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I contacted BofA through the website about lowering my APR. Today I got an email back, that said "I see your account is eligible to be reviewed by our account specialist." I'm eligible to be reviewed? That sounds like being eligible to apply. Lol. Still, it seems slightly promising. They gave me a number to call. Do you think that would be a HP? I'm debating whether to call or not.
Probably would be best to call and ask that straight out.... I am leaning towards yes though.... which is why they asked you to call.... that and to probably go through a credit review....when i worked there, that's what i believe would happen...
You should definitely call. I've never heard of a HP for an APR reduction.
@Bman70 wrote:Should I call?
If you want it you should. A call may or may not result in an APR reduction but not calling will definitely not result in one.
@takeshi74 wrote:
@Bman70 wrote:Should I call?
If you want it you should. A call may or may not result in an APR reduction but not calling will definitely not result in one.
+1 Your best bet is to call and see what is needed to be done for an APR reduction. You might even get it without a HP - but you won't know till you try.
Yeah, they told me that too via chat. You should call! For me, i called and they CSR told me that 14.99% is the best they can give me right now. I was pretty bummed. I was expecting a reduction to 9.99% or something. None of my cards are below 10%
Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though
@Bman70 wrote:Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though
Better to convert it to a Better Balance Rewards card, and use it for one monthly bill. That way it generates $25 profit every 3 months. And then later you can apply for a new Cash Rewards card that you wanted... wanted for the $100 sign up bonus, that is...
@Bman70 wrote:Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though
That is really nonsense as BofA lowered both my travel rewards and cash rewards to 9,99% and these two cards are my lowest APR cards. I guess it is a YMMV thing and it all depends on who you get on the phone.
@lg8302ch wrote:
@Bman70 wrote:Thanks, I forgot to update here but I called yesterday. He said the Cash Rewards card is one of their higher APR cards and is meant to be used like a debit card, just charged for rewards and paid off. Seemed to hint that if I PIF for while, it could be lowered. (Currently it's 17.25, converted to a Cash Rewards from a Worldpoints, opened in 2009 when my credit wasn't as good.) My plan has actually been to pay off the remaining $500 and then essentially sock drawer it though
That is really nonsense as BofA lowered both my travel rewards and cash rewards to 9,99% and these two cards are my lowest APR cards. I guess it is a YMMV thing and it all depends on who you get on the phone.
How long did you have the cards before you asked for apr reduction? I just got my BOA Better Balance Rewards, and with a 765 FICO they gave me 18.99% apr, which seemed kinda rediculous. Then again, the $4,500 limit is rather low as well. What good is a 765 these days anyways...