BofA Rate Jacking Begins

[wmarat]

PIF rules.

[score_building]

not everyone who uses CC's responsibly is a convenience user.

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@wmarat wrote:
PIF rules.

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[Anonymous]

3.90% for the life of the loan.  That is, for now.  I have a 2.99% life of the loan from Chase.  Starting in Jan '09, they are charging a $10 per month Account Service Charge as a new type of finance charge.

So, even when we play by the rules, they go ahead and change the terms of the original deal.

What a country.. 

[Anonymous]

joey22,

I have Chase and have not gotten that notice, and it is not on the site anywhere. I am going to fight back with all the tools available to me. If they (BofA) don't want my business I will and have taken it somewhere else. If the new company changes the rules I have other options I CAN ALWAYS PIF. I think this is a short sited move on the behalf of the banks and will backlash on the bottom line.

[Anonymous]

I received a similar notice this past February from BofA. Instead of raising a stink, I sent an "opt out" letter to BofA; and, I immediately SD the card. In a strange way, it was the best thing that could have happened. It helped me to lower my UTIL and increase my FICO score. Maybe it will be a blessing in disguise for you, too.

[score_building]

huh?  i thought that typically opt out of a rate change means you can't you use the card and must close the account-

Message Edited by score_building on 11-14-2008 07:18 AM

[athensguy]

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@score_building wrote:
huh?  typically opt out of a rate change means you can't you use the card and must close the account-

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BoA doesn't make you close the account. They leave it open. It can be beneficial in that you don't lose the account, and it can be detrimental due to the fact that any usage will cause an immediate rate jack.

[score_building]

wow, thanks, i had no idea.  i was RJ'ed for the first time on my wamu some time ago and they made me close to maintain the apr, so i mistakenly assumed that was how it worked with any issuer.  i have two boa cards, probably 2 of my favorite, so hoping to be under the radar for this latest round of RJ's.

[thebostonredsox]

I've been reading alot of threads about BOA rate hikes lately. I've been watching my BankAmericard very closely and interestingly enough, they lowered my rate by 1% yesterday. My Chase Freedom account also received a rate reduction recently by 1%. Both cards are now at 12.99%. I'm not complaining!!

[haulingthescoreup]

The Wall Street Journal prime rate was lowered again to 4.0%. Any APR's that are tied to the prime rate will lower when this happens (and conversely, will rise when it starts going up again.)

My HELOC is down to 3.05%, which is pretty sweet!