Your APR for Petal is variable and will change if the Prime Rate changes. This rate fluctuates and your APR could go up or down depending on the Prime Rate.
The Prime Rate is a benchmark that most banks use to set rates on consumer loan products, like the APR on a credit card. The APR on your Petal credit card is the Prime Rate plus a set percentage. This means your APR can rise and fall with the Prime Rate but always remains a fixed percentage above it. The Prime Rate is published in The Wall Street Journal and is based on the federal funds target rate, which is set by the what the Federal Reserve thinks is a healthy target rate for lending money. The Prime Rate typically ends up being the federal funds target rate + about 3%.
This means your APR rises and falls with the Prime Rate but always remains a fixed percentage above the Prime Rate.
Requests for APR adjustments are not accepted right now, but we're planning to review accounts periodically for APR adjustments in the future.