What's your CSP apr?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
Sevenfeet
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Postby Sevenfeet » Tue Apr 30, 2013 5:22 pm

The standard interest rate for travel based credit cards of people with good credit is 15.24%. This rate is common in the industry. Some cards tier this for less credit worthy customers by offering 15.24%, 17.24% or 19.24% depending on which group they determine you belong in.

Other credit cards not based on travel rewards can be anything from 7.99% (or lower) to 24.99% (or higher). But most cards for people with good credit ranges from 10% to 14%.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


Daniel
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Postby Daniel » Tue Apr 30, 2013 6:50 pm

So, by no means do I intend to be trolly here, but I honestly do wonder what everyone else's take is on the question I am about to ask. In theory, shouldn't anyone who is trying to maximize rewards never carry a balance on their CC's? (which would make the APR meaningless as you never pay it) I would expect that anyone with a balance to carry should be interested in BT type offers or Personal Loans with lower rates than a CC can offer as those offers should save someone more than any rewards card can provide. Am I off-base on this one?

Thanks for lending me your opinion on this :)

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djrez4
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Postby djrez4 » Tue Apr 30, 2013 11:02 pm

In theory, yes. In practice, people aren't always so smart.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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hematino
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Postby hematino » Tue Apr 30, 2013 11:10 pm

Mine is 15.24%, I think it is the standard rate for the CSP. There is a user here though, jeffysdad, who has lower APR on his Sapphire. Haven't seen him post in a long time, but he mentioned it on some topic a long time ago. Can't remember what it was though.
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djrez4
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Postby djrez4 » Tue Apr 30, 2013 11:13 pm

hematino wrote:Mine is 15.24%, I think it is the standard rate for the CSP. There is a user here though, jeffysdad, who has lower APR on his Sapphire. Haven't seen him post in a long time, but he mentioned it on some topic a long time ago. Can't remember what it was though.


I believe he had a grandfathered interest rate from a previous card that was PCed to the CSP.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

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rockyrock
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Postby rockyrock » Wed May 01, 2013 1:38 am

Daniel wrote:So, by no means do I intend to be trolly here, but I honestly do wonder what everyone else's take is on the question I am about to ask. In theory, shouldn't anyone who is trying to maximize rewards never carry a balance on their CC's? (which would make the APR meaningless as you never pay it) I would expect that anyone with a balance to carry should be interested in BT type offers or Personal Loans with lower rates than a CC can offer as those offers should save someone more than any rewards card can provide. Am I off-base on this one?

Thanks for lending me your opinion on this :)



I agree; I believe that is the appeal of the CSP for many of us--excellent point program with a low AF. To be honest when I applied I didn't even think about the APR--it could be 24.99% for all I care, it doesn't matter as I plan to pay it off every month.

Points/miles/rewards are 85% of the reason I use credit cards at all. I occasionally make a big charge and choose to pay it off over two or three cycles but for the most part I pay in full every month. I love that I can review my end of year statement for my Amex and see >$33k of charges and only $54.68 in interest fees. My goal is to shift all that to the CSP and have similar results. If you are not using a points card like this than all you are doing is lining the pockets of the banks.

I understand not everyone uses credit for the same reason though. I went through many personal (credit score) recessions before I got to this point.
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

pewpew
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Postby pewpew » Wed May 01, 2013 1:51 am

djrez4 wrote:I believe he had a grandfathered interest rate from a previous card that was PCed to the CSP.


chase wouldn't let me do it. i wanted to convert a VISA branded Chase slate card (which was originally a WaMu VISA) into a CSP. the rep told me they don't convert cards to the CSP. she may have been wrong, i don't know. i ended up turning that slate into a freedom and applied for a new CSP card.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

rockyrock
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Postby rockyrock » Fri May 10, 2013 8:27 am

Mine came in at 15.24%. If I have my way though they will never see a dime from it!
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

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Z06Biker
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Postby Z06Biker » Fri May 10, 2013 3:44 pm

rockyrock wrote:Mine came in at 15.24%. If I have my way though they will never see a dime from it!


Exactly. Rewards are completed negated if one fails to PIF. However, life happens, and sometimes we're forced to carry a balance. If that's the case, though, then prudent logic would suggest using a backup no-frills card with no rewards, low APR and a high limit.

Or, you could pull a Dr. Shady and slap the entire balance on a low APR business credit card, so that the utilization wouldn't reflect on your personal credit score.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

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Z06Biker
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Postby Z06Biker » Fri May 10, 2013 3:46 pm

pewpew wrote:chase wouldn't let me do it. i wanted to convert a VISA branded Chase slate card (which was originally a WaMu VISA) into a CSP. the rep told me they don't convert cards to the CSP. she may have been wrong, i don't know. i ended up turning that slate into a freedom and applied for a new CSP card.


Only the regular Sapphire card can be upgraded to the CSP.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard



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