What is your American Express APR?

[myjourney]

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@09Lexie wrote:
Again, let me reiterate personal attacks will not be tolerated.

Lets stay on topic.

Thank you!

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We are all here to share, learn and empower each other. 

Please let's RESPECT each others views

[Anonymous]

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@lionsfan20 wrote:

show me the research to back it up. Like I said if anything , it should of happened to me already. I am a student with practically no income and a 15k credit limit and always carry over a 1k balance and they have never given me a problem. So you said its statistical  ,show the research.

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Maybe this is why you are not eligible for an APR reduction? From a risk standpoint, this might be one of the few things that isn't in your favor.

Well you could call again and ask for an APR reduction. If you're not eligible, you're not.

Just avoid leaving balances on it if you do not want to be charged interest fees.

[Networth]

7% it is my lowest actually. 

[lionsfan20]

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@Anonymous wrote:

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@lionsfan20 wrote:

show me the research to back it up. Like I said if anything , it should of happened to me already. I am a student with practically no income and a 15k credit limit and always carry over a 1k balance and they have never given me a problem. So you said its statistical  ,show the research.

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Maybe this is why you are not eligible for an APR reduction? From a risk standpoint, this might be one of the few things that isn't in your favor.

Well you could call again and ask for an APR reduction. If you're not eligible, you're not.

Just avoid leaving balances on it if you do not want to be charged interest fees.

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But that really makes no sense imo. Income should affect your credit limit or whether you even get accepted , not apr. I don't personally see any correlation. If they trusted me with a 15k limit with no income , then they sure should trust with a lower apr , although like I said I think there is no correlation whatsoever.

I actually spoke to someone again and they told me its based on a daily rate. So what they do is times like .05 xyour balance and you get an interest charge every day and then it gets added together each statement. SO I made her calculate it and on a 1400 balance , its like 23 dollars which isnt that bad for a 20% apr.

[LS2982]

18.24% but this is a Pay over time APR on the Platinum Card.

[HiLine]

I have 2 American Express credit cards, with APR's of 15.24% and 19.24% respectively.

[oscar_actuary]

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lionsfan20 wrote:

But that really makes no sense imo. Income should affect your credit limit or whether you even get accepted , not apr. I don't personally see any correlation. If they trusted me with a 15k limit with no income , then they sure should trust with a lower apr , although like I said I think there is no correlation whatsoever.

I actually spoke to someone again and they told me its based on a daily rate. So what they do is times like .05 xyour balance and you get an interest charge every day and then it gets added together each statement. SO I made her calculate it and on a 1400 balance , its like 23 dollars which isnt that bad for a 20% apr.

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To the second point first, pretty much that's how it always works for CC balances (with some variation for calculating the effective balance).  For installment loans, you take a monthly rate * prior period balance.  It's unclear to me how you thought they did it; but next time you may not need to MAKE anyone else do it.

Regarding the APR vs Income correlation, you are part of a cohort that has certain statistics.  This group of which you are one member may show the most profit when given a liberal credit limit; but higher APR.  Say for example had they given you a lower limit, such as $3.5k.  Perhaps with that limit your cohort would be less likely to use the card.  On the other hand, enough of you pay interest, that it makes sense to collect more of it.

Another way to think of APR - and this is something to always remember with business - their job is to make money for shareholders, not to convince you that it makes sense.  If they "go to far" then, of course, this could cost them long term profits.  But the policies are in place to maximize profits, generally.

ps.  My Blue Sky is 17.24% after the 0% intro period. 

[Anonymous]

14.99% for my BCE

[youngandcreditwrthy]

Oh! I forgot I have a Delta Gold with the lowest at 15.24% which is lame since my BCE is the highest at 22.24% :-/

[Anonymous]

11.24%