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APR increases due to "current economic climate"

Frequent Contributor

APR increases due to "current economic climate"

Just a rant...Smiley Mad 

 

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
Message 1 of 7
6 REPLIES
Valued Contributor

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.

Message 2 of 7
Frequent Contributor

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
Message 3 of 7
Moderator Emerita

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. Smiley Tongue

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
Message 4 of 7
Valued Contributor

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.
Message 5 of 7
Super Contributor

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.

10/17/2017 FICO: EQ 829 TU 830 EX 826
Message 6 of 7
Established Contributor

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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Message 7 of 7