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B of A raising my fixed rate to variable

Established Member

B of A raising my fixed rate to variable

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
20 REPLIES
Frequent Contributor

Re: B of A raising my fixed rate to variable

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.

 

Established Contributor

Re: B of A raising my fixed rate to variable

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 Smiley Happy  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.


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Current Score: EQ:633 TU: 651
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Epic Contributor

Re: B of A raising my fixed rate to variable

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 

Senior Contributor

Re: B of A raising my fixed rate to variable

we received notice after our CLD that we were now facing a variable 16.9% instead of our fixed 7.9%.  we could opt out, but that would tank my gf's scores, so we are just going to suck it up & slowly pay it down.
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Frequent Contributor

Re: B of A raising my fixed rate to variable

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.

Regular Contributor

Re: B of A raising my fixed rate to variable

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? 

Established Contributor

Re: B of A raising my fixed rate to variable

After all these months of reading about others' credit issues, it finally happened to me: 10.99% fixed rate --> 15.24% variable rate.

BUT....

It was easily fixed (at least partially). I called the number on the back of my card. The credit rep apologized for the increase. She said that rate increased had affected a bunch of customers and was not an adverse action (meaning I am still a bright and shining star). Then, without me prompting her, she offered me an 11.99% fixed rate; I took it.

Granted I still walked away with a net increase, I am just glad that it is not to 15.24% as I was quoted. In the end, I am only revolving a small balance and can just pay it off so I don't even feel the interest rate hike.

BOA is, like most other major banks, in trouble. They are having a hard time digesting Meryl Lynch. I completely understand this, so I am trying to take this all in stride. The important thing is that I have been responsible enough to make sure that I don't revolve any major balances.

No harm no foul. I feel incredibly lucky.
Message Edited by dizzier on 04-07-2009 01:18 PM
____________________
FICOs: (as of 12-10-08): EX 759 | (as of 01-24-10): EQ 794 TU 756 EX ? | (as of 3-17-11): EQ 794 TU 790 EX ?

Until Chase lowers my ridiculously high APR they can kiss my patootie! Their card has been retired to the sockdrawer. Smiley Mad
Frequent Contributor

Re: B of A raising my fixed rate to variable


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.

New Member

Re: B of A raising my fixed rate to 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.