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Bottom line is most credit card terms allow the financial to adjust rates for most any reason. Call it what you want but the rates adjust up and down as we all already know for Variable Rates. As for Fixed Rates a financial needs to follow the law and give a one time 45 day notice and change the rate.
In my flock at one time were some very good Fixed Rate Cards. However, financials such as JP Morgan Chase, FNBO, HSBC, Capital One, Park State Bank, Citi Bank and others noticed me they were adjusting rates (some were Variable and some were Fixed) to match their current market rates of the time.
My choice, to take it or leave it? The Fixed Rate financials all followed the law and gave me the required notices. As we know, Variable can just change. Frankly, JP Morgan Chase was kind enough to tell me and so was Citi Bank.
Actually, I have some credit lines and they followed the same rules. Just thought about that. So, really no complaints.
Today, I still have financials that are allowing my below market rates to continue. Now, for those who do not carry balances does it really matter? Should we be spending 20%+ on outstanding card balances, it is personal choice?
David Ramsey may be able to shed a guiding principle or two
@TrapLine wrote:[edited for context]
Bottom line is most credit card terms allow the financial to adjust rates for most any reason. Call it what you want but the rates adjust up and down as we all already know for Variable Rates. As for Fixed Rates a financial needs to follow the law and give a one time 45 day notice and change the rate...
However, financials such as JP Morgan Chase, FNBO, HSBC, Capital One, Park State Bank, Citi Bank and others noticed me they were adjusting rates (some were Variable and some were Fixed) to match their current market rates of the time...
The Fixed Rate financials all followed the law and gave me the required notices. As we know, Variable can just change. Frankly, JP Morgan Chase was kind enough to tell me and so was Citi Bank. Actually, I have some credit lines and they followed the same rules. Just thought about that. So, really no complaints...
Variable APR cards must follow the same law as fixed rate cards. Lenders do not typically alert you to interest rate changes on variable APR when the variance is due to prime rate (or LIBOR, depending on which is used for the benchmark) changes as the terms clearly state Prime (or LIBOR) + X%. They are required to notify you if the X in that equation changes.
@TrapLine wrote:
David Ramsey may be able to shed a guiding principle or two
Indeed. Anyone who doesn't pay cash for real estate (with the millions they made from selling snake oil) and doesn't use debit cards for all purchases is financially irresponsible. Credit should be avoided at all costs (and there will be costs). Also, please don't mention that enormous real estate loan we took out for our new office building. Do as I say, not as I do.
@K-in-Boston wrote:
@TrapLine wrote:[edited for context]
Bottom line is most credit card terms allow the financial to adjust rates for most any reason. Call it what you want but the rates adjust up and down as we all already know for Variable Rates. As for Fixed Rates a financial needs to follow the law and give a one time 45 day notice and change the rate...
However, financials such as JP Morgan Chase, FNBO, HSBC, Capital One, Park State Bank, Citi Bank and others noticed me they were adjusting rates (some were Variable and some were Fixed) to match their current market rates of the time...
The Fixed Rate financials all followed the law and gave me the required notices. As we know, Variable can just change. Frankly, JP Morgan Chase was kind enough to tell me and so was Citi Bank. Actually, I have some credit lines and they followed the same rules. Just thought about that. So, really no complaints...
Variable APR cards must follow the same law as fixed rate cards. Lenders do not typically alert you to interest rate changes on variable APR when the variance is due to prime rate (or LIBOR, depending on which is used for the benchmark) changes as the terms clearly state Prime (or LIBOR) + X%. They are required to notify you if the X in that equation changes.
@TrapLine wrote:
David Ramsey may be able to shed a guiding principle or two
Indeed. Anyone who doesn't pay cash for real estate (with the millions they made from selling snake oil) and doesn't use debit cards for all purchases is financially irresponsible. Credit should be avoided at all costs (and there will be costs). Also, please don't mention that enormous real estate loan we took out for our new office building. Do as I say, not as I do.
Assume the posters are aware I was being humorus on the named individual. If not, I was!
As to the Variable Rate "X" being changed requiring a formal notice ... completely zoned that point out (in reflecting on this item, it has happened maybe three times over many years) and it is a good point to be aware of in our credit path.
@K-in-Boston wrote:Indeed. Anyone who doesn't pay cash for real estate (with the millions they made from selling snake oil) and doesn't use debit cards for all purchases is financially irresponsible. Credit should be avoided at all costs (and there will be costs). Also, please don't mention that enormous real estate loan we took out for our new office building. Do as I say, not as I do.
Well, you don't even need to do as I say, just keep buying the courses, books, materials and products. I put it all to good use.
@TrapLine wrote:
@K-in-Boston wrote:
@TrapLine wrote:[edited for context]
Bottom line is most credit card terms allow the financial to adjust rates for most any reason. Call it what you want but the rates adjust up and down as we all already know for Variable Rates. As for Fixed Rates a financial needs to follow the law and give a one time 45 day notice and change the rate...
However, financials such as JP Morgan Chase, FNBO, HSBC, Capital One, Park State Bank, Citi Bank and others noticed me they were adjusting rates (some were Variable and some were Fixed) to match their current market rates of the time...
The Fixed Rate financials all followed the law and gave me the required notices. As we know, Variable can just change. Frankly, JP Morgan Chase was kind enough to tell me and so was Citi Bank. Actually, I have some credit lines and they followed the same rules. Just thought about that. So, really no complaints...
Variable APR cards must follow the same law as fixed rate cards. Lenders do not typically alert you to interest rate changes on variable APR when the variance is due to prime rate (or LIBOR, depending on which is used for the benchmark) changes as the terms clearly state Prime (or LIBOR) + X%. They are required to notify you if the X in that equation changes.
@TrapLine wrote:
David Ramsey may be able to shed a guiding principle or two
Indeed. Anyone who doesn't pay cash for real estate (with the millions they made from selling snake oil) and doesn't use debit cards for all purchases is financially irresponsible. Credit should be avoided at all costs (and there will be costs). Also, please don't mention that enormous real estate loan we took out for our new office building. Do as I say, not as I do.
Assume the posters are aware I was being humorus on the named individual. If not, I was!
As to the Variable Rate "X" being changed requiring a formal notice ... completely zoned that point out (in reflecting on this item, it has happened maybe three times over many years) and it is a good point to be aware of in our credit path.
In case my intent was lost in the translation of the internet, my vitriol was definitely directed toward Dave and not you.
This is by far the worst card I have ever had. Would not recommend getting this card to anyone. There are many good cards out there. This is not one of them.
I would not use this card at all. At this point, they would have to pay me to use it. I have a high credit score with 100% payment history and they upped the APR to 30%. There are too many other good cards out there to deal with this company.
@TrapLine wrote:Bottom line is most credit card terms allow the financial to adjust rates for most any reason. Call it what you want but the rates adjust up and down as we all already know for Variable Rates. As for Fixed Rates a financial needs to follow the law and give a one time 45 day notice and change the rate.
In my flock at one time were some very good Fixed Rate Cards. However, financials such as JP Morgan Chase, FNBO, HSBC, Capital One, Park State Bank, Citi Bank and others noticed me they were adjusting rates (some were Variable and some were Fixed) to match their current market rates of the time.
My choice, to take it or leave it? The Fixed Rate financials all followed the law and gave me the required notices. As we know, Variable can just change. Frankly, JP Morgan Chase was kind enough to tell me and so was Citi Bank.
Actually, I have some credit lines and they followed the same rules. Just thought about that. So, really no complaints.
Today, I still have financials that are allowing my below market rates to continue. Now, for those who do not carry balances does it really matter? Should we be spending 20%+ on outstanding card balances, it is personal choice?
David Ramsey may be able to shed a guiding principle or two
The last fixed-rate APR card interest rate increase that I have personally experienced, where the APR was converted to a variable rate or a higher fixed rate, was on or around 2008, on my then-Citi DPR MC, which was originally at that time 5.99% F. All of the other current 6 fixed-rate APR cards that I have, which I acquired from 2007 - 2022, have remained grandfathered at the original fixed rates so far to date. However, even in the worst-case scenario of if the cc issuers increase the fixed rates or change them to variable rates, I'll technically still be ok because the rate increases will not be retroactive to existing purchases; i.e., all purchases made before a prospective rate hike occurs remain at the original unhiked rate indefinitely until paid off, etc., and so I'll still get to pay off the established balances at the pre-increased rates.
@Qstagg wrote:I would not use this card at all. At this point, they would have to pay me to use it. I have a high credit score with 100% payment history and they upped the APR to 30%. There are too many other good cards out there to deal with this company.
If my issuers moved my rates to 60% APR, I wouldn't even notice.
@ptatohed wrote:
@Qstagg wrote:I would not use this card at all. At this point, they would have to pay me to use it. I have a high credit score with 100% payment history and they upped the APR to 30%. There are too many other good cards out there to deal with this company.
If my issuers moved my rates to 60% APR, I wouldn't even notice.
Maybe check to see if they have?