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

[Anonymous]

I just stumbled on this. 

https://www.fnbo.com/personal-banking/credit-cards/visa-prime-time/

I have to say that I find it really difficult to see a situation where paying a $49 annual fee for a card that’s fixed to the prime rate makes sense but I found it interesting nonetheless. It’s a limited offer that’s gone in October. 

[Anonymous]

The card is aimed at the First National Bank of Omaha bank marketing foot print. Geo restricted. Not for the general public. Agree, can not see a value in the card from where I sit due to annual fee of $49 (no rewards card).

[Anonymous]

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@Anonymous wrote:

The card is aimed at the First National Bank of Omaha bank marketing foot print. Geo restricted. Not for the general public. Agree, can not see a value in the card from where I sit due to annual fee of $49 (no rewards card).

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Well I’m in their geo-fence, they have a number of branches here in CO. 

Its definitely interesting seeing a card that’s exclusively tied to the prime rate. I’ve only ever seen one other one, with Space Age FCU here in CO, and they are seriously geofenced (as in specific neighborhoods instead of cities or counties) and if you don’t meet their criteria for that one they have two higher tiers so it seems more like a gimmick than anything. 

But $49 AF... I guess if you always carry a balance, the interest savings can knock out the AF? Seems silly. 

[Anonymous]

@Anonymousit seems FNBO offered something similar many years back?! It was some promo and likely geo restricted (can't remember).

For that matter, I mentioned 'geo restricted' so people are aware. Of late, we hear about people running into this and getting hit for hard inquiries (seems some do this) and then telling the applicant you are outside our banking territory. That should not happen! FNBO is pretty conservative and 'stubborn' on the limits of card issues so it seems.

[Anonymous]

I didn’t realize that FNBO would take an application from someone out of the geo fence and then deny them. Good looking out!

I have heard that FNBO is pretty generous once you’re in, it’s just getting in that’s the issue. 

[Anonymous]

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?

[Anonymous]

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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. 

[CreditCuriosity]

@Anonymous correct they have offered many flavors of low APR cards with AF's.  Not worth it IMO as AF basically in essense raises the APR  so really not a 5.50% card..  Anyways FNBO has been doing this on various cards at least more than one since I have been a member of the forum

[galahad15]

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.

[redheadtempe36]

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.