FNBO APR Hike

[gdale6]

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@SouthJamaica wrote:

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@galahad15 wrote:

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@longtimelurker wrote:

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But if you always pay in full, and assume that you will continue to, why would you care.   Just like if you don't care at all about the appearance of the card (e.g. if like me you always use a mobile wallet) you wouldn't care if the card changed to blue and red polka dots.  Even if both decisions would be far from normal.

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It's all about fundamental respect and how much a cc lender values my relationship with them as a customer.  If they are RJ'ing me like this, they are essentially or basically telling me that they have little if any value for me as their customer.  Issuers keeping me at a low go-to APR with them, otoh, tells me and confirms for me that they value their banking and financial relationship with me.  If I wasn't worried about them possibly RJ'ing my 11.50 V APR card with them as well, tbh I would have most likely closed them out as well...

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What does "RJ" mean?

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rate jacked  (increased interest rate)

[gdale6]

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@galahad15 wrote:

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@longtimelurker wrote:

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But if you always pay in full, and assume that you will continue to, why would you care.   Just like if you don't care at all about the appearance of the card (e.g. if like me you always use a mobile wallet) you wouldn't care if the card changed to blue and red polka dots.  Even if both decisions would be far from normal.

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It's all about fundamental respect and how much a cc lender values my relationship with them as a customer.  If they are RJ'ing me like this, they are essentially or basically telling me that they have little if any value for me as their customer.  Issuers keeping me at a low go-to APR with them, otoh, tells me and confirms for me that they value their banking and financial relationship with me.  If I wasn't worried about them possibly RJ'ing my 11.50 V APR card with them as well, tbh I would have most likely closed them out as well...

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Oh they will be coming for it in due time. They RJ my evergreen to 21.24 last October, it was only 1% so I didnt think much about as this card was only used as a cheap interest balane carrying card (4.99% for life of loan with no rate change EVER), I knew I had my 16.24% bucks back card, well they came for that one this week and that was it for me.... When they pull their heads out of their collective asses maybe, just maybe I will consider them again. For me their usefulness ended when they stopped giving out long term cheap interest rate financing. flat 2% rate return cards are a dime a dozen...

[galahad15]

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@SouthJamaica wrote:

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What does "RJ" mean?

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"RJ" = "rate jack" for go-to APRs

[TrapLine]

Com'mon gdale6 this is not new. FNBO (formerly First National Bank of Omaha) has done this many times over the years. My experiences have been to leave them three times now going back to the 1980s. They even rj'fd the AAA Visa contract back in time (they had it for one three year stint).

As many like to say: "remember, it is only business" ... so we either accept it or move on. I closed my FNBO Visa November 2023.

We have read about a few other financials rj'ing so I doubt they singled any of us out.

[davlat]

I closed all mine

[ptatohed]

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@galahad15 wrote:

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@SouthJamaica wrote:

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What does "RJ" mean?

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"RJ" = "rate jack" for go-to APRs

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Never heard the term.  From context, I just assumed Rate Jump.  Why would it be Rate Jack?  They aren't stealing your rate?  lol

[galahad15]

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@ptatohed wrote:

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@galahad15 wrote:

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@SouthJamaica wrote:

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What does "RJ" mean?

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"RJ" = "rate jack" for go-to APRs

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Never heard the term.  From context, I just assumed Rate Jump.  Why would it be Rate Jack?  They aren't stealing your rate?  lol

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Haha no worries, I didn't make up the term, I was just using what was already out there    iirc, it may even be on the thread that's out there somewhere for the list of MF cc acronyms, as far as I am best aware?  

[K-in-Boston]

This is simply an interest rate increase, which is not synonymous with the term rate jack.  The latter is now a prohibited practice since 2009 thanks to the Credit CARD Act.  Rate jacking specifically refers to the practice of increasing the interest rate on an existing balance, a practice I am all too familiar with from the days of the financial crisis that led to the bill's passing.  

An example would be that your purchase APR was set at Prime + 2%, and were carrying a balance of $20,000 on a card.  Then the card issuer increased your purchase APR to Prime + 12% and applied that to the existing balance.  Rate increases can only legally be applied to future purchases today, not retroactively, and they have to provide ample notice beforehand.

[firefox100]

If you have good credit score then you can always do bp or transfer into checking account with 4% for year, I just did cash advance into my checking account from bank america for 1K @ 4% for 12 months no intrest. I did not need themoney but did it to keep the account open it has a 20K limit, you should never pay 20% or 29% for any reason, even citi will give creditcard flex loan around 12%.

[Anonymalous]

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@chuckwood wrote:

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@longtimelurker wrote:

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@cws-21 wrote:

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I don't see how an APR going from 20.24% to 29.24% will help all that much if life happens. 

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Well, the point is when the APR increases, that is why they complain, and close the card, and get one with a lower APR, even if they always PIF.  Because one day they may not be able to.   (That's the justification, not the real reason, which is that the credit card game is fun to those who think it's fun!)

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I am complaining because its not what most would call a normal increase. 9% increase for no reason is ridiculous. 

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Was it a fixed rate card? The APR on all my card has been rising, and I've never got a letter. It just shows up on my statement. That's because they're variable rate cards, so they go up (and theoretically down) with the prime rate. And even fixed rate cards aren't guaranteed to remain at the initial rate. All the TOSes I've looked at include clauses that allow them to raise them.