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Do Navy APR reductions go lower than the range provided on the public website?
My More Rewards is eligible for a APR reduction. It is currently at 15.15%, the range on the website is 15.15% - 18.00%.
I just saw someone post here that their APR on a Flagship is 12.99%, the range on the website is 15.74% - 18.00%. Mine is currently 15.49%?
Should I still request reductions? How low does it go?
EDIT- I found what might be my answer in the terms and conditions for the Flagship-
Variable Rate Information: Your APR may increase or decrease. Rates are determined and adjusted monthly on the first business day of the month by adding a Margin to the highest U.S. Prime Rate published in the Wall Street Journal on the first day of the previous month. The Margin is determined based on an evaluation of each Member’s credit history. The Margin will range from 7.99% to 18.00%.
If anyone has any Data Points on this, I'd love to hear them.
you can have a margin that is grandfathered lower than the current margin rates, if you PC the account or close it, any new account with have the new margin rates, so it would be higher.
I just checked today and their lowest advertised APR is 11.24% on the platinum card.
As GZG said, your rate may be grandfathered in. My Platinum rate right now is 10.49% even though the website shows 11.24 as the lowest.
If you don't plan to carry a balance, rate doesn't matter too much. I have a few CU's cards that beat NavyFed, sub 10% I believe. Don't' use them much though, but they can be found if you shop around.
@pakratus wrote:Do Navy APR reductions go lower than the range provided on the public website?
My More Rewards is eligible for a APR reduction. It is currently at 15.15%, the range on the website is 15.15% - 18.00%.
I just saw someone post here that their APR on a Flagship is 12.99%, the range on the website is 15.74% - 18.00%. Mine is currently 15.49%?
Should I still request reductions? How low does it go?
EDIT- I found what might be my answer in the terms and conditions for the Flagship-
Variable Rate Information: Your APR may increase or decrease. Rates are determined and adjusted monthly on the first business day of the month by adding a Margin to the highest U.S. Prime Rate published in the Wall Street Journal on the first day of the previous month. The Margin is determined based on an evaluation of each Member’s credit history. The Margin will range from 7.99% to 18.00%.
If anyone has any Data Points on this, I'd love to hear them.
So the margin is 7.99% up to 18.00% (max). So, Prime Rate is currently 7.50% + the margin of 7.99% = lowest APR 15.49% with a max APR of 18.00%
Someone else mentioned being "grandfathered." At some point, and I am not sure when, recently though, NFCU appears to have raised the margin for new accounts. For instance, your 15.49% vs. new cardholders' 15.74%. My Cash Rewards Plus is 14.15% but for new cardholders that raises to a minimum of 15.15%. I think it awesome that NFCU left our rates alone, at least for now. Other creditors would have gleefully raised our rates too
I know I did not answer your question. I think a quick call or online chat with NFCU would give you the answer.
I just checked my cash rewards card and it is showing a 13.95% apr. My jan statement shows a 14.15% apr. Last year I did send a message if I could get an apr reduction. It was at 18%. They lowered it to the lowest published apr at the time. So with the prime rate going down, you rate goes down too.
My flagship is 1% lower than this advertised minimum.
I secure messaged them yesterday based on this thread and asked if they could lower my 14.24% apr on my flagship. I mentioned that I see comments online from people with lower rates and they messaged me back and said mine is lower than they currently offer and they cannot lower it further. For reference I have a 80k limit, only have some small auto pays for like $130 a month on it and pay it monthly so there may be no need to lower it to them based off my spend.