Hi all,
Reporting I received notification on this card they are raising the interest rate from 16.24 to 21.24 effective june 1, claimed doing it to all accounts. As FNBO has become useless as far as diversity of cards and platforms along with no BT offers since Covid I decided to terminate my entire relationship with them over it. torched not only this card but their evergreen as well, over 40K in credit between the two. Both these cards are flat 2%, have the Synchrony MC that is 2% and 19% rate, never thought i see the day Synch offers better rates than FNBO. Methinks FNBO is going down, I will trash this bank anytime someone asks me about them online and in the real world.... I dont tolerate this kind of behavior, there are many banks beating down my doors with offers of BT and new accounts.... For reference FICO 9 bankcard is 824, Fico 08 is 798 so its not a FICO led change. Have dealt with this bank since 2011 but no more, their word means nothing.
@Anonymous wrote:OK, I feel your pain, but... .the is so typical keyboard warrior type language:
I will trash this bank anytime someone asks me about them online and in the real world.... I dont tolerate this kind of behavior
I'm sure the board of FNBO are quivering in the shoes, and now losing your credit card business ($40K but you probably spend a fraction of that).
Hyperbole is good and fun, providing you don't start believing it, and the "tolerate" comment makes me wonder.....
They tried to save them but no dice, I know they dont quiver or care its all a facade anyway.. Going to relace them with the 2% Bread AMEX and yes I WILL trash them im not kidding you should know that.
They treat me well.
Com'mon gdale6!
Not to long ago, other financials were doing some of the same. To mention one, JP Morgan Chase did it to customers that had personal credit card products. Remember it with this very MF forum. Posters (including me) were put out because Chase found it expedient to bring our interest rates up to the then current Chase Market Rate for their personal consumer credit cards and follow the Chase Market rate changes after that.
Some posters like myself, saw rather significant rate increase adjustments. Once pegged to the Chase Market rate changes, we were dragged along thereafter.
In truth, I go back with First National Bank of Omaha now FNBO to the early 1980's. They seem to go in waves of changes and some include the recent interest rate realign you mentioned. Also, they used to be tight on their geo fencing so, that was life in Omaha Nebraska.
I cancelled FNBO out over the years three times for interest rate changes and not keeping their rewards close to what was available in the financial's market place. During 2023, I again cancelled FNBO out over interest rates and no credit limit increases. However, I knew FNBO and they knew me. Accepted it to be how they do business. Like the rest of us, the card member and the financial can kick the other to the curb on a whim and do!
While whinning, I left Capital One when they kicked my interest rates from a fixed 7.9% apr to a variable 23.9% apr along with what seemed like many other card members back in the day. Closed all my accounts Cap1 (eight) and never looked back.
One thing was for sure ... the financials were not crying over the loss. 