This is a list of Frequently Asked Questions (FAQ's) I received from one of my credit card companies, USAA. I hope this helps those that have questions about the new credit card changes:Q: Was this change based on my credit score, or was my credit report affected?
A: No, these adjustments were not based on your individual credit score, and your report was not affected.
Q: What is the "Prime Rate"?
A: Prime Rate is the most widely usd benchmark in setting credit card rates. It generally changes when the fed funds rate, which is set by the Federal Reserve Board, goes up or down.
Q: What is the "margin"?
A: This is the amount we add to the Prime Rate to determine your account's interest rate. The magin is calculated aed on your credit record and other factors.
Q: Could my rate go up in the future?
A: Yes, your variable rate is indexed to the Prime Rate, so if the Prime Rate increases or decreases, your rate will adjust accordingly.
Q: Did you raise any fees?
A: No fees or other charges were raised. While other card companies are adding new fees at this time, we're maintaining our low-fee, high-value USAA credit card.
Q: Can I opt out of this change?
A: You cannot opt out of this change. However, remember that only new transactions after April 30, 2010, are affected by this change.
Source: USAA Federal Savings Bank
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