Amex To Raise Card APR By 2%

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Battery111
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Postby Battery111 » Wed Feb 25, 2015 7:40 pm

If accurate, I'm curious to see how this affects those of us with SCRA benefits with Amex. By the law there isn't any conflict, but since they already go above and beyond will be interesting to see.
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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Feb 25, 2015 7:52 pm

darkguy2 wrote:Heard on the news today that Amex is planning on increasing the APR on all cards by 2%.


It's not clear that this is going to affect all cards. Amex told CNN it will just affect "a small percentage" of customers - but didn't give an exact number. It should take effect after two full billing cycles. Of course, it could be expanded later to include more customers.

It would bring my APR up to 23.99% on BCE. Not even my Synchrony is that high!
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lobbythis
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Postby lobbythis » Wed Feb 25, 2015 7:57 pm

The aftermath of the Costco deal falling out...it's beginning.

Battery111
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Postby Battery111 » Wed Feb 25, 2015 8:43 pm

lobbythis wrote:The aftermath of the Costco deal falling out...it's beginning.


Although their stock is doing ok in the last few days. Fact is they're a business, not a charity. They've been successful by maintaining a good balance of cardholder good will and good business practices.
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augiedog
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Postby augiedog » Wed Feb 25, 2015 10:09 pm

My APR for the BCE is 12.99% which I was offered in a prescreened mailing. Would this be a reflection of the base APR or the prime rate? I actually hope it doesn't affect me because it's my lowest APR and has the highest limit.
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popamode72
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Postby popamode72 » Wed Feb 25, 2015 10:44 pm

augiedog wrote:My APR for the BCE is 12.99% which I was offered in a prescreened mailing. Would this be a reflection of the base APR or the prime rate? I actually hope it doesn't affect me because it's my lowest APR and has the highest limit.


I have the same APR on my ED card after the promo ends. I'm also hoping it doesn't affect that at all.

Even the highest APR that I have right now with Amex even with the 2 percentage points slapped onto it would still be lower than what I have with Barclays though, which is at a whopping 24.99%.
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yfan
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Postby yfan » Wed Feb 25, 2015 11:33 pm

It may be a result of the market push. Amex has essentially been clobbered by the likes of Chase on the rewards side, but because of Amex's business model, they have thus far preferred Annual Fees and PIFs to interest income. They may be conceding that it has to change at least somewhat. But if raising the APR by 2 points helps Amex maintain the level of service we have come to expect, I won't sweat it, especially because I always pay in full.

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Postby Patcell87 » Thu Feb 26, 2015 9:07 am

I really can't complain... The rate on my BCP his currently 7.24%, which is way lower than any of my other cards. If it goes up 2 percentage points that's 9.24%. Still lower than my next lowest of 10.24% on the Chase Freedom. Bummer, but they are still the lowest around. At least of my current cards...


luvbullmarkets
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Postby luvbullmarkets » Thu Feb 26, 2015 12:16 pm

I view this based on the recovered economy more so than the decoupling with Costco. Keep in mind the Fed shall be raising interest rates later this year.

Either way this is not a factor for me since I always pay in full. Only carrying balances on cards during 0% APR period.
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oldsoldier
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Postby oldsoldier » Thu Feb 26, 2015 1:33 pm

Even with the 2% it will still be the best APR in my wallet. I guess it's just one of those things as consumers we have to live with.
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