topic Re: I Hate Bank Of America in Credit Cards

I Hate Bank Of America

Anonymous — Mon, 13 Apr 2009 00:45:37 GMT

I have had a BOA mastercard since 1998 with a 52,000 credit limit (5.99% rate). Most of those years I didn't carry a balance but this past year while saving up some extra $ towards a down payment I let it build up a bit (10,000). I just received the letter stating my rate would be increasing to 12.99 on May 1st. I paid off the balance today out of my savings and so bad want to just cancel the card unless they agree to not raise my rate(while at the same time letting them know I hope all of their good customers leave)...I know it will affect my score somewhat (795) but I can't imagine it would go down that much...what do u think? Of course if I do keep the card I will never carry a balance with them again.

Re: I Hate Bank Of America

Creditaddict — Mon, 13 Apr 2009 01:26:21 GMT

They are increasing ALL cards across the board.

Try calling the credit department and talking to them.

Citi did this and a lot of the times people were successful in getting rate reset back.

Re: I Hate Bank Of America

score_building — Mon, 13 Apr 2009 01:27:58 GMT

there's really no point in cancelling. they will bring the rate down for you, if not now, in a few months... and since you won't be carrying balances, it is of limited importance unless you decide you will carry. it appears boa has been a good match for you in the past and the RJ is not astronomical like some others, i think they're keepers, the RJ is climactic. mine just went from 6.24 to 11.24 and i have a small balance now but often PIF.

so long as you have some CU or other good back up, you're set. they're sweating out some tough times, they'll come around with any luck. you gain nothing by cancelling imo. there's also no point in opting out since you will PIF.

Re: I Hate Bank Of America

TangMeister — Mon, 13 Apr 2009 01:45:01 GMT

They're increasing APRs on people who are carrying balances, across the board, from what I've read online. You were not singled out, so don't take it personal.

My two cents: PIF it from now on and lay low. DO NOT call them.. several posters the past few weeks, on other forums, are reporting adverse action from BoA when calling in regarding their CC's interest rates, etc.... That big CL is just begging to be reduced by some aggressive CSR, so keep off the phones with them. Otherwise, your CC may turn into a $5k card when the CSR is through asking questions and "analyzing" your account. Good luck!

Message Edited by TangMeister on 04-12-2009 06:45 PM

Re: I Hate Bank Of America

Anonymous — Mon, 13 Apr 2009 04:08:36 GMT

@TangMeister wrote:
My two cents: PIF it from now on and lay low. DO NOT call them.. several posters the past few weeks, on other forums, are reporting adverse action from BoA when calling in regarding their CC's interest rates, etc.... That big CL is just begging to be reduced by some aggressive CSR, so keep off the phones with them. Otherwise, your CC may turn into a $5k card when the CSR is through asking questions and "analyzing" your account. Good luck!

Re: I Hate Bank Of America

haulingthescoreup — Mon, 13 Apr 2009 04:29:05 GMT

I agree with the others, but I did want to make sure that you've read fused's Closing Credit Cards, linked in my siggy.

Re: I Hate Bank Of America

Anonymous — Tue, 14 Apr 2009 16:41:16 GMT

@Anonymous wrote:
II paid off the balance today out of my savings and so bad want to just cancel the card unless they agree to not raise my rate(while at the same time letting them know I hope all of their good customers leave)...

Even if they agreed to keep your rate unchanged for now, it is still temporary and subject to change with the economic climate. They can change your rate at any time - even on fixed rate cards - as long as they provide notice.

Re: I Hate Bank Of America

marty56 — Tue, 14 Apr 2009 23:51:46 GMT

LOL no one hates BofA more for just cause here than me.

I wonder when the economy rebounds will they send out letters to those they AA'd saying We Want You Back or We Miss You. If they send me one of those, I pitty the CSR who opens my response. I hope their sense of smell isn't too keen.

Message Edited by marty56 on 04-14-2009 04:51 PM

Re: I Hate Bank Of America

Anonymous — Wed, 15 Apr 2009 03:15:29 GMT

BofA increased one of my accounts as well. My Juniper card was bought by BofA in 8/08. They just increased the rate from 7.9 to 14.9.

I find it very odd as that account has a $8400 CL. My other BofA cards carry CLI's up to $45,000 and all of my other BofA accounts where not increased. Just my lil old account they purchased from Juniper.

I did have a 1.9% lifetime rate on a balance transfer on that card which I had a balance of $600. I guess they increased me due to the fact that I have only been paying $50 a month on the card.

Nice payback for being such a good customer for the last 30 years. I am NOT going to call BofA I just wont use that card to carry a balance on again.