Does anybody notice that some of the banks keep pushing the APR up in past months? I noticed that when my APR went over 20% last month. Check this out: m.april(open acc.) - APR=19.74% m.may - APR=19.99% m.june - APR=19.99% m.july - APR=20.24% m.august - APR=20.49% This credit card is Assosiates, the same happened with Amex Optima. I have Capital One and Discover as well but they didn't push APR up during the last months. Any of you has any explanation of that? Your answers will be appreciated. MS
It would seem that you have a variable rate card and that the rate has been bumped up in conjunction with the Federal Reserve Bank raising interest rates. The other cards you have are probably 'fixed' rates that do not automatically change with the prime rate.
I had a fixed rate with Discover for 12.9 - They changed it to 15.49. It is now one of my highest interest rate cards - I am thinking about closing it, but I have always liked Discover.
15.49% is still not bad. Consider using them only for balance transfers. I have a 2.9% APR till 1/2001 right now. If you pay the balance by then, you will probably get another low rate offer. Exercise your credit to lower your costs and increase your limits. Profit from the experience. http://www.creditsense.com
Sounds like a variable APR. I would get rid of The Associates card anyway. They are the word card issuer I had the misfortune of dealing with.
Worried about Associates I have a new Associates Visa, and the rate is definitely variable, based on changes in the prime rate. I have read a few complaints about Associates, but my experience with their Texaco card has been good so far, so I applied for the Visa. What exactly should we know about Associates? (Other than their high interest rates, which are balanced by no annual fees.)
RE: Worried about Associates The Associates have been good to me also. So far their cr.card is the only one that give me the haihgest cash limit - the same as the limit of the card. Anyway, I definitely don't like this variable APR. I'll think about this.
