Interest rate increase incoming

[Spacetravel]

I was just looking through the current Amex cards and noticed the interest rate is now 23.99%.

I don't think I've ever seen any credit card that high. I guess its due to the recent interest rate increases.. but I bet they won't go back down when they lower. I double checked my own statement and I am on 21.99%. I've never owned a card when credit card rates have risen, are they likely to raise it on existing card holders or are we grandfathered in?

Edit: found the following

Following a recent review, we are making changes to the annual percentage rate (interest rate) applied to purchases, account balances, cash advances and cash advance balances on our Personal and Business Cards, as well as on the Flexible Payment Option facility. These changes are effective 8 June 2023.

 

[Coops1]

Never cared what the interest rate on a credit card was/is, as never paid a cent of interest. All cards paid off in full every month by direct debit.

 

[levelnine]

Makes sense. Interest rates are rising on all products, including unsecured loans.

It should be of no relevance to anyone though as you shouldn't carry a balance on a card that accrues interest.

 

[JohnK]

I vaguely recall the interest rate on my Amex was 24.99% at some point in time.

 

[Dr Ralph]

Of course credit card interest rates rise and fall. They are definitely not 'grandfathered in'.

I've seen much closer to 30%.

 

[Lynda2475]

Irrelevant to most here who would pay balance off in full every month. I take the view if you are regularly paying interest on a credit card, you probably shouldn't have one.

 

[Spacetravel]

Irrelevant to most here who would pay balance off in full every month. I take the view if you are regularly paying interest on a credit card, you probably shouldn't have one.

Agreed, or at least if the intention of the credit card is to have a balance (some people do use it for this) 100% should not be a rewards credit card. At least a low rate card should be used.

Still, my point of the thread was first to ask the question out of curiosity / then when I found the answer let people know as its still good to know.