Interest Rates

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Tubpbs
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Interest Rates

Postby Tubpbs » Thu Jan 14, 2016 4:37 pm

I'm not sure if anyone has touched on this or not (or if anyone noticed it or if anyone cares), but Chase seems to have changed their interest rates on their cards.

And the CSP has an APR range now, instead of the single APR it has historically had since I've been aware of the product.

Did anyone else notice these changes?
What about other lenders? I'm curious. I'm also curious what everyone thinks.

P.S. - I know it's at least in part / theory because the Fed raised the interest rate.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It


Ghoshida
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Re: Interest Rates

Postby Ghoshida » Thu Jan 14, 2016 4:53 pm

Tubpbs wrote:I'm not sure if anyone has touched on this or not (or if anyone noticed it or if anyone cares), but Chase seems to have changed their interest rates on their cards.

And the CSP has an APR range now, instead of the single APR it has historically had since I've been aware of the product.

Did anyone else notice these changes?
What about other lenders? I'm curious. I'm also curious what everyone thinks.

P.S. - I know it's at least in part / theory because the Fed raised the interest rate.


Nice catch. Just checked CSP. Odd that the range is only in the upper direction; best credit will still get 16.24%. Didn't see these changes in their other cards say Southwest. The 0.25% increase across the board has been happening for almost all banks now. Some of them did it overnight, others over a couple of weeks.

I'm a bit intrigued by the range expansion of CSP. I don't think everyone has followed suit with their topline cards. Citi Prestige still has a fixed APR; Citi TYP has multiple APRs, though it starts from 14.24%.
AMEX BCE | PRG || Barclaycard Sallie Mae || Capital One QuickSilver | Venture || Chase Freedom | Sapphire Preferred || Citi Dividend || Discover It || UFCU Great Rate || US Bank Cash+ #1 | Cash+ #2 | Club Carlson Plat | REI || Total CL $144.2k + PRG NPSL, not counting AU

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Vattené
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Re: Interest Rates

Postby Vattené » Thu Jan 14, 2016 5:07 pm

Amex raised my interest by .25% on my last statement. I assumed that was the reason why.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
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

Tubpbs
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Re: Interest Rates

Postby Tubpbs » Thu Jan 14, 2016 5:54 pm

Ghoshida wrote:
Tubpbs wrote:I'm not sure if anyone has touched on this or not (or if anyone noticed it or if anyone cares), but Chase seems to have changed their interest rates on their cards.

And the CSP has an APR range now, instead of the single APR it has historically had since I've been aware of the product.

Did anyone else notice these changes?
What about other lenders? I'm curious. I'm also curious what everyone thinks.

P.S. - I know it's at least in part / theory because the Fed raised the interest rate.


Nice catch. Just checked CSP. Odd that the range is only in the upper direction; best credit will still get 16.24%. Didn't see these changes in their other cards say Southwest. The 0.25% increase across the board has been happening for almost all banks now. Some of them did it overnight, others over a couple of weeks.

I'm a bit intrigued by the range expansion of CSP. I don't think everyone has followed suit with their topline cards. Citi Prestige still has a fixed APR; Citi TYP has multiple APRs, though it starts from 14.24%.



Maybe that's just an error on the CSP. I suppose it's really not a big deal since one shouldn't be carrying a balance on that card anyway, but still. I agree the introduction of a range is odd, but more than that the fact that it's only upward. I guess it may be related to the extensive rewards offered by the card.
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: Interest Rates

Postby CarefulBuilder14 » Fri Jan 15, 2016 12:21 pm

IHG, Hyatt, and a few similar cards are still one-APR cards.

For carrying a balance, though, there's 0% and then there's everything else. Calling issuers before making a large purchase to get 0% for 6 or 12 months on an old account can provide good rewards and a 0% APR without the need for a new account.

Of course, it's harder to negotiate after the transaction once the balance is on a specific account.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

oldsoldier
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Re: Interest Rates

Postby oldsoldier » Fri Jan 15, 2016 2:55 pm

Vattené wrote:Amex raised my interest by .25% on my last statement. I assumed that was the reason why.


I noticed that my Amex had went up as well. I will def be keeping an eye on my other card statements this month.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $17,000
NFCU Platinum Visa $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $6,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $11,600

Nixon
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Re: Interest Rates

Postby Nixon » Fri Jan 15, 2016 9:31 pm

Does that mean that approval standards will loosen?

This could explain the recent trend of non 5/24 approvals lately.
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Vattené
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Re: Interest Rates

Postby Vattené » Wed Jan 20, 2016 4:54 pm

oldsoldier wrote:
Vattené wrote:Amex raised my interest by .25% on my last statement. I assumed that was the reason why.


I noticed that my Amex had went up as well. I will def be keeping an eye on my other card statements this month.

Aaaaand...now Discover just raised my APR by .25% as well. I think banks are champing at bit to raise interest rates and this provides a wonderful excuse to do so.
***edited to add: not that it's not a legitimate reason***
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
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

Nixon
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Re: Interest Rates

Postby Nixon » Wed Jan 20, 2016 5:29 pm

Actually, the bank didn't raise anything per se.

The prime rate went up by a quarter point, and the APR you are being charged by the bank itself remained the same.
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kdm31091
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Re: Interest Rates

Postby kdm31091 » Thu Jan 21, 2016 7:42 am

The CSP having a range is IMO no big deal; even the "low" end of the range isn't low enough for it to be a good choice to carry a balance on. It makes sense for less "prime" borrowers to receive the higher rate.

There's a thread on the CSP range on that other site, too. It kinda amuses me that people who claim to never carry a balance are worried about tiny rate increases on their cards (Chase like all others raised rates by 0.25%). Unless you are carrying many thousands of dollars in debt, 0.25% is peanuts and not even worth caring about.



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