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Frequent Contributor
Scout65
Posts: 352
Registered: ‎12-09-2007

APR increases due to "current economic climate"

Just a rant...:smileymad: 

 

Well, the only AA I have had so far is a rate jack on my Amex Blue and my BoA BankAmericard.   The Amex Blue rate jack was late last year.  November, I think.  That's when I opened up my Citi card.  Anyway, Amex finally lowered the APR back in February - and I didn't even have to call them.  Next, BoA sent out their notices.  There are multiple threads here on this.

 

Anyway, I called BoA a total of three times.  And I was told:  "Ms. Scout, your credit is excellent and you do NOT revolve a balance.  The APR increase is due to the current economic climate. "   I remained calm and professional.  I explained that I will keep my account open and use it soley for my monthly Netflix charge.  I told each CSR (supervisor, credit analyst, and manager) that I will use my other cards exclusively:  Amex, Discover, Chase and Citi.  I also told them that all of my other APRs are less that 10%.

 

My CCs are PIF each month.  I try to only let one CC report a balance.  So, I am done with BoA.

FICOs as of 09/2009 - TU 813, EQ 811, last known EX 797
FICOs as of 08/2009 - TU 791, EQ 809, last known EX 797
FICOs as of 07/2009 - TU 806, EQ 809, last known EX 797
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007

Re: APR increases due to "current economic climate"

Interesting,

 

My BofA Rewards (1% cash) card just went down from 10.24% to 9.24% to 8.24%. My Chase Starbucks reward (1%+ Starbucks) is 7.24%. My Discover remains at 13.99%, a rate I would never pay unless I was dying.

 

Are you sure your Discover is below 10%?

 

What difference does the interest make if you PIF? Perhaps they are trying to make their financials look better.

 

I wonder with all the combining of banks and cards if it is simply the specific type of card for the BofA card that went up.

Frequent Contributor
Scout65
Posts: 352
Registered: ‎12-09-2007

Re: APR increases due to "current economic climate"

Yes, my Discover is at 8.99%.

 

And, no, the interest rate doesn't matter because I PIF.  Just not happy with the rate jack.

 

My response to the rate jack is that I will use my BankAmericard only for my monthly Netflix charge and use my other CCs for everything else.  And I mean everything else:  groceries, gas, utilities, etc as they are all rewards cards.  The other CCs have earned my business by giving me great APRs.

FICOs as of 09/2009 - TU 813, EQ 811, last known EX 797
FICOs as of 08/2009 - TU 791, EQ 809, last known EX 797
FICOs as of 07/2009 - TU 806, EQ 809, last known EX 797
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: APR increases due to "current economic climate"

I hear you. It has to feel different when you're a prime customer.

I still think that this is a paperwork adjustment on their part. As you might have seen, BofA still has to show a ton of cash on hand as a result of the banking stress test. I realize that APR's aren't the same as having one's CL dropped so that they have more available cash, but I do think it's linked.

I had my CL dropped from $18K to $9K. When I called in hopes of getting it to $10K, they re-instituted the whole thing. But when I called yesterday to get them to stop sending me those freakin' checks, I had another 3rd-degree interrogation as to when and how I was going to start using the CL. I don't expect it to stay around for long. :smileytongue:

I think that we're all just caught up in book-keeping wars. It's easy for me to say this, but don't take it personally. Because I don't think it's meant personally.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: APR increases due to "current economic climate"

Also, telling them you're never going to use it will probably not convince them they need to give you an APR reduction.
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: APR increases due to "current economic climate"


Scout1965 wrote:

Ms. Scout, your credit is excellent and you do NOT revolve a balance.  The APR increase is due to the current economic climate.


Another  perl of wisdom from a BofA.  One I heard a few years back:

 

A 120 day late on your CR is only a sting.

 

So using BofA logic, I would tell the CSR that when they loose thier job when the company goes belly-up, that is only a sting to their employeemnt of course and is due to the current economic climate also of course.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008

Re: APR increases due to "current economic climate"


marty56 wrote:

So using BofA logic, I would tell the CSR that when they loose thier job when the company goes belly-up, that is only a sting to their employeemnt of course and is due to the current economic climate also of course.


ROFLMAO !!!! . . . poetic justice.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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