I went back and checked my Nextcard original paperwork from April. What I got was a 6.9% teaser for 3 billing cycles. No annual fee, rewards program, $6,500 limit. During the 4th billing cycle, my rate is to change to "prime + 7.99%". Not to be less than 15.9%. The disclosure also mentioned that the rate on April 1, 2001 was 15.9%. I am expecting my statement any day now. If my new rate turns out to be "prime + 8.99%; it will be obvious to me that Nextcard is trying to minimize the impact of the Fed rate cuts. My Nextcard will just join Providian in being cards that I use every month but never pay a balance on. Your situation is quite different than mine because my credit was not as good in April as it is now. You and your wife have stellar credit. Thanks for making all of us Nextcard holders closely examine our statements.