- Centurion Member
- Posts: 875
- Joined: Thu Apr 30, 2009 2:32 pm
- Location: Texas
Floating rates allow banks to follow the market and give them more flexibility to raise rates at random as well. This is happening in anticipation of the increased restrictions on bank practices taking effect. Anyone who has a balance should do what he/she can to pay it off now. I've read where some in the industry believe the fixed-rate cards are a thing of the past. I don't know if any of mine are fixed and can't remember when I last had a fixed-rate card for sure. I've been paying mine off in full every month for the last two or three years.
Since I'm no longer a revolver and am living the transactor life, I don't mind the shift to floating rates. I hope the banks make other changes to protect their revenue before they limit/do away with "no annual fees," grace periods and reward points/cash back. The thought of paying an annual fee for a credit card is bizarre to me now, as is anything less than a 20-day grace period, which now seems to be the norm where it used to be 25 days.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).
*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.