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Got a letter in the mail today from Bank of America telling me my 7.9 % fixed rate is changing to a varible rate of 16.25 %. This is rediculous, but much anticipated after hearing other credit card stories lately.
It is a signature visa wordpoints card. I'm wondering if a should switch to a non-signature now so my $10,600 limit will show on my report (it doesn't show credit limit now)?
By the way, I don't have a balance on this card and use it once a month to buy a starbucks coffee so it has activity.
Thanks
Received my notice today.
My rate will be going from 7.9% to 13.65% effective the first day following statement closing date in May, 2009.
I was going to post about this friday when I received my notice. My account is also going from a fixed apr (15.99%) to a variable apr which as of Feb 27 is 25.74%. Yikes. Might as well have kept my Orchard open with that APR - my Orchard was lower Guess they are rethinking that reconn they gave me last year. My new apr is effective the first day following my May statement closing date.
the increased my dad from 8.9 to 13.65
and my mom from 9.9 to 16.15
they are both locked in on fixed balance transfer for life so does not really matter much
Creditaddict;
May I suggest that your verify as to the fixed lock in rate.
My notice indicates the Standard Rate for new and outstanding balance transfer balances is increasing and will use the variable rate formula.
No indication as to type of the balance tranfers that would be increased.
I have BofA Platinum NSCS card (plain vanilla platinum card).
About 6 months ago, they decided to jack the rate from low double digits to low twenties. I called and asked for reduction to which they offered previous APR if I don't make any purchases. Arrg, fine.
Seeing that BofA was messing with other people's cards, I was happy to see they left mine alone. I repeatedly called them and asked for other perks, but haven't been able to get any. So, net net it was a neutral experience.
Imagine my surprise that today they decreased APR from 9.90% to 9.15%! Given that other people in this thread see APR increases, I don't see their logic.
My scores are TU 682, EQ 637, EX FAKO 660-690. I did free up about 30% of util with last payment, but haven't done anything to the account lately.
Thoughts?
@augustus80 wrote:Got a letter in the mail today from Bank of America telling me my 7.9 % fixed rate is changing to a varible rate of 16.25 %. This is rediculous, but much anticipated after hearing other credit card stories lately.
It is a signature visa wordpoints card. I'm wondering if a should switch to a non-signature now so my $10,600 limit will show on my report (it doesn't show credit limit now)?
By the way, I don't have a balance on this card and use it once a month to buy a starbucks coffee so it has activity.
Thanks
Message Edited by augustus80 on 04-06-2009 05:31 PM
I doubt that switching from signature will do you any good. I have a World Point AMEX card (not signature) and my rate is switching, too. From 9.9 fixed to 15.65% variable.
Received notices from Bank America & 1st National of Omaha.
BA: 7.99% to 18.43%, I have a $12k credit line with $9.5K used.
I am opting out to maintain the 7.99% rate, as I don't anticipate
using the $2.5K balance. I called them with no luck.
1st National 11.99% to 15.99. I have a fixed 4.9% that will
not change. They said I could do a balance transfer now
with the 11.99% before the new rate goes into effect.
I believe they are misinformed and call again.