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So I got this letter that says "we made a decision to increase your APR because your current APRs is lower than average APRs on similar cards in the market place for consumers with similar credit profile." Then it went on to say "we obtained your FICO score from Experian to make the decision. On March 31, 2015, your FICO score was 818......"
Hmm wondering how this explanation makes sense. Anyways, since I don't have balance on it the current 13.99% won't mean much. Talk about market, I have my VISA credit card at 6.25% APR. So, not sure which similar market they are talking about.
Well, if you were to try getting a card now, 14% is around what the APR would be. Maybe it'd be a bit less but I think everything nowadays is over 10%. Nobody really offers credit cards with more reasonable interest rates. Personally, I think it's an odd move to increase the rate. You're likely to end up driving off a customer for basically no reason. I doubt most people with high credit carry much of a balance to begin with.
Well, if you were to try getting a card now, 14% is around what the APR would be. Maybe it'd be a bit less but I think everything nowadays is over 10%. Nobody really offers credit cards with more reasonable interest rates. Personally, I think it's an odd move to increase the rate. You're likely to end up driving off a customer for basically no reason. I doubt most people with high credit carry much of a balance to begin with.
You can get rates as low as 6% if you are willing to give up rewards and benefits.
Well, if you were to try getting a card now, 14% is around what the APR would be. Maybe it'd be a bit less but I think everything nowadays is over 10%. Nobody really offers credit cards with more reasonable interest rates. Personally, I think it's an odd move to increase the rate. You're likely to end up driving off a customer for basically no reason. I doubt most people with high credit carry much of a balance to begin with.
Just cause you have a high credit score doesnt mean you are smart with your money. it just means you pay your bills on time. My parents always had a 800+ score and carried a balance...dumb.
AMEX has been raising a lot of APRs over the past few months... Like you, I'm not worried about it since I never pay interest on any of my CCs. All of my cards are what I would consider high APR, but the rewards work out in my favor. I have considered getting a 6-7% card that could be used for brief "loans" if needed in a pinch since it would probably be no worse rate than going to the bank to get one, but I just don't think I need it at this time... There are always 0% offers available if I need that
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Never carry a balance and still receive sweet cash back every month.
