Bank of America - Now I thought I saw everything until this

[Anonymous]

I just opened my mail today and to my surprise BofA sent me balance transfer checks for one of my accounts.  They are for  0.99%  good until April 2010 with a 3% transaction fee if used by May 31 2009.  4% if used in June 2009. My credit available on this account is $35,000

Also in the mail today on another of my BofA accounts was an packet telling me that they are raising my interest rates on one of my accounts from 8.99% to 27.99%  the credit line on this account is $8400.

I am not going to call them as I read on here that it can trigger something odd. 

Does anyone know why they would send me such a nice balance transfer offer in one envelope yet send me a HUGE rate increase on another of my accounts in the other.  I do not need to use the accounts, however, I do find this very very odd.  Anyone have any answers??????????????

[Anonymous]

I just got a packet from them too. Mine says balance transfer fees are going up to 4% and that my WorldPoints Rewards no longer offer Air travel and for that, I would have to switch to a different type of rewards program. Then the usual privacy rights stuff.

To get a rate jack on one and awesome BT transfer on another makes no sense. I have 2 cards with them as well. It will be interesting to see what they do with the Amex. 

[Anonymous]

I have 9 credit cards with BofA. These are the only two that I received any information on in the last 60 days. I find it odd that the two very differient types of news arrived on the same day.

I did buy a car on the $35,000 CL card in January. But I paid it off in March.  I used $28,300 of the credit line for a short period.  Now I get the balance transfer on this account for the 0.99%

The other card with the rate hike I almost never use. 

[score_building]

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@Anonymous wrote:

I have 9 credit cards with BofA. These are the only two that I received any information on in the last 60 days. I find it odd that the two very differient types of news arrived on the same day.

I did buy a car on the $35,000 CL card in January. But I paid it off in March.  I used $28,300 of the credit line for a short period.  Now I get the balance transfer on this account for the 0.99%

The other card with the rate hike I almost never use. 

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Good Lord!

well, you are not alone - i only have 2 boa cc and they both were jacked but was also offered a decent BT on one of them concomitantly-  though not as nice as your (1.99 until 01/10)

my read is that unlike amex they understand that it good business to offer something to good loyal card holders (with all the AA they are doling out) in an effort to maintain, somewhat, their rep. going forward. 

some may be unimpressed, but i found it to be a nice gesture.  of course i could be off my rocker but it would make sense for them to try to reward (or at least appear to be rewarding) good customers when they can, despite their downward spiral,

[Anonymous]

Holy cow from 8.99 to 27.99, if i were you, I will call in and why ask they jack up the rate..

[Anonymous]

I have read on here that "calling in" can cause your accounts to be closed.  My solution to a 27.99% interest rate is just to never carry a balance.

That card was bought from Juniper Bank in 9/08 by BofA.

My old Wachovia card went to FIA in 2002.  My Suntrust card went to BofA in 2001.  My Fleet Card in 2004, and my 4 MBNA cards went to BofA when they bought the bank.

I have a similar situation with Chase.  Two of my WAMU cards went to chase yet I have my three original Chase cards of which one just turned 32 years old OUCH

[Anonymous]

Wow. You try to diversify yourself and still end up with all your eggs in one basket. That's crazy. When you spell it all out like that you can really see how there are a few banks that are plugging along in their quest to take over everything! Scary.

[Anonymous]

Smart Man....there Beat them at their own game, they give you a rate hike like that. Just don't carry a balance. It's all about discipline.

[Anonymous]

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@Anonymous wrote:

I have read on here that "calling in" can cause your accounts to be closed.  My solution to a 27.99% interest rate is just to never carry a balance.

That card was bought from Juniper Bank in 9/08 by BofA.

My old Wachovia card went to FIA in 2002.  My Suntrust card went to BofA in 2001.  My Fleet Card in 2004, and my 4 MBNA cards went to BofA when they bought the bank.

I have a similar situation with Chase.  Two of my WAMU cards went to chase yet I have my three original Chase cards of which one just turned 32 years old OUCH

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Smart Man....there Beat them at their own game, they give you a rate hike like that. Just don't carry a balance. It's all about discipline.

[Itsmeagain]

I've been following the BoA threads for some time now and realize how unpredictible they are.  I have one, count em' ONE CC account with BoA.  It's the only card that I carry a balance (3200/7500; 0% BT, pay 400/mo.). 

I also have eight other cards (total CL on all accounts is 45,550), balance 0.00 on all other cards. 

So, just for fun (and to twist the tiger's tail), I hit the luv button on the BoA site (I really don't care if they rate jack me or cut my CL, my 3200 bal. is at 0%).  Asked for 2500 increase to 10K.  Just got the letter from them and was denied for carrying too high a balance on my CC's.

Go figger . . . . .