Chase Sapphire Reserve Cardholders Now Have Higher Interest Rates – Here’s Why
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The Chase Sapphire Reserve®, a premium travel card competitor to the Platinum Card® from American Express, has raised some of its annual percentage rates, or APRs, in response to higher interest rates from the fed. The 0.25% increase in these APRs is directly in line with the increase in national interest rates.
The regular purchase APR, which applies to purchases made with the card, jumped at a floating rate of 17.24% to 24.24%. (Previously, this was a variable APR of 16.99% to 23.99%.) This means that if you don’t pay your balance in full each month, you’ll see an interest rate of 0.25 % higher on your remaining balance. If you always pay your full balance on time every month, you won’t notice any difference.
The cash advance APR for the Chase Sapphire Reserve also increased to 25.24% variable. This is the interest rate that applies to cash withdrawn from your line of credit. There is also a cash advance fee of 5% of the transaction (or a minimum of $10). Cash advances are notoriously expensive.
With more interest rate hikes slated for 2022, it’s likely that APRs on this card – and all the others – will continue to gradually increase throughout the year.
For more details on this card’s luxury travel rewards and benefits, see our full Chase Sapphire Reserve review.
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