Amex Promo Interest Rate

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Nash
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Amex Promo Interest Rate

Postby Nash » Wed Dec 16, 2015 11:13 pm

So, I just got this in an email today...

You’ve been selected to receive a promotional APR of 3.99% on eligible new purchases on your Blue Cash Everyday® Card. The promotional rate begins the day after you enroll and expires 12 billing cycles later. After the end of the promotional period, the APR for these purchases will be your standard APR.

It’s our way of saying thank you for being a valued American Express® Card Member.

Enroll now to lower your interest rate, and continue to enjoy the features of Card Membership, flexibility, and services you expect from us.


Quite honestly, I don't even use this card that often, and there is no balance on it currently. I guess my only question is if I "enroll" in this promo, will it count as a hard pull?
Arsenal:
Discover it [3/12, $2,500]
Amex BCE [5/13, $25,000, bd 9/12]
Chase Freedom [1/13, $5,500]
SunTrust Cash Rewards [4/14, $7,000]
Bank of America Travel Rewards [9/15, $6,000]


kdm31091
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Re: Amex Promo Interest Rate

Postby kdm31091 » Thu Dec 17, 2015 5:52 am

Nash wrote:So, I just got this in an email today...

You’ve been selected to receive a promotional APR of 3.99% on eligible new purchases on your Blue Cash Everyday® Card. The promotional rate begins the day after you enroll and expires 12 billing cycles later. After the end of the promotional period, the APR for these purchases will be your standard APR.

It’s our way of saying thank you for being a valued American Express® Card Member.

Enroll now to lower your interest rate, and continue to enjoy the features of Card Membership, flexibility, and services you expect from us.


Quite honestly, I don't even use this card that often, and there is no balance on it currently. I guess my only question is if I "enroll" in this promo, will it count as a hard pull?


No, there is no hard pull involved. They have lowered my APR many times without a pull.

They offer both temporary and permanent reductions. If you prefer, you can chat them and ask for a permanent reduction. Of course the permanent reduction will not leave your APR at 3.99, but if you don't need the promo APR anyway, you may prefer a permanent reduction as opposed to one that expires.

Alternatively, if you don't foresee carrying a balance, no reason to care really (although no downside to enrolling).

takeshi
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Re: Amex Promo Interest Rate

Postby takeshi » Thu Dec 17, 2015 8:55 am

Definitely not an HP. If you're using the card for rewards, keep in mind that you'll lose your grace period if you carry a balance.

Tubpbs
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Re: Amex Promo Interest Rate

Postby Tubpbs » Thu Dec 17, 2015 6:38 pm

takeshi wrote:Definitely not an HP. If you're using the card for rewards, keep in mind that you'll lose your grace period if you carry a balance.



Can you clarify what that means?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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CarefulBuilder14
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Re: Amex Promo Interest Rate

Postby CarefulBuilder14 » Thu Dec 17, 2015 11:10 pm

Assuming Amex believes they will eventually be repaid, a customer is more profitable when carrying a balance at 3.99% than when paying in full.

In a super-low interest rate environment, there's 0% and then there's everything else.

*And no HP.*
Last edited by CarefulBuilder14 on Thu Dec 17, 2015 11:36 pm, edited 1 time in total.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

RewardsHunter17
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Re: Amex Promo Interest Rate

Postby RewardsHunter17 » Thu Dec 17, 2015 11:15 pm

Yeah, it definitely won't be a HP for the CLI. It's definitely a good deal if you sometimes carry a balance. I would take it!

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CarefulBuilder14
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Re: Amex Promo Interest Rate

Postby CarefulBuilder14 » Fri Dec 18, 2015 1:21 am

Tubpbs wrote:
takeshi wrote:Definitely not an HP. If you're using the card for rewards, keep in mind that you'll lose your grace period if you carry a balance.



Can you clarify what that means?

This is my moderately-informed understanding. Someone may make a minor correction or two, but get verification from others.

Let's say you buy something on December 1. The transaction is added to your card balance December 3. The statement period ends on December 20, and the payment is due January 10.

The bank starts to accrue interest on the purchase on December 3. If you pay in full by January 10, the accrued interest disappears because you paid within the grace period. Note that this grace period doesn't apply to most cash advances (I say "most" because Discover and maybe a few others allow "cash over" on some transactions).

If you don't pay for a purchase by January 10, then the interest is charged. You pay interest going back to December 3. The interest doesn't wait until December 20 or January 10 to kick in.

As you can imagine, banks can make a lot of money when someone pays just a little less than the full balance (and especially if someone is just a little late).

I've paid less than the full balance...but at a 0% APR it doesn't matter if I'm being "charged" interest going back to the date I made a purchase months ago.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Tubpbs
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Re: Amex Promo Interest Rate

Postby Tubpbs » Fri Dec 18, 2015 9:16 pm

That's no dice.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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amexmember12
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Re: Amex Promo Interest Rate

Postby amexmember12 » Sun Dec 20, 2015 6:57 pm

Just got a similar offer for my everyday card. My 0% APR on that card expires today as well.
CSR $24K | Discover IT $22.9K | AMEX BCE $15K | AMEX EveryDay $12.9K | Marriott Premier - $11K | Delta Platinum $10K | Freedom $6.5K | Freedom $6K | BOA Travel Rewards - $2.7K | AMEX Platinum

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Vattené
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Re: Amex Promo Interest Rate

Postby Vattené » Mon Dec 21, 2015 6:17 pm

My 0% expires in a month, and I just got an email reminding me that I had the flexibility to pay less than the statement balance each month. First time I've gotten a message like that so I found it humorous.
-Vattené
FICO-8:
EX - 805 (12/16) | TU - 803 (12/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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