RBFCU raises Variable APR to reflect Fed increase

[800wannabe420]

While checking my RBFCU  account I noticed my APR had increased from 9.9 to 10.15 for my Cashback Mastercard. 

No email or pop-up informing of this change so I checked my most recent statement (4/10/2022) and it still shows the 9.9 rate with no message telling about the increase. 

This the only card (so far) I have that has the Fed's increase added.

I am curious if anyone else's CC APR has raised to reflect the recent Fed increase?

[MechEngineer]

I've had a 0.25% rate hike across the board from all of my issuers except for Navy Federal, Affinity, and of course AOD (Fixed). I think some banks have been a little slower raising the rates than others, as I've had the new interest rate with my DCU card for about a month and a half or so, with some of my other cards just now showing the rate increase.

[Adkins]

I noticed the rate hike on my RBFCU MC at the beginning of this month. There's a post about incoming rate hikes in Credit in the News forum: https://ficoforums.myfico.com/t5/Credit-in-the-News/Federal-Reserve-approves-first-interest-rate-hik...

[TheFIGuy]

---

@800wannabe420 wrote:

While checking my RBFCU  account I noticed my APR had increased from 9.9 to 10.15 for my Cashback Mastercard. 

No email or pop-up informing of this change so I checked my most recent statement (4/10/2022) and it still shows the 9.9 rate with no message telling about the increase. 

This the only card (so far) I have that has the Fed's increase added.

I am curious if anyone else's CC APR has raised to reflect the recent Fed increase?

---

Noticed the same on my RBFCU Cash-back Mastercard.

[SouthJamaica]

---

@800wannabe420 wrote:

While checking my RBFCU  account I noticed my APR had increased from 9.9 to 10.15 for my Cashback Mastercard. 

No email or pop-up informing of this change so I checked my most recent statement (4/10/2022) and it still shows the 9.9 rate with no message telling about the increase. 

This the only card (so far) I have that has the Fed's increase added.

I am curious if anyone else's CC APR has raised to reflect the recent Fed increase?

---

I've had 1 or 2 but I'm sure all the variable rate cards will be going up along with the Fed increases.

[Anonymous]

According to various news feeds, the Fed has been quoted to say there are several more increases coming in 2022. Forecasts look at the next increase to be a 1/2%. We need to get ready and know many card issuers increase the variable rate (as permitted in their terms and conditions) without any notice.

[Bockrocker]

My USAA cards have gone up now too

My 6.9 card is now 7.65

My 10.9 card is now 11.65

My Citi and US Bank cards both up 1.5%

AOD still holding strong at 7.49 making it my highest earner and lowest apr now

[longtimelurker]

---

@Bockrocker wrote:

My USAA cards have gone up now too

My 6.9 card is now 7.65

My 10.9 card is now 11.65

My Citi and US Bank cards both up 1.5%

AOD still holding strong at 7.49 making it my highest earner and lowest apr now

---

As @galahad15 has been advocating for quite some time here, that is the beauty of fixed rate cards.    Sure, they CAN raise their rates at any time (with the required notice) but as it's not automatic like indexed variable rates, it tends to be a slower manual process, and rates may go up less (on the down side, they can also be slower to fall, but that's not a concern at present).

The other advantage is that if really needed, you can close and pay off the balance at the old rate, with variable the index adjustments are part of the T&Cs you agreed to.