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BOA is changing my varibale rate formula to screw me out of rate decreases...

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

No, they don't close your acct.  If you use your account after the effective date, your APR will increase to the new rate.  I've rejected one notice already back in June & my BOA account wasn't closed.  I'm in the process of paying down the balance so the "APR increase" thought is helping me get there quicker. 
Message 11 of 24
Established Contributor

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

so you are saying that if i reject the increase they won't close my account? that sounds unlikely. they can raise my rates whenever they want. that is in my initial terms and conditions. how is it that i'd be able to reject it and keep the old rate?
____________________
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
Message 12 of 24
Moderator Emeritus

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

Most bansk will either close or refuse to renew with a rejection of a change in terms....period.
Message 13 of 24
New Contributor

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

I looked at my husband's account online this morning and noticed that there's a statement about a notice in change of terms enclosed. I'm sure its what you've described.
 
I just apped last weekend for a pre-approved offer for a card in my name and the disclosure doesn't say anything about the rate being a three month rolling number. It will be interesting to see if this new policy will affect that account too. Its got a 0% fixed for 12 billing cycles, so it won't hit for a while.
 
The biggest gripe I have about credit card companies is that they can change the terms on you and if you decide to not obey they can close your account and ding you credit score! When's my chance to change the terms!!!!
 
 
Message 14 of 24
Established Contributor

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

it sucks... it really does. I'm still ticked off about this!
____________________
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
Message 15 of 24
Moderator Emerita

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...


Sillygirl wrote:
I looked at my husband's account online this morning and noticed that there's a statement about a notice in change of terms enclosed. I'm sure its what you've described.


My DH's statement came yesterday, and there was an enclosure saying that the dates on the notice they had sent previously were changed from January to April (which would be when the 12 months are up.) The same thing is on the website, but I can't find the original notice anywhere, and it's also not posted on the site. So I'm stumped whether he got this same notice or what.
* 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 16 of 24
Moderator Emeritus

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

I was readin today that BofA is experiencing some losses and expecting more.  Would rather them pinch these pennies than to start hiking interest rates on custys.
Message 17 of 24
Contributor

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...



Timothy wrote:
2007-09-18 7.75
2007-10-31 7.50
2007-12-11 7.25

Based on how I read you post- they are delaying the .5 and .25 reductions in your APR.

SO you will get a .25 increase now then a decrease in Feb and March/April

I guess it is an amazing what a .25 or .5 basis points means to a huge company like this-


*25 or 50 basis points 100 basis points = 1%
Message 18 of 24
Established Contributor

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

i'm still really pissed off about thisSmiley Mad
____________________
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
Message 19 of 24
Frequent Contributor

Re: BOA is changing my varibale rate formula to screw me out of rate decreases...

i have created my own personal credit card blacklist over the years and one of my policy is that when i pay my obligation faithfully with a cc company and my reward for doing that is changing my apr for nothing.my response is to close the account and tell them to shove it.regardless of a hit or not, get this card out of my sight.
Message 20 of 24