How can my credit card APR go up?

[JohnCU]

It started out @ 13% in 2002, it's now 2008 and has gone from 13% to 20% (In January) down to 17.4% as of last statement.

I've had the card for 6 years almost, never missed a payment, never been late, never even missed a payment on any card or account I have (i know about the thing where they up your APR due to you missing a payment on another card). So what gives?

 

[Ns1]

bofa perhaps/

time to get a new CC

 

[JohnCU]

Originally posted by: Ns1
bofa perhaps/

time to get a new CC

chase

 

[E equals MC2]

umm CC rates are usually variable? (they're only fixed for introductory offers like 0-5% for a year)

 

[waggy]

i have a 9% one that has been that way for 8 years or so. suddenly it shot up to 20%.

I was not late and pay my bill off every month. wich kinda makes the interest not matter heh.

but i have been hearing more and more cards are shooting up.

 

[yuppiejr]

Originally posted by: JohnCU
It started out @ 13% in 2002, it's now 2008 and has gone from 13% to 20% (In January) down to 17.4% as of last statement.

I've had the card for 6 years almost, never missed a payment, never been late, never even missed a payment on any card or account I have (i know about the thing where they up your APR due to you missing a payment on another card). So what gives?

It can, and it will, thanks to the cardholder agreement you signed when you got the card. They don't really need a reason to change your rate which is why carrying CC balances is foolish to an extreme.

If you are customer in good standing you can usually call and get your rate adjusted, hell sign up for a free demo of their credit protection or rewards service for 30 days ( call in 2 weeks and cancel of course ) and they'll usually give you a 12 month or better promotional APR well under 10%.

 

[her209]

Because they're trying to get rid of you as a customer.