Your CC Rates To Drop a Full Point

[Mv350]

Cap1 dropped my card rates .25%

[seattletravels]

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@macinjosh wrote: 19th. I don't even remember what day they dropped the rate 1%.

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March 15th

[Anonymous]

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@Anonymous wrote:

You know, it's funny they pay 0% to borrow from the fed, and we pay 15+% borrowing from them. What a wonderful system.

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The reason the interest spread is so large is they lend money that's unsecured. They're on the front lines when people can't pay, like the situation we have now. If people can't pay, the credit card is usually the first to get ignored. People usually want to make sure mortgage, car, utilities etc are paid so that they don't lose them or get cut off. 

So by charging higher rates, their return is more in line with their risk.

[Mv350]

Update:

Wells fargo statement cut and dropped my rate the full 1.5%

Now @ 15.15% which is my lowest rate 

[Mv350]

Another update here

DCU cut my rate from 16.75% to 15.25% on my platinum Visa

[Anonymous]

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@Mv350 wrote:

Another update here

DCU cut my rate from 16.75% to 15.25% on my platinum Visa

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Definitely in line with the 1.5% drop in prime in March. 

[Remedios]

I was actually shocked to see that APR on AR is 15.74%, and AR doesnt have APR range, it's same for everyone who doesn't have penalty APR in place.