Please Help me understand how rates work

[plasticguy]

Citi Diamond Preferred DISCLOSURES

Annual Percentage Rate (APR) for purchases 0.00% for 9 months from date of account opening for APR 1. After that, 12.24% variable. 0.00% for 6 months from date of account opening for APR 2. After that, 16.24% variable. 0.00% for 6 months from date of account opening for APR 3. After that, 20.24% variable. †

My question is: Are new accounts no longer attached to the prime rate? I only ask because my Citi Card has been at the same rate for 7 months. My PNC Visa Signature has the same

Standard Purchase APR 5.240%.

[Anonymous]

"variable rate" = prime plus %

The multiple rates they showed is saying that depending your your credit, you will get one of them.  3 tiers of prime plus a number for that term.

[marty56]

If you can, the best way to understand CC interest rates is to not revolve a balance.  If you have to revolve a balance, assume the worst rate and have an exit date for when it will be PIF.

IMHO when and if the new CC law takes effect, it will be a bumpy road interest rate wise until the smoke clears.