How do I get a fixed rate?

[Amwar73mf]

I have three cards with variable rates. All of them are over 25% at this time. I screwed up on Discover and lost the last few months of my 0% interest period by paying two payments 1 day late, because I got the due dates on two cards mixed up. Now they've jacked my rate up to 27.24% I paid off the balance and just don't use it anymore.

Citi is 26.74% variable

Cap 1 has a balance less than $1,000 and is in 0% until May, 25.24% variable after that.

FICO:  per Discover 772, per Citi 754
Transunion 764 

I'm probably not going to get any more 0% offers anytime soon, so I need a card with a fixed rate, much lower than the var. rates I have now. How do I get a fixed rate card? 

[Anonymous]

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@Amwar73mf wrote:

I have three cards with variable rates. All of them are over 25% at this time. I screwed up on Discover and lost the last few months of my 0% interest period by paying two payments 1 day late, because I got the due dates on two cards mixed up. Now they've jacked my rate up to 27.24% I paid off the balance and just don't use it anymore.

Citi is 26.74% variable

Cap 1 has a balance less than $1,000 and is in 0% until May, 25.24% variable after that.

FICO:  per Discover 772, per Citi 754
Transunion 764 

I'm probably not going to get any more 0% offers anytime soon, so I need a card with a fixed rate, much lower than the var. rates I have now. How do I get a fixed rate card? 

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Basically apply to the (relatively few) CUs that offer them, @galahad15 is a great source for low fixed APR cards

[Remedios]

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@Amwar73mf wrote:

I have three cards with variable rates. All of them are over 25% at this time. I screwed up on Discover and lost the last few months of my 0% interest period by paying two payments 1 day late, because I got the due dates on two cards mixed up. Now they've jacked my rate up to 27.24% I paid off the balance and just don't use it anymore.

Citi is 26.74% variable

Cap 1 has a balance less than $1,000 and is in 0% until May, 25.24% variable after that.

FICO:  per Discover 772, per Citi 754
Transunion 764 

I'm probably not going to get any more 0% offers anytime soon, so I need a card with a fixed rate, much lower than the var. rates I have now. How do I get a fixed rate card? 

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You'd have to apply for a card with fixed rate.

Most major lenders don't issue fixed rate credit cards, so you'll have to explore CUs who offer them. 

They aren't impossible to find but definitely rarer than a decade ago. 

Also, they didnt "jacked up apr" because per cardmember agreement, Discover doesn't utilize penalty Apr, only fee for late payments.

Interest rates have gone up, so that's probably why your Apr is higher now than at approval. It's not much higher than your Citi apr (or Cap One). 

[Remedios]

Some fixed rate credit cards, courtesy (Galahad15) 

[Amwar73mf]

Thanks! I'll check these out. I'll also check out my local CU right down the street. I was thinking of opening an account there anyway. 

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@Remedios wrote:

Some fixed rate credit cards, courtesy (Galahad15) 

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[galahad15]

To get a low single-digit, fixed-rate APR card, the 3 2 CUs I would currently be most likely to recommend would be Dow CU, Unify FCU, and Garden Savings FCU.  (There are some other CUs that offer fixed rates, but they have been gradually increasing rates on them over time for new customers so that they are now in the double digits from previously being in the single digits, such as PACU, and some other CUs have discontinued their fixed-rate cards from new apps, such as Dover FCU.)

(1)  Dow CU has 3 fixed-APR offerings:

a.  Low Rate Visa:  6.9% F (no rewards)

b.  Rebate Eligible Visa:  8.9% F (rebate rewards)

c.  Rewards Visa:  9.9% F (with rewards)

(2)  Unify FCU:  offers an as-low-as 9.49% F card (no rewards, but also no BT fee, no cash advance fee and same rates for BTs and cash advances as for purchases).

ETA:  (3) Garden Savings FCU:  has an option for a fixed-APR Premier Rate Mastercard, as low as 8% F.  According to their Rates page, FICO scores as low as 680-729+ can qualify for the lowest-available rate.  Also appears to have MC benefits of cellphone warranty and Price Protection?

**BEFCU also has a fixed-rate card as low as 4.99% F, but it is presently geo-fenced to California.

***AOD FCU formerly offered a fixed, unsecured VS card with 3% rewards, but unfortunately it is now closed to new apps.  However, they appear to still have a (secured) fixed-rate VISA option available, at 7.20% F.

ETA:  adds/edits

[Amwar73mf]

Poor choice of words. I meant they reinstated interest for two late payments (only one day late) which was an insane amount on an $87 balance, something like $7.50/month. I don't know why it was so high, but I paid it off as soon as I could. Hit a rough patch and was only paying minimum payments for a few months.

[Amwar73mf]

Thanks! Will def. check those out. I'd happily take 9.9% with rewards over what I have now.

[Rockysocks]

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@galahad15 wrote:

To get a low single-digit, fixed-rate APR card, the 2 CUs I would currently be most likely to recommend would be Dow CU and Unify FCU (there are some other CUs that offer fixed rates, but they have been gradually increasing rates on them over time for new customers so that they are now in the double digits from previously being in the single digits, such as PACU, and some other CUs have discontinued their fixed-rate cards from new apps, such as Dover FCU).

(1)  Dow CU has 3 fixed-APR offerings:

a.  Low Rate Visa:  6.9% F (no rewards)

b.  Rebate Eligible Visa:  8.9% F (rebate rewards)

c.  Rewards Visa:  9.9% F (with rewards)

(2)  Unify FCU:  offers an as-low-as 9.49% F card (no rewards, but also no BT fee, no cash advance fee and same rates for BTs and cash advances as for purchases).

**BEFCU also has a fixed-rate card as low as 4.99% F, but it is presently geo-fenced to California.

***AOD FCU formerly offered a fixed, unsecured VS card with 3% rewards, but unfortunately it is now closed to new apps.  However, they appear to still have a (secured) fixed-rate VISA option available, at 7.20% F.

ETA:  adds/edits

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What credit bureau does Dow pull? I actually did apply there once for this very card in the beginning of 2020. They told me no, but I can't remember why lol.

[galahad15]

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@Rockysocks wrote:

What credit bureau does Dow pull? I actually did apply there once for this very card in the beginning of 2020. They told me no, but I can't remember why lol.

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Yup you and me both in the same boat there -- I apped a total of 3x for the Dow CU 6.9% F card, but alas they declined me each time   On your question:  as far as I can best determine, I believe that the CRA that Dow pulled for me was TU, when I apped with Dow CU?