Interest rates

[Anonymous]

I'm paying 13.2% (Chase); 18% (Cap 1) and 22% (BOA) on purchases.  I know these are high but just how high?  Or are they actually typical?

[Anonymous]

What are your FICO scores? Are any of those rates the result of a penalty?

That 22% BoA rate is really high, but if you have low credit scores and / or negatives on your reports it is actually pretty typical...

The Chase rate is a decent rate.

The Cap 1 rate is on the high end of average.

[laz98]

i'm sure it depends on your scores & what kinds of cards they are.  on my capital one the interest rate is 7.15.  on my gf's bank of america platinum plus card it's 7.9.  we don't have a chase card so i can't help you there

[Anonymous]

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@Anonymous wrote:

I'm paying 13.2% (Chase); 18% (Cap 1) and 22% (BOA) on purchases.  I know these are high but just how high?  Or are they actually typical?

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I want to figure this out as well. All my new cards have rediculous aprs, such as my Citi (20%), Boa ( 20%) and Amex blue (19%). It looks like typical I guess since we both have high aprs....

[Anonymous]

Each creditor/lender has their own requirements based on credit score, credit history, available credit, type of employment, how long employed, student, income, debt, age, locality, etc etc... as examples. They also base off of the type of product CC in this example, secured card, unsecured plain jane card, unsecured limited rewards card, unsecured better rewards card, signature series card, world card, etc etc...

Trying to understand how they come to an APR is like trying to understand how come you are approved or denied. While one creditor see's you as a perfect consumer and approves you, the next creditor see's you as imperfect and denies you. 

[Anonymous]

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@Anonymous wrote:

I'm paying 13.2% (Chase); 18% (Cap 1) and 22% (BOA) on purchases.  I know these are high but just how high?  Or are they actually typical?

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With my FICOs averaging around 740 or so, my Chase card is at 9%, my CapOne card is at 3.9%, and my Bank of America card is at 11.99%.

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@Anonymous wrote:

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@Anonymous wrote:

I'm paying 13.2% (Chase); 18% (Cap 1) and 22% (BOA) on purchases.  I know these are high but just how high?  Or are they actually typical?

---

I want to figure this out as well. All my new cards have rediculous aprs, such as my Citi (20%), Boa ( 20%) and Amex blue (19%). It looks like typical I guess since we both have high aprs....

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My two main CitiCards (I'm not listing all 8, lol) are at 8.9% and 12.74%. Bank of America, as noted, is at 11.99%, and my AmEx Delta is at 14.5%.

[Anonymous]

I was in the mid 600s when BOA opened my account six years ago but an automatic deposit went awry and since I was at my limit, an additional purchase pushed me over my limit, so it went up from 18%.  Cap 1 doubled my CL (to $6k) a month after they hiked my interest rate by a few points (the CLI was sort of a consolation prize I guess.)  Chase went up from 8% last year because of "market conditions . . .blah, blah."  Actually, I kept that balance high because the APR was so low so I could retire other cc debt at higher rates.

My question is are you punished with high interest rates forever once you get them for whatever reason (low scores, the economy, over the limit purchases), or do you ever find a pleasant surprize one month that they've dropped five points?   I've never been late with a payment and my FICO scores are all in the 700s now.  The banks should know this from their soft pulls (and BOA gave me a CLI last month.)  At this point I'd rather have smaller credit lines with low interest rates than higher credit lines with higher rates.

[Anonymous]

Have you asked them for an APR decrease?

I've had good luck with BofA and hubby has had good luck with CapOne. Chase, on the other hand, just plain sucks.

[Anonymous]

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@Anonymous wrote:

With my FICOs averaging around 740 or so, my Chase card is at 9%, my CapOne card is at 3.9%, and my Bank of America card is at 11.99%.

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Is that CapOne rate an intro rate or a standard APR. If it's standard, which card is it and how did you get the APR to be so low? That's like prime + .75%.

[Anonymous]

Cap 1 is Platinum and the rate is standard.