In 9 months, when new law kicks in, 15% will be considered as a super prime rate.
Do not forget to thank good people in Washington, DC.
Annual Percentage Rate (APR) for purchases
Elite and Premium Pricing:a A 0% fixed APR for the first 12 billing cycles following the opening of your account. After that, 15.24% variable for Elite Pricing, or 19.24% variable for Premium Pricing. Standard Pricing: A 0% fixed APR for the first 3 billing cycles following the opening of your account. After that, 23.24% variable.
Last I checked they started at 9.24. This card will be worthless at the end of the month when the 3% goes away and goes into a rotation period
The era of low rates are gone, courtesy of the current crisis and the subsequent 'help' given to us by Washington. The trend is clear, when you get credit by purchasing something you will now immediately start paying interest as you have just been given a loan. As in all of these situations the responsible people will be slapped down so the irresponsible people get help. All in the name of fairness, of course.
Maybe.....I do agree with you on this Watchmann, for bigger institutions like JPMorgan Chase, Bank of America, Wells Fargo, Amex, Citi Group or Bank etc. the days of low rates are over. For Regional Banks not so much they will always be in between 8.99 to 13.9 etc, and Credit Unions they will always have low interest rates 3.99 to 12.9 respectively based on one's credit profile and income etc.
But you are correct about these BIG Banks they will be keeping rates fairly high now and in the future because they will not RISK tacking on annual fee's to cards and risk angering people further. Then individuals will just jump ship and run to Credit Union's more then they are doing now "I feel" I could be wrong" Just an assesment. But it will be interesting to see just how it's going to be handled.