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Find Variable Interest Rates
- A Highnote account
- A credit card product with the variable interest feature enabled
- Access to the Highnote API or API Explorer
Highnote supports variable interest rates for credit card products. Highnote provides updated prime rates as necessary, and it is your responsibility to reflect accurate interest rates to your account holders. Highnote calculates APR by using the sum of the prime rate and the margin you provide. The prime rate used when calculating your APR reflects the Wall Street Journal's Prime Rate, published on December 25th, March 25th, June 25th, and September 25th. Updated rates take effect at the beginning of the next billing period: January, April, July, and October, respectively.
Refer to the following table for a breakdown of rate update schedules and effective dates. The example column shows two example statements, using an increase of 8.5% to 9.75%:
| Rate update schedule | Effective date | Example |
|---|---|---|
| December 25th | January 1st | December 20th to January 19th statement: 8.5%, January 20th to February 19th statement: 9.75% |
| March 25th | April 1st | March 20th to April 19th statement: 8.5%, April 20th to May 19th statement: 9.75% |
| June 25th | July 1st | June 20th to July 19th statement: 8.5%, July 20th to August 19th statement: 9.75% |
| September 25th | October 1st | September 20th to October 19th statement: 8.5%, October 20th to November 19th statement: 9.75% |
When creating a credit plan in the live environment, the Highnote team configures your interest rate. Use the following query to find a credit plan's interest rate and policy:
An interest rate is assigned during the account holder card product application process. You can use the following query to view the interest rate and policy to display them to your account holder during the application process:
An account holder's financial account displays their credit plan and interest rate. Use the following query to view the interest rate on a financial account:
Credit card financial events display interest activity. These events are listed in credit plan and statement data. Using this information, you can build an interest activity history view for your cardholders. Use the following query to view a credit card financial event: