Why did my rate increase?
Your Best Egg Credit Card APR increased due to an increase in the prime rate connected to the Federal Reserve.
The Federal Reserve evaluates the economy every 6 weeks and determines if its prime rate should go up, down, or remain the same. This could affect the rates of credit cards, home equity lines of credit, student loans, and savings accounts.
When the prime rate increases or decreases, it causes your APR (Annual Percentage Rate) to change in the same direction.
Please note: Your APR is based on the prime rate plus a margin percentage and will not exceed 29.99% combined.
- You will notice a higher APR on your statements going forward. For example: If the prime rate increases by .75% and your APR was 19.99%, it would now be reflected as 20.74% on your monthly statement.