Changes to HAPO VISA Credit Cards
Elimination of Floor Limit
We have exciting news for our Platinum VISA cardholders! Effective March 24, 2010 we are eliminating the existing floor rate on new transactions for Platinum cardholders with credit scores 750-999. In removing the floor rate of 9.75%, the rate for this credit tier will be reduced to Prime + 5.75% (currently 9.00% APR). Outstanding balances at 9.75% APR prior to March 24, 2010 will be fixed at their 9.75% rate.
If you carry a promotional rate balance, it will continue to receive its special rate according to its original terms.
For more information, please see the FAQs here, or call 509-943-5676.
Conversion to a Variable Rate
You may be hearing a lot about changes in the credit card industry lately due to the provisions in the new Credit CARD Act. However, at HAPO, your credit card will still be offered with NO annual fees, NO cash advance fees and NO balance transfer fees.
Effective January 23, 2010 we moved from a fixed rate to a competitive variable rate program. Rather than abruptly raise fixed-interest rates, like many of our competitors, we will convert to a variable rate program that is based on the prime interest rate and your credit score. Your rate may not be immediately affected by this change. Moving to a variable rate environment will allow HAPO to offer competitive rates without having to change cardholder terms whenever market rates adjust. Recent legislation restricts our ability to change terms in the future. This new pricing structure will ensure that you are always receiving a fair market based rate. Rest assured the best value is right here at your credit union. We've reviewed local and national credit card programs, rates, and fees to develop a card with a competitive advantage.
If you decide not to accept the change from fixed to variable rate, you are entitled to opt out. If you decide to do this, your credit card will be closed for future transactions while you pay off the balance at your card's current rate. If you decide not to opt out, you will continue to enjoy the great benefits of your HAPO VISA. We are proud to offer a quality product with great rates and personal service.
Thank you for continuing to choose HAPO Community Credit Union. We will continue to work hard to offer you the best value and most convenience possible for your financial services.
For more information, please see the FAQs here, or call 509-943-5676.
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