FNBO Platinum Edition - 5.50% (prime) APR with AF?

[Aim_High]

This is *NOT* a temporary offer. 

It's a permanent APR of the prime rate (currently 5.25%) with no additive.

I don't think I've ever seen such an offer.

First National Bank of Omaha (FNBO) Platinum Visa.

Limited Time Offer - Apply by October 16, 2019

Two caveats. 

(1)  There is a small AF of $49.

(2)  There are other noted fees:  3% FT fee; 5% each on BT and Cash Advance.

       *So BT fee is a little higher than some other cards but lower long-term APR

If it wasn't for the AF, I'd be all over this just to have it available but in my case, it's not worth a $49 AF for that. 

However, for someone who can use it, it's a great offer to go for immediately!

See this link to FNBO:

https://www.fnbo.com/personal-banking/credit-cards/visa-prime-time/#disclosure-text-block

[longtimelurker]

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@redheadtempe36 wrote:

I was just approved for this card for a $9K limit and I am estatic.

I appreciate that myFICO focues on the rewards part of cards and not on carrying debt, but ...

Most people will carry retail (not morgatge/auto) at some point.  I'm sure there will be replies that say "Well I NEVER", but they are (sadly perhaps) the outliers, and a 5.50% rate is unheard of for that.  You can't even get that at a credit union.  Yes, you can get a 0% APR but it is limited.  This is a keeper card IMHO.

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Right, but you have to do the math, which depends on which other cards you have and their APR.  Then it's a question of the amount you carry, how long you carry it for, and is that worth $49 a year.   You also need to take into account any rewards you give up by using this card rather than another, and you have to remember to put carried balances on this card rather than another.   IMO, it's not going to be worth it for many

[Brian_Earl_Spilner]

We should have some datapoints in 2-3 weeks.

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:
Intention was that some lenders referenced on this Forum have taken apps even when they are 'geo fenced' and took a hard inquiry on the applicant. It was an alert as I don't know with FNBO?

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Yeah that’s definitely shady. If that happened to me I would demand they rescind their HP. 

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This happened to me with Golden 1 in CA, no indication of restrictions on the website at the time.   I didn't try all that hard, but they wouldn't remove, on the true grounds that I was seeking additional credit, and that's what the HP is meant to show.  I guess the difference between this and say applying with a recent BK to a lender who doesn't like that, is that they can tell I am not in their area and won't be approved before pulling a CR.   But I half agree with them anyway

[Brian_Earl_Spilner]

The AF makes sense to normal people that have a big balance to pay over a long period, even with a balance transfer fee.

$5000 at 29% over 12 months = $724 in interest

$5000 at 5.50% over 12 months plus 3% balance transfer fee plus AF = $347 in interest and fees

Savings of $377

Sometimes you guys forget we're outliers in the credit world.

[Brian_Earl_Spilner]

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@longtimelurker wrote:

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@redheadtempe36 wrote:

I was just approved for this card for a $9K limit and I am estatic.

I appreciate that myFICO focues on the rewards part of cards and not on carrying debt, but ...

Most people will carry retail (not morgatge/auto) at some point.  I'm sure there will be replies that say "Well I NEVER", but they are (sadly perhaps) the outliers, and a 5.50% rate is unheard of for that.  You can't even get that at a credit union.  Yes, you can get a 0% APR but it is limited.  This is a keeper card IMHO.

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Right, but you have to do the math, which depends on which other cards you have and their APR.  Then it's a question of the amount you carry, how long you carry it for, and is that worth $49 a year.   You also need to take into account any rewards you give up by using this card rather than another, and you have to remember to put carried balances on this card rather than another.   IMO, it's not going to be worth it for many

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I posted some math. Rewards go out the window once you carry a balance so you can remove that from your argument. You're still thinking PIF, not carrying a balance.

[longtimelurker]

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@Brian_Earl_Spilner wrote:

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@longtimelurker wrote:

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@redheadtempe36 wrote:

I was just approved for this card for a $9K limit and I am estatic.

I appreciate that myFICO focues on the rewards part of cards and not on carrying debt, but ...

Most people will carry retail (not morgatge/auto) at some point.  I'm sure there will be replies that say "Well I NEVER", but they are (sadly perhaps) the outliers, and a 5.50% rate is unheard of for that.  You can't even get that at a credit union.  Yes, you can get a 0% APR but it is limited.  This is a keeper card IMHO.

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Right, but you have to do the math, which depends on which other cards you have and their APR.  Then it's a question of the amount you carry, how long you carry it for, and is that worth $49 a year.   You also need to take into account any rewards you give up by using this card rather than another, and you have to remember to put carried balances on this card rather than another.   IMO, it's not going to be worth it for many

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I posted some math. Rewards go out the window once you carry a balance so you can remove that from your argument. You're still thinking PIF, not carrying a balance.

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Well, you posted assuming a 29% APR, and people who have to use such a card may well not be eligible for this.   And rewards ARE part of the calculation.   If I have a $5000 balance, on a 2% card that would have earned  me $100 rather than $0 putting this on a no rewards card and so needs to accounted for.  I agree that IF you are carrying a balance, rewards take second place to APR, but you need to account for them before deciding to pay a $49 AF.   

[longtimelurker]

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@longtimelurker wrote:

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@Brian_Earl_Spilner wrote:

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@longtimelurker wrote:

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@redheadtempe36 wrote:

I was just approved for this card for a $9K limit and I am estatic.

I appreciate that myFICO focues on the rewards part of cards and not on carrying debt, but ...

Most people will carry retail (not morgatge/auto) at some point.  I'm sure there will be replies that say "Well I NEVER", but they are (sadly perhaps) the outliers, and a 5.50% rate is unheard of for that.  You can't even get that at a credit union.  Yes, you can get a 0% APR but it is limited.  This is a keeper card IMHO.

---

Right, but you have to do the math, which depends on which other cards you have and their APR.  Then it's a question of the amount you carry, how long you carry it for, and is that worth $49 a year.   You also need to take into account any rewards you give up by using this card rather than another, and you have to remember to put carried balances on this card rather than another.   IMO, it's not going to be worth it for many

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I posted some math. Rewards go out the window once you carry a balance so you can remove that from your argument. You're still thinking PIF, not carrying a balance.

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Well, you posted assuming a 29% APR, and people who have to use such a card may well not be eligible for this.   And rewards ARE part of the calculation.   If I have a $5000 balance, on a 2% card that would have earned  me $100 rather than $0 putting this on a no rewards card and so needs to accounted for.  I agree that IF you are carrying a balance, rewards take second place to APR, but you need to account for them before deciding to pay a $49 AF.   

ETA: or, as in your example, account for a BT fee!

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[redheadtempe36]

Another random datapoint since it came up ...

FNBO does geofence, but they let you know before you apply by asking your zip code.  I, for example, am not able to open a checking or savings account with them (even though the have branches in my state - just far away - so it is down to the zip code).

I do already have a card with them though (my 1st actually - a graduated secured card), which I think allowed me to bypass the restriction.

[Anonymous]

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@galahad15 wrote:

Fascinating...very sorry to hear that people apping outside the geo restrictions are getting denied after HP solely based on where they live.  I do know that when FNBO offered limited-time card offers in 2015 (single-digit APR FNBO Amex card with no AF) and 2017 (FNBO Amex Travelite card), that FNBO during those years appeared to be willing to approve apps regardless of geographical location, even while declaring on their website the geographic restrictions, etc.  Just for example and in the cards listed above, I was approved for both, despite the fact that I live near DC and thus fell outside of the geo limits.

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Yes, FNBO was stated 'geo restricted' but seemed to let those that did apply and qualify go through. I too am outside their bank marketing foot print and obtained some of their products. FNBO also sends bank marketing for credit cards beyond their banking foot print and those are waved through.