NFCU cards APR lowered automatically!

[pt91978]

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@MrZero wrote:

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.

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Do you know if the SUB and the 0% interest applies when the secured card graduates to cash rewards? 

[longtimelurker]

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@pt91978 wrote:

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@longtimelurker 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. 

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Depending a) on what the decision makers think of the economy and b) sometimes political considerations.   For the rate changes see

https://about.jpmorganchase.com/about/our-business/historical-prime-rate

Note that the rate stayed constant from Dec 2008 till Dec 2015, and quite a few changes since then

[MrZero]

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@pt91978 wrote:

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@MrZero wrote:

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.

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Do you know if the SUB and the 0% interest applies when the secured card graduates to cash rewards? 

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No idea, that would be a question for NFCU or a member who has graduated.

[Anonymous]

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@pt91978 wrote:

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@MrZero wrote:

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.

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Do you know if the SUB and the 0% interest applies when the secured card graduates to cash rewards? 

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You would need to actually open a new cashRewards to be able to get a SUB or intro APR. 

[Anonymous]

You're right! Reduced from 18.00 to 17.49!

[DH1988]

I'm sure you guys are probably already aware but NFCU credit card APRs have gone down!  I wish I could snag a 5.99% platinum but I've already reached my internal limit with them. 

[recoveringfrombk7]

Pretty sure the rates are just down overall because of the Fed.  When I check the details on my cards at login the interest rates are all lower than what I was initially approved for and I've only been with them a short time/have not requested any changes.

[thornback]

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@recoveringfrombk7 wrote:

Pretty sure the rates are just down overall because of the Fed.  When I check the details on my cards at login the interest rates are all lower than what I was initially approved for and I've only been with them a short time/have not requested any changes.

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+1

All of your aprs should have automatically adjusted per the fedrate decrease by now, so...check your accounts...

I already have the NFCU plat and was approved at their lowest 7.49%.  As of last week, my apt has dropped to 5.99%.   It likely won't last - whenever the economy recovers, rates will go back up.

[DH1988]

I was wondering if that'd be the case. Thanks so much for letting me know! 

[Anonymous]

https://ficoforums.myfico.com/t5/Credit-Cards/NFCU-cards-APR-lowered-automatically/td-p/6006140/jump...

I believe we will be benefiting from the low APRs for a few years at least. The economic outlook isn't great.