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Purchase APR

FeuerFrei

FeuerFrei

Diamond Member
The purchase APR on my Chase credit card has been dropping recently, from 12.74% last September to 10.49% on the February statement. Now this is the kind of reward I can appreciate, not the lame reward points or special interest rate checks trying to get me deeper in debt. The cash advance APR has dropped similarly but that's irrelevant to my needs.

Anyone else here seeing falling APRs on their credit accounts?
If so, how steep is the decline?
 
I've no idea what the APR is on my card nor do I care. I don't remember the last time I looked at it.
 
If your interest rate is variable and tied to the prime rate, then it will drop since the prime rate has dropped from 7.5% to 6%
 
Originally posted by: Ernie99
If your interest rate is variable and tied to the prime rate, then it will drop since the prime rate has dropped from 7.5% to 6%
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Right. I believe mine is indexed to the LIBOR, IIRC. If I knew where my card member agreement was I could verify.
 
I couldn't care less about how high the APR is on my 2 CCs. I pay the balance in full every month and would never leave one.

Just looking now, my Student Citi Dividend Visa has an APR of 15.99% (which sounds about what it was when I first got the card back in July of 06) and my Student Blue Amex has an APR of 15.24%.
 
wow yeah i just noticed this too, mine have all fallen 2% but yeah let's get all the holier than thou people out of the fucking way "OMG YOU PAID INTEREST ON A HAMBURGER I PAY OFF MY ACCOUNT EVERY MONTH"
 
I don't check mine since I don't carry a balance if I can help it.

Might have to for a while though, since my car's timing belt just snapped :|
 
I haven't paid any interest payments since I got my first credit card almost 2 years ago, so i could care less about APR.
 
mine dropped to 13.XX I dont know the exact number. I will have had credit for a year in april so I dont think thats too horrid. credit score is ~720
 
Originally posted by: xeemzor
I haven't paid any interest payments since I got my first credit card almost 2 years ago, so i could care less about APR.
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Hey don't tell them that. We need some fools to carry a balance how else would the credit card companies make enough money for them to pay me to use a credit card.
 
Originally posted by: Brainonska511
I couldn't care less about how high the APR is on my 2 CCs. I pay the balance in full every month and would never leave one.
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:thumbsup:
Same here.

Of course i did max out my rewards from chase last year. 🙂

 
Mine is at a fixed 7.99% APR, so it didnt drop. Then again at that % APR I have no issues with it not dropping. Low limit, and low APR means I can't get in major CC debt even if I tried. I just pay for most things with cash, and a few hundred each month on the CC that gets paid off.
 
Originally posted by: JohnCU
wow yeah i just noticed this too, mine have all fallen 2% but yeah let's get all the holier than thou people out of the fucking way "OMG YOU PAID INTEREST ON A HAMBURGER I PAY OFF MY ACCOUNT EVERY MONTH"
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We're not holier than thou just richer than thou since we're NOT paying 15% interest on anything, including hamburgers. :thumbsup: to paying cards off every month.
 
Originally posted by: allisolm
Originally posted by: JohnCU
wow yeah i just noticed this too, mine have all fallen 2% but yeah let's get all the holier than thou people out of the fucking way "OMG YOU PAID INTEREST ON A HAMBURGER I PAY OFF MY ACCOUNT EVERY MONTH"
Click to expand...

We're not holier than thou just richer than thou since we're NOT paying 15% interest on anything, including hamburgers. :thumbsup: to paying cards off every month.
Click to expand...

15% APR, not per month...if you were to leave a hamburger on your card for a month, I don't think that interest is going to hurt you TOO much 😉
 
Originally posted by: allisolm
Originally posted by: JohnCU
wow yeah i just noticed this too, mine have all fallen 2% but yeah let's get all the holier than thou people out of the fucking way "OMG YOU PAID INTEREST ON A HAMBURGER I PAY OFF MY ACCOUNT EVERY MONTH"
Click to expand...

We're not holier than thou just richer than thou since we're NOT paying 15% interest on anything, including hamburgers. :thumbsup: to paying cards off every month.
Click to expand...

It's nice to pay off the CC every month, but sometimes that's not the best thing. My Chase card is 7.99% and my main investment account yields an avg. return of 12%. When those unexpected expenses that go outside the budget occur (i.e. major car problems), I come out better by leaving a balance on my card rather than extracting money to pay it off.

So, I become 'richer than thou' by not paying off the card every month.
 
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