topic Re: Bank of America pledges halt on card rate hikes in Credit Cards

Bank of America pledges halt on card rate hikes

bakalao2k — Tue, 06 Oct 2009 20:34:34 GMT

WASHINGTON (Reuters) – Bank of America (BAC.N) said it will not change the terms on consumer credit card accounts ahead of reform legislation slated to go into effect early next year, according to a letter released by a lawmaker on Tuesday.

Christopher Dodd, chairman of the Senate Banking Committee, released the letter, dated October 5, and called on other companies to follow Bank of America's lead.

"In light of the concerns expressed to us by our customers, Bank of America will not implement any change in terms (risk or economic based) re-pricing of consumer credit card accounts between now and the effective date of the CARD Act," the letter said.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Tue, 06 Oct 2009 22:16:45 GMT

i work for the bank in the credit department for cunsumer cards and i can tell you that they are making a lot of BIG changes and are being very hush hush about a lot of it.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Tue, 06 Oct 2009 22:57:10 GMT

Repricing, i.e. RJ, is only part of the AA arsenal. CLD seems to be BofA's flavor of the month right now.

Re: Bank of America pledges halt on card rate hikes

pattycake — Tue, 06 Oct 2009 23:28:11 GMT

@Anonymous wrote:
i work for the bank in the credit department for cunsumer cards and i can tell you that they are making a lot of BIG changes and are being very hush hush about a lot of it.

Oooooh, do tell...

Re: Bank of America pledges halt on card rate hikes

Anonymous — Tue, 06 Oct 2009 23:51:24 GMT

to be honest the higher ups aren't really giving out any info just little snippets here and there leak out onto the floor. i do know that several sites have closed their consumer card areas and transferred all their efforts over to business lending.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 02:02:42 GMT

@bakalao2k wrote:
WASHINGTON (Reuters) – Bank of America (BAC.N) said it will not change the terms on consumer credit card accounts ahead of reform legislation slated to go into effect early next year, according to a letter released by a lawmaker on Tuesday.
Christopher Dodd, chairman of the Senate Banking Committee, released the letter, dated October 5, and called on other companies to follow Bank of America's lead.
"In light of the concerns expressed to us by our customers, Bank of America will not implement any change in terms (risk or economic based) re-pricing of consumer credit card accounts between now and the effective date of the CARD Act," the letter said.

Guess I'm confused or slow and dont understand the above cuz BofA raised my APR from 15.99% to 24.99% on my Accelerated AMEX.

Re: Bank of America pledges halt on card rate hikes

IOBA — Wed, 07 Oct 2009 02:09:49 GMT

Copper - your identity is safe with us.

What else can you share with us about the changes that are being made?

I know that I have tried 3x over the last year to close my savings account and B of A will NOT allow it to happen. They basically give me 3 months at a time, no fees, no minimums. I have the minimum in there now, but they just won't let the account close.

The other thing I noticed is that they would not approve an overdraft protection connected to a B of A cc. I thought that was really strange! I have 19k in credit with them, never have bounced a check, have a high credit score, and was denied overdraft protection earlier (much earlier) this year???

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 11:03:04 GMT

i just got an email stating that i'll be making a transition to our business lending office effective immediately. honestly i think it's that most people are leveling out on their debts and or hardships and we are starting to see a trend or upswing in the consumer side of the business. truth is almost all of our business don't even report to the cra's at all so the bank is experiencing a higher loss on the business side of things. if i have to guess i'd say that business owners will now start seeing what cardholders have been seeing recently with rate increases and cld. i could be very wrong but somehow i don't think that i am.

Re: Bank of America pledges halt on card rate hikes

haulingthescoreup — Wed, 07 Oct 2009 11:08:48 GMT

Glad they're keeping you on, anyway, even if you're switching offices! --in fact, maybe that will wind up being a semi-promotion or something.

Re: Bank of America pledges halt on card rate hikes

pattycake — Wed, 07 Oct 2009 13:48:36 GMT

My sisters both work for BoA and I can verify they are shifting people around there.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 14:12:06 GMT

yeah, we aren't down sizing or laying off it's just that the economy is and market is always changing and they are gearing up for those changes they see coming. either way i've seen first hand how some people get rate jacked or cl's reduced down to just over their balance and i'll be happy when i don't see those happening anymore.

Re: Bank of America pledges halt on card rate hikes

DI — Wed, 07 Oct 2009 14:18:31 GMT

@Anonymous wrote:
i work for the bank in the credit department for cunsumer cards and i can tell you that they are making a lot of BIG changes and are being very hush hush about a lot of it.

I requested a product change and the CSR says my credit report will be pulled. It will result in a hard inquiry. Is that the norm for a product change with BOA?

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 14:38:48 GMT

@DI wrote:
I requested a product change and the CSR says my credit report will be pulled. It will result in a hard inquiry. Is that the norm for a product change with BOA?

From what / to what? What is the current CL?

I was CLI'ed at my initiation in July (soft INQ only) and also requested a PC. It was boobed up so it had to be PC'ed twice. There was no hard INQ.

The person you were talking to may have not known what they were talking about. Call this number and ask your question: 800-318-6649.

Re: Bank of America pledges halt on card rate hikes

DI — Wed, 07 Oct 2009 14:45:38 GMT

My CL is $2000. I have the BOA Visa and want to change it to a cash back card.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 15:13:57 GMT

The only rational reason I can think for BofA having to pull a hard INQ to get this done is that the target card requires a higher minimum CL than $2K and they cannot get you up to the minimum CL w/o pulling a hard. Hopefully that number will help you out.

Re: Bank of America pledges halt on card rate hikes

DI — Wed, 07 Oct 2009 15:41:36 GMT

@Anonymous wrote:
The only rational reason I can think for BofA having to pull a hard INQ to get this done is that the target card requires a higher minimum CL than $2K and they cannot get you up to the minimum CL w/o pulling a hard. Hopefully that number will help you out.

Thank you!! I called the number you provided. I was able to have the world points feature added to my account. I will receive a new card and number in 2 weeks.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 15:52:32 GMT

@DI wrote:
@Anonymous wrote:
The only rational reason I can think for BofA having to pull a hard INQ to get this done is that the target card requires a higher minimum CL than $2K and they cannot get you up to the minimum CL w/o pulling a hard. Hopefully that number will help you out.
Thank you!! I called the number you provided. I was able to have the world points feature added to my account. I will receive a new card and number in 2 weeks.

Wow!

Great number - I will keep it in my records. I don't see this on the backdoor numbers thread - what's the story on this number, cwcid?

And no hard pull, DI?

Re: Bank of America pledges halt on card rate hikes

DI — Wed, 07 Oct 2009 15:56:20 GMT

@Anonymous wrote:
@DI wrote:
@Anonymous wrote:
The only rational reason I can think for BofA having to pull a hard INQ to get this done is that the target card requires a higher minimum CL than $2K and they cannot get you up to the minimum CL w/o pulling a hard. Hopefully that number will help you out.
Thank you!! I called the number you provided. I was able to have the world points feature added to my account. I will receive a new card and number in 2 weeks.

Wow!
Great number - I will keep it in my records. I don't see this on the backdoor numbers thread - what's the story on this number, cwcid?
And no hard pull, DI?

No hard pull.

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 16:03:37 GMT

Re: Bank of America pledges halt on card rate hikes

Anonymous — Wed, 07 Oct 2009 16:05:30 GMT

It is the number you have to call when you request a CLI and are not immediately rejected. Goes directly to the credit analysts. Eventually it will get burned like all the good phone numbers.