NFCU cards APR lowered automatically!

[pt91978]

I just logged into my account and clicked on "Additional Account Information."  I noticed my nRewards secured card APR lowered from 18% to 17.99%   (6th statement due on 5/5, hoping to graduate).  My More Rewards Amex (one month old) APR lowered from 16.49% to 14.99% automatically.  Anyone else getting these?  Just wondering...

[RSX]

a lot of the CC companies are 2 months behind the Fed Interest rate drop

these are likely from that

but good news is good news - regardless of the How

[pt91978]

Hmm interesting.. I try not to carry balance anymore, but I'll take it.  Which means I don't have to wait a year to ask for APR reduction.  Good news, indeed.

[Jannelo]

My cashRewards card is only a couple of weeks old.  I've charged a couple of things and already paid.  It was approved at an APR of 18%.    I just checked, and it's stating 17.49%.

[Anonymous]

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@pt91978 wrote:

Hmm interesting.. I try not to carry balance anymore, but I'll take it.  Which means I don't have to wait a year to ask for APR reduction.  Good news, indeed.

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Variable rates cards will see automatic rate changes when the prime rate changes.  You should still be able to request APR reductions on any usual schedule, as that is a request to change the margin.

[Anonymous]

Thanks for this thread

Haven't checked mine in awhile & saw my cashRewards & Platinum both dropped 2%. Is this the correct % drop we should be seeing? I'm completely in the dark when it comes to things like this.

Thank you for perking up my day!

[NRB525]

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@Anonymous wrote:

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@pt91978 wrote:

Hmm interesting.. I try not to carry balance anymore, but I'll take it.  Which means I don't have to wait a year to ask for APR reduction.  Good news, indeed.

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Variable rates cards will see automatic rate changes when the prime rate changes.  You should still be able to request APR reductions on any usual schedule, as that is a request to change the margin.

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When the Fed begins raising rates in the future, you'll take that CC Interest Rate increase as well  

[RSX]

Yes. A 2-2.5% drop should be seen on any variable interest cards you have

[TSlop]

I never pay attention to the credit card rates, but my PSECU credit card rate change was right in the transaction list, so I saw that it went from 13.99% down to 12.4% on 4/1.

I also noticed that Discover dropped from 1.5% to 1.4% for their online savings. I only just opened it and didn't even get a full month at 1.5%. It was bound to happen.... I just hope it doesn't go too far down.

[Duke_Nukem]

My DW just got a NFCU Platinum less than a week ago for the balance transfer and low % APR just in case.  She qualified at the lowest APR tier, which is showing as 5.99% today!  I'm a little jealous...