75 BPS is 0.75% of the total or "100%", not of the current value. BPS makes it more clear that the increase each time is linear, so another 75 BPS will be the same absolute percentage as this 75 BPS.
Using percentages rather than basis points can be ambiguous.
E.g. "1% increase from a 1% rate". Does this mean 1.01% (relative increase) or 2% (absolute increase)?
Fair enough, I've never heard rate increases discussed in relative terms. The context matters in the case.