AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

[dalebb]

so online it says HEY upgrade to the BCP! yea and stuff,,,, no soup for u,,, confirmed with the CSR that that new law say 13 months bcause of the AF on the BCP,, but he did say i can move up to the BLUE CASH, so i say ok he did say (Luke) that i can still PC to the BCP in dec '12

[jamesdwi]

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@dalebb wrote:

so online it says HEY upgrade to the BCP! yea and stuff,,,, no soup for u,,, confirmed with the CSR that that new law say 13 months bcause of the AF on the BCP,, but he did say i can move up to the BLUE CASH, so i say ok he did say (Luke) that i can still PC to the BCP in dec '12

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call the executive number talk to a credit analyst,  apply for the BCP with the understanding that you will close the current account and use the new account that is fully backdated anyway?  May work I have never tried it but with AMEX and its the early part of the year your AAoA can only impprove. 

[dalebb]

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@jamesdwi wrote:

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@dalebb wrote:

so online it says HEY upgrade to the BCP! yea and stuff,,,, no soup for u,,, confirmed with the CSR that that new law say 13 months bcause of the AF on the BCP,, but he did say i can move up to the BLUE CASH, so i say ok he did say (Luke) that i can still PC to the BCP in dec '12

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call the executive number talk to a credit analyst,  apply for the BCP with the understanding that you will close the current account and use the new account that is fully backdated anyway?  May work I have never tried it but with AMEX and its the early part of the year your AAoA can only impprove. 

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i have talked till im BLUE in the face, seems ther is no ways around this law

[pizzadude]

I would be surprised if it is a law that is behind this. I suspect that it is just Amex's own internal policy, likely some bean counters couldn't figure out how to credit and adjust annual fees.....

If someone knows about a law forbidding PCs within one year of a new account opening please speak up.......

[afbar1114]

It is a law for the whole 13 month thing part of the CARD act cap1 and amex both told me

[pizzadude]

There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

[MarineVietVet]

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@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

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The only thing I can find that the CCC's might be using as an excuse for some of their denials is this section of the Credit Card Act of 2009:

‘‘SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE INCREASES.

‘‘(a) LIMITATION ON INCREASES WITHIN FIRST YEAR.—Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 171(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened.

How exactly they interpret this has so far escaped me. Perhaps if PC'ing a product will produce any change in the original APR, AF, or something else then they have this to fall back on.

But I really have no idea!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[dalebb]

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@MarineVietVet wrote:

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@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

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The only thing I can find that the CCC's might be using as an excuse for some of their denials is this section of the Credit Card Act of 2009:

‘‘SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE INCREASES.

‘‘(a) LIMITATION ON INCREASES WITHIN FIRST YEAR.—Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 171(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened.

How exactly they interpret this has so far escaped me. Perhaps if PC'ing a product will produce any change in the original APR, AF, or something else then they have this to fall back on.

But I really have no idea!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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the BCP has a AF of $75

[pizzadude]

Thanks marine ! That is helpful....

The credit card act was designed to protect consumers from adverse actions from their creditors ~ not to stop consumers from initiating or requesting changes to their existing cardmember agreements, like PCs.

Banks could absolutely come up with a way to allow you to switch products, it might require some out of the box thinking or creativity though ~ something that financial institutions dont specialize in.

[dalebb]

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@pizzadude wrote:
Thanks marine ! That is helpful....

The credit card act was designed to protect consumers from adverse actions from their creditors ~ not to stop consumers from initiating or requesting changes to their existing cardmember agreements, like PCs.

Banks could absolutely come up with a way to allow you to switch products, it might require some out of the box thinking or creativity though ~ something that financial institutions dont specialize in.

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That's what got us in trouble to begin with