Increase to my Amex APR

[Malcono]

So this is pretty confusing to me.

I was checking this month's statement with my Hilton Aspire card, and at the bottom it says they were raising my APR from 20.74 to 22.74
The reason listed for their decision is that my APR was lower than the APR on similar cards, which is bogus.
If you check their application page they offer 15.74% to 24.74% variable APR

It's already always bothered me that my APR with them has always been in the 20s when most of my other cards are 15-16.
I have a large credit limit with them, I use them often, and I always PIF.
I understand it shouldn't matter because I PIF every month, but it's the principal of the thing.

It's just kind of mind boggling and I was wondering if anyone else has ever experienced anything like this.

[JLRDC909]

They have also done the exact same thing to me. Bogus and BS come to mind. 

Actually, they are the ones with the highest APR, although I have to bad marks and am at an 800 score. I always PIF anyways, but it's always been an indication of good credit when I see a low APR and a high CL, not so with Amex 

[SoCalGardener]

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@Malcono wrote:

So this is pretty confusing to me.

I was checking this month's statement with my Hilton Aspire card, and at the bottom it says they were raising my APR from 20.74 to 22.74
The reason listed for their decision is that my APR was lower than the APR on similar cards, which is bogus.
If you check their application page they offer 15.74% to 24.74% variable APR

It's already always bothered me that my APR with them has always been in the 20s when most of my other cards are 15-16.
I have a large credit limit with them, I use them often, and I always PIF.
I understand it shouldn't matter because I PIF every month, but it's the principal of the thing.

It's just kind of mind boggling and I was wondering if anyone else has ever experienced anything like this.

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Although I haven't had an APR increased, I do share your feelings about high APRs in general. My Capital One cards all have 22% APRs and it really bothers me. I pay them off each month so, in actual practice, their APRs don't matter, but, yeah, it's the principle of the thing.

[Eyepinpools]

Shoot I was just about to post asking if anyone had successfully recieved an APR reduction on their AMEX because my BCP APR is 21.99%. Seems awfully high when my BOA CCR card is 14%. 

[SoCalGardener]

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@Eyepinpools wrote:

Shoot I was just about to post asking if anyone had successfully recieved an APR reduction on their AMEX because my BCP APR is 21.99%. Seems awfully high when my BOA CCR card is 14%. 

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My APRs vary wildly, from one bank to another! I believe my current lowest is Discover at 12.99%, and all three of my Capital One cards are the highest, at 21.99%. Crazy! I'm the same person, with the same credit history and credit reports. Oh well!

[longtimelurker]

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@Malcono wrote:

So this is pretty confusing to me.

I was checking this month's statement with my Hilton Aspire card, and at the bottom it says they were raising my APR from 20.74 to 22.74
The reason listed for their decision is that my APR was lower than the APR on similar cards, which is bogus.
If you check their application page they offer 15.74% to 24.74% variable APR

It's already always bothered me that my APR with them has always been in the 20s when most of my other cards are 15-16.
I have a large credit limit with them, I use them often, and I always PIF.
I understand it shouldn't matter because I PIF every month, but it's the principal of the thing.

It's just kind of mind boggling and I was wondering if anyone else has ever experienced anything like this.

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It happens from time to time, and often, from a MyFico perspective, in bursts (i.e. lots of people here get the nice surprise).  Not just Amex, Chase does it as well and probably others.  So long as they give notice and apply it to future balances only, it's compliant with the CARD Act

[UncleB]

For what it's worth, the only AA (adverse action) I've had from any card issuer in recent history has been from Amex in the form of an APR increase.

In my case it was also ~2%, and while I don't recall the exact wording on the letter the basic gist was they were making the adjustment to bring me in line with other people with similar credit scores (if I recall correctly, my scores had dipped down to the 740s per the letter).  My current APR is 15.99% so it's still not terrible, but I would never carry a balance with them anyway.

Having adverse action of any type (CLD, APR increase, etc.) is never fun and I admit to being slightly annoyed, but in the 'big picture' it wasn't a big deal.  Since then they've given me two installment loans with very good APRs (the latest was only 5.98%) so they definitely didn't hold a grudge, and neither did I.

[Gollum]

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@Malcono wrote:

So this is pretty confusing to me.

I was checking this month's statement with my Hilton Aspire card, and at the bottom it says they were raising my APR from 20.74 to 22.74
The reason listed for their decision is that my APR was lower than the APR on similar cards, which is bogus.
If you check their application page they offer 15.74% to 24.74% variable APR

It's already always bothered me that my APR with them has always been in the 20s when most of my other cards are 15-16.
I have a large credit limit with them, I use them often, and I always PIF.
I understand it shouldn't matter because I PIF every month, but it's the principal of the thing.

It's just kind of mind boggling and I was wondering if anyone else has ever experienced anything like this.

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My current interest rate (not an introductory/promotional rate) for my American Express credit card (Blue Cash Everyday) is 12.99%(v). The "(v)" means the interest rate varies according to what the current Prime Rate is.

*shrug*

It's just a business decision. Try to not take it personally.

Edit: Years ago, Capital One tried to take advantage of me by increasing my interest rate when I was having financial difficulties. I still hate/dislike Capital One for that. So in my opinion, it's OK for me to bear a grudge  but it's not OK for you to bear a grudge since you have not (so far, at least) had actual financial harm.

[NRB525]

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@Malcono wrote:

So this is pretty confusing to me.

I was checking this month's statement with my Hilton Aspire card, and at the bottom it says they were raising my APR from 20.74 to 22.74
The reason listed for their decision is that my APR was lower than the APR on similar cards, which is bogus.
If you check their application page they offer 15.74% to 24.74% variable APR

It's already always bothered me that my APR with them has always been in the 20s when most of my other cards are 15-16.
I have a large credit limit with them, I use them often, and I always PIF.
I understand it shouldn't matter because I PIF every month, but it's the principal of the thing.

It's just kind of mind boggling and I was wondering if anyone else has ever experienced anything like this.

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Sorry to hear of the APR increase. Never welcome news. 

With those rates, though, carrying any balance was out of the question anyhow, so just more confirmation to not go there. Instead, I think the more relevant ( though less-obvious ) rate to track is, how are your Plan It fee options looking?  With AMEX you only ever want to use Plan It, on any card, and the short term Plan It fee rates can be not terrible, unlike carrying a balance with all charges.