Anyone else get an internal email telling them their APR was going up another 2% to 26.99%? Daggum, as if Comenity was not the highest APRs in the credit world already.
I refuse to buy anything that costs more than $10 on my two Comenity cards. I will keep them for BTs only due to the 18 month 0% APR. It's ridiclous folks. These creditors will go as high as Congress will allow them to go. And my FICOs are in the 780s (NFCU above 800).
Dang, that’s so high. Don’t carry a balance! Lol
I think the Sync Amazon is like 28.99%?
Honestly I don’t even look at the store card APRs. They’re high because they want to discourage people from carrying a balance and they want to make sure that when they do carry a balance, they get interest payments enough to cover the added risk to them. I mean let’s face it, nobody carries a balance on a high interest store card if they have another option.
Well, I got every last card I ever wanted. Then came the $20k limits. Now I am a snob when it comes to APRs. I think it's bad advice to give to people about don't worry about APRs as long as you PIF. Tragedy and emergencies are unpredictable. Just take a look around at the gazillions of My-FICO'ers who have declared bankruptcy.
I don't like cards above 15% APR. Has nothing to do with the easy response of PIF and you ever have to worry about it. The APR is the last and only factor I get to play with as a mature, seasoned, intelligent credit consumer.
The cards have to make money somehow. I don’t personally see a problem with it — it makes credit accessible to people who otherwise couldn’t get it. Being a LIEer myself, I am thankful for credit card companies offering me higher APRs in exchange for a credit limit.
The store cards normally come with special financing offers which is what makes them valuable. Having 6-24 months to pay off a large purchase is a great perk.
My non-CU cards range from 22.24%-25.15%. I’m still blown away that NFCU gave me 7.99% (now 8.24%) on my Platinum and I’m thankful for that. I know if I ever need to carry a balance, I’ll carry it on that card. There are cards that are meant to carry balances and cards that are meant to be paid in full, I don’t see an issue with this as any restrictions would harm consumers like me a lot.
Here's a list of my APR's oldest card to newest card and only 1 is a Sync card... no fluffy store cards in the mix and the Sync one is dying a slow lonely useless death in a drawer.
Speaking of the devil I went from the best tier APR to 26.99.. Just got a SM from them wth. They get rid of tiers now? I spoke to soon a few post back.. going to look at terms for new cards.
edit also other terms changed such as minimum payment and possibly other stuff.. Logged in application page and still shows tiers of apr's not sure if that hasnt been updated to one yet?