NFCU cards APR lowered automatically!

[Anonymous]

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@TSlop wrote:

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.

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While variable APR credit cards will fall or rise fixed amounts with prime rate changes, savings accounts generally aren't linked to any index and banks change rates as they desire (presumably bearing in mind the competition and costs!). 

On April 16 I opened a CD at a brand new bank, they were offering 2.38% the day before, I got 2.25% and now, two weeks later, the rate for new openings is 1.4%  (and they increased the minimum from $10K to $50K.   Probably not many takers now!)

Several banks still offering more than 1.4% though, see https://www.depositaccounts.com/ratetable/savings/

[Sharingan]

I was curious when this would happen. I have 5.99% on my NFCU Platinum and 9.65% on my More Rewards.

[Jordan23ww]

Oh cool!  Thank you for letting us know! I just checked and my APR dropped also on my More Rewards! 

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@pt91978 wrote:

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...

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[AverageJoesCredit]

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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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You still need to wait a year after opening a Navy card to request a redux. But unlike most lenders, Navy can drop you from highest to lowest in one shot

[Anonymous]

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@Sharingan wrote:

I was curious when this would happen. I have 5.99% on my NFCU Platinum and 9.65% on my More Rewards.

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Nice! I wish it was a Fixed rate. My Platinum is now 8.99%.

[Anonymous]

5.99% and 9.65%, I can live with that. 👍 

[Mv350]

Platinum dropped to 12.99% which is nice

[pt91978]

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@AverageJoesCredit 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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You still need to wait a year after opening a Navy card to request a redux. But unlike most lenders, Navy can drop you from highest to lowest in one shot

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Lol really!!!! Can't get any better than that. 

[MrZero]

Yeah, mine went down 1.5% to 12.99%, also noticed they've updated at least the CashRewards SUB, the spend requirement for $150 bonus is now $2,000 instead of the $3,000 it was when I signed up at the start of April and it's now 0% interest for the first six months instead of 1.99% on purchases.

[pt91978]

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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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So, how often does the prime rate changes? Like once a year, every 6 months, 3 months? Depending on the economy? And the APR could go back up, etc..?

 Thanks.