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First Tech Routing #321180379

May 2023 Credit Card Rate Change 

As part of our regular business processes, First Tech conducts a semi-annual review of our credit card portfolio; once in the spring and once in the fall. During each review, we may adjust interest rates on some accounts based on recent credit score data.

To determine your new rate, First Tech pulled your credit on January 14, 2023. It was a soft inquiry and does not impact your credit score.

In accordance with your Credit Card Agreement, we can change the terms of your account with 45-day prior notice.

To determine the new rate, we used the highest score of all owners on the account.

The credit score we reported on your change-in-terms notice was dated January 14, 2023 and comes directly from Experian.  We use a proprietary credit model to evaluate rate changes, and it may be different from consumer reports available from Experian or other credit bureaus. 

Rate adjustments are based solely on the credit scores of all account owners. First Tech does not, and cannot, consider things such as credit card account balance, payment history, or length of membership.  The credit score listed on page three of the change-in-terms notice will also list the score factors from Experian that make up the score. If you have questions about your score or score factors, you can contact Experian directly.

First Tech reviews our credit card portfolio periodically and may adjust rates up or down based on a change to any card owners credit profile. First Tech reviews for increases once a year and decreases twice a year. Changes in the Prime Rate can also affect the variable interest rate.

If there was not a significant change to their credit profile, their account may not have seen a change.

The interest rate change affects all cards on a credit card account, anyone using that account will pay the same rate for transactions on that account.

No. All balances on your account will be adjusted to the new, lower rate, unless they are already lower than the new rate, in which case they will remain where they are. 

Whenever a rate increases, the card balance at the time of the rate change is protected at the previous rate. Any new transactions and balances would then be charged at the new rate. Any new purchases made after the next cycle date will be charged the new rate.

You may opt out of the rate change. If you do, your account will be closed, and the existing rate will apply to any remaining balance. The rate may still change if the Prime Rate changes. You will still need to make monthly payments until the balance is paid off.

If you’d like to opt out, you can do any of the following:

  • Sign, date, and return the form sent we sent you with your rate change notice. We must receive your request by May 17, 2023.
  • Log in to Online Banking and send a secure message using the Credit/Debit/ATM category and selecting the appropriate Related Account. Within the body of the message, you should state “I wish to reject changes being made to this account.”
  • Call us at 855.855.8805.
  • Stop by a local branch.

Yes, if you opt out, we will close your account, including your rewards account. You must redeem any existing rewards points before May 17, 2023.

Once the promotional balance transfer rate expires, the rate will go to the purchase rate that was in effect when the balance transfer was initiated. For example, if the purchase rate was 12% at the time the balance transfer was initiated, any balance remaining would be at 12% APR when the promo 0% rate expires.

No, your credit limit is not being changed. You can request a credit limit change through the Manage Cards feature in Digital Banking or by calling us at 855.855.8805.

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