My credit score is and has been 820+ for quite sometime. I don't carry a balance. Apple Card just raised my APR to 25.74%...????? I have called and contacted them with online chat. No good explanation, no review, no resolution... just the "big, dumb bank drivel". I am NOT impressed. Anybody else going to quit this rip-off?
It's Goldman Sachs price gouging! What else can it be? I have an exceptional credit score (for years) and they put me at 25.74% which is their MAXIMUM. Who gets the minimum 14ish% then? VIP billionaires? Top of the line Insta influencers? As far as I am concerned this partnership with Goldman Sachs sullies the Apple brand.
As I've never worked in the credit card industry, I have no idea how they determine who gets (and keeps) the lower rates. Our credit score is also almost at the maximum. But that still doesn't get us decent interest rates.
Being rich actually costs you extra sometimes. The American Express Centurion Black card is by invite only (read, only available to the very well to do), has a hefty initiation fee, a 19.74% interest rate, and has a $5,000 (yes, you read that right - $5,000!) annual fee on top of that.
I'm not really sure why even those who can afford it without batting an eye at the costs would want one.
They JUST did the same thing to me this morning. I have no idea why. I’ve only had the card for about 2 weeks now and I ALWAYS pay my card off in full as soon as the transactions stop pending. They raised mine to 25.74% as well.
This kind of interest rate (decades ago) used to be illegal and called loan sharking. Today, it's practically normal.
Our Chase VISA is over 20%, and has been for years. But they never make a nickel off of that interest rate as we pay the balance in full every month.
AVERAGE is the key word here. My credit scores are exceptional and have been for years. I don't do "average"... which makes my wonder: who gets the best APR with this card?? (Billionaire VIP's? Famous influencers?).
If you never carry a balance why does it even matter? According to their website the rate was between 13.99 and 24.99 percent as of October 1. Obviously, it's gone up since then based on interest rates going up.
There has to be more than the credit score being considered in the APR; you might have a higher rate to try to recapture the cost of providing you service should you actually carry a balance in the future. Who knows?
And get this. In the credit card industry, people who always pay off their balance are internally referred to as "deadbeats". Um, yeah. Thanks.
Sorry, not my problem you don't make yet more interest on a purchase from me, on top of the percentage you already took from the merchant to cover the sale.
Depending on the source, the average card rate in the US is from 21-24 percent. Seems in line. And, if you don’t carry a balance, it’s not an issue.
Yeah... so do I ... but the question remains: who gets their best APR? My credit scores are nearly topped out.
Apple / Goldman Sachs AKA Apple Card is price gouging. 25.74% ... my credit score is 820+...WTF.
