Why is my interest rate so low?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
3 posts
cardguy
 
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Why is my interest rate so low?

Postby cardguy » Tue Jul 02, 2013 11:25 am

I have a Bank of America Americard Visa, and my purchase APR is only around 7%. However, B of A arbitrarily flags my card to the point where it's unreliable, and I'm not happy with their customer service hold times.



I looked into replacement cards, and all their APR's seem to be 15% or more (Was looking at a Chase Sapphire Preferred).

Why is this? I need to get away from B of A for my credit account because they kind of suck, but I don't want to lose my low APR?

I never carry a balance and I've never had to pay interest in my entire life, I just like the piece of mind from a 7% APR vs. 15%


takeshi
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Postby takeshi » Tue Jul 02, 2013 3:42 pm

Consider the whole picture. Cards with sign on offers, benefits and rewards come with higher APR's. You don't get something for nothing. If you want a minimal APR then you need to look at bare bones cards like your BankAmericard Visa. The Chase Sapphire Preferred shouldn't be on your list as it offers Ultimate Rewards a sign on bonus and waived annual fee for the first year.

rockyrock
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Postby rockyrock » Fri Jul 05, 2013 5:01 am

takeshi wrote:Consider the whole picture. Cards with sign on offers, benefits and rewards come with higher APR's. You don't get something for nothing. If you want a minimal APR then you need to look at bare bones cards like your BankAmericard Visa. The Chase Sapphire Preferred shouldn't be on your list as it offers Ultimate Rewards a sign on bonus and waived annual fee for the first year.


+1

No one like the idea of a high APR card even if we pay it off every month. If you really want a low APR card look into a non-rewards based card from a credit union--that's usually the best place to find 7%-10% APRs.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
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