situation that one might have to carry a significant balance which savings won't cover for some unforeseen circumstance.  If this happens rather have good terms than bad terms w/regards to apr.  

[longtimelurker]

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@galahad15 wrote:

Think about it:  which would you really rather have:  a go-to APR of 29.XX% V, or a go-to APR of say 5.XX% F, 6.XX% F, 7.XX% F etc.?  I believe the answer should be fairly obvious...

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If the cards were absolutely identical (which would include things such as past history of bad things with the issuing banks, my chance of approval with that institution) then sure, may as well take the lower APR.   But equally, if your favorite colour is say green, and the cards are otherwise identical as above, may as well take the green over the icky blue.  But both are low down my criteria, and with the cards I seek, I am very rarely choosing between two otherwise identical cards.

I am less convinced of the value of low APR for "life happens" events.   If life REALLY happens, your CLs on the cards is too small and if using several cards even the low APRs will be overwhelming   For less terrible events, I can take a few months of paying too much interest.  As @ptatohed implies, APR just isn't a factor that gets consideration.

[ptatohed]

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@CreditCuriosity wrote:

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@ptatohed wrote:

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@galahad15 wrote:

I'm sorry but I'm afraid that I must very politely and respectfully disagree with the majority of the posters here who say that go-to APRs are irrelevant and don't matter at all.  All I really mean here is, if a person can hypothetically obtain a go-to, fixed-rate APR card as low as say something around the range of 4.XX% F - 9.XX% F and some even having rewards on top of that (and there were indeed some cards that were available out there, up until even a few years ago and are indeed still honored today under the original grandfathered terms), what rational person wouldn't realistically want to have or own an ultra-low card like that?

Think about it:  which would you really rather have:  a go-to APR of 29.XX% V, or a go-to APR of say 5.XX% F, 6.XX% F, 7.XX% F etc.?  I believe the answer should be fairly obvious...

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For me, "go-to APRs are irrelevant and don't matter at all" are irrelevant and don't matter at all.    Not exactly sure what I just said but, yeah, I can't remember the last time (if ever) I carried a balance / paid interest in my 31 years of possessing credit cards.  If a credit card came out tomorrow offering 3.5% CB on everything, uncapped, with a 75% APR, I'd be the first in line.     

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I guess I am under same impression.  I haven't carried a balance unless 0% for 7 or whatever years.  With that said there is a term stuff happens and never know if you are in a situation that one might have to carry a significant balance which savings won't cover for some unforeseen circumstance.  If this happens rather have good terms than bad terms w/regards to apr.  

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APR honestly doesn't matter to me.  I guess the 'only' time it might matter is if an auto pay in full didn't go through, I got charged an interest fee, and the issuer wouldn't refund my fee.  Hasn't happened in decades so hopefully it won't. 

Stuff happens, yes, and I'll handle it low or high interest rates.    

[NAVYCHOP]

I experienced a similar situation from AMEX back in 2021 when my overall credit utilizations were high.  I received the letter they were increasing the interest rate on my Delta Reserve Card similar to what I would receive if I had applied for the card at that time.  

The problem is that what goes up seems to never come down.  I have had an over 800 credit score for the last two years but they never moved me back to the lower interest rate band.   I should probably call in but I never carry any balances and it doesn't affect me. This is still annoying.  I thought when looking at the CFPB website that if a lender raises someone to a higher interest band, they are supposed to reevaluate every six months whether to lower the rate again.

[longtimelurker]

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@NAVYCHOP wrote:

 I thought when looking at the CFPB website that if a lender raises someone to a higher interest band, they are supposed to reevaluate every six months whether to lower the rate again.

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This is for "official" penalty APRs caused by late payments etc (not that I think these are really reevaluated either)  This is "just" a market adjustment and is probably not covered.

[Dilbert934]

Mine went from 27 to 29 sometime in early 2023 (didn't want to dig through every statement).  I was converted from a BP Card to the BPme Visa, so it is actually my oldest tradeline (39 years) along with a couple of Amex (36 years).  It gives $0.15/gal discount at the pump so it does get some use, which gets PIF every month.