Backdoor # to avoid default APR?

[thrasher865]

So basically, I'm an idiot.  I was trying to BT onto a BoA card to within $60 of the credit limit (i know, not smart, but I wasn't worried about AA, as I wont need any credit for a long long time).  I've already got my mortgage and car loan in place, so I won't need to apply for anything.  I wanted to take advantage of 12 months 0% APR on this balance I'm paying off right now.  I plan to have it paid off in a maximum of 6 months, and the BT fee amounted to about 2 months of finance charges on the old card, so this was going to be beneficial to me.

So I read on the BoA website "be sure to take any fees into account when determining the transfer amount."  Well, of course me, being a genius, read that as they would deduct the 3% from whatever I type in the box.  So, take what you want to pay off, add 3%, then type it in the box.  Well...  of course that's not what they meant.  I now see exactly what they meant: "don't forget, this fee could put you over the limit."

So now I'm about $20 over the limit......  ok, so I think, no problem, there's no more overlimit fees!  But wait....  that 0% offer I'm trying to take advantage of.  I'm assuming it will go to the regular rate of 9.9%, which is still pretty good, but I don't want to pay interest on this balance after handing over almost $90 in BT fees!  How awful is it to lose a promotional APR before you have even completed the balance transfer?  ack!

Now, to the point of the story.  Has anybody ever had success calling and telling BoA that you goofed up and getting them to restore a promotional APR?  I tried to find my terms & conditions online, but was unable to find them.  I assume, however, that over the limit is one of the triggers for loss of a promotional APR.

[Uborrow-Upay]

The key question is, have they approved the BT yet?  If it's not approved, you're not over the limit. 

But If it is already approved, they may have approved for a lesser amount, and kept you under by a few bucks.

I dunno, I think I'd risk a phone call to BofA (I know, I know) and attempt to straighten this out. 

Good luck, please keep us updated, thrasher!

Edit to add:  This post of mine was probably useless.  How would you know you were over by $20 if the BT hadn't already been approved?  Stupid me.

Sorry.

[thrasher865]

Yes, they approved the transfer in the full amount. 

[Creditaddict]

go online and make a payment now before your statement cuts and you won't be over your limit.  Also under the new credit law your allowed 2 "goofs" (over limit or missed payment" before they can adjust your APR.

[thrasher865]

Wow, I didn't know that!  Thanks, CA!

As soon as I saw the balance and realized what I'd done, I submitted a $100 payment.  Hopefully that will resolve this whole thing without incident.

But...  does that apply to promotional APRs?  I understand that they couldn't "rate jack" me.  But if they offered me a 0% for 12 months, and then I go over the limit, are they allowed to use that as grounds to go to my normal 9.9%?  Hopefully not.

I don't know how to check if they got rid of my promotional BT rate until my next statement cuts.

[haulingthescoreup]

I'd call them up as well and babble hysterically, if need be, to explain what you did and why, and how it backfired, and make sure that you'll still be OK. I'll bet you're not the first person to out-think yourself on this.

I once missed a due date on a BT repayment. When I realized, I paid immediately online and then called them up to point out the payment. I had to listen to a stern mini-lecture that included a mention of loss of promo rate, but everything stayed the same. (whew)

BofA will usually let you have a gimme if your history with them is good and your reports don't look scary in other areas.

[thrasher865]

I dont know.  My report probably does look scary in BoA's eyes.  I have just under 35% util reporting and a brand new auto loan.

I will call when I get an opportunity.  Probably tomorrow