topic Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP in Credit Cards

AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 02:08:27 GMT

so online it says HEY upgrade to the BCP! yea and stuff,,,, no soup for u,,, confirmed with the CSR that that new law say 13 months bcause of the AF on the BCP,, but he did say i can move up to the BLUE CASH, so i say ok he did say (Luke) that i can still PC to the BCP in dec '12

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

jamesdwi — Sat, 21 Jan 2012 02:13:25 GMT

@Anonymous wrote:
so online it says HEY upgrade to the BCP! yea and stuff,,,, no soup for u,,, confirmed with the CSR that that new law say 13 months bcause of the AF on the BCP,, but he did say i can move up to the BLUE CASH, so i say ok he did say (Luke) that i can still PC to the BCP in dec '12

call the executive number talk to a credit analyst, apply for the BCP with the understanding that you will close the current account and use the new account that is fully backdated anyway? May work I have never tried it but with AMEX and its the early part of the year your AAoA can only impprove.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 02:16:02 GMT

@jamesdwi wrote:
@Anonymous wrote:
so online it says HEY upgrade to the BCP! yea and stuff,,,, no soup for u,,, confirmed with the CSR that that new law say 13 months bcause of the AF on the BCP,, but he did say i can move up to the BLUE CASH, so i say ok he did say (Luke) that i can still PC to the BCP in dec '12
call the executive number talk to a credit analyst, apply for the BCP with the understanding that you will close the current account and use the new account that is fully backdated anyway? May work I have never tried it but with AMEX and its the early part of the year your AAoA can only impprove.

i have talked till im BLUE in the face, seems ther is no ways around this law

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

pizzadude — Sat, 21 Jan 2012 05:12:22 GMT

I would be surprised if it is a law that is behind this. I suspect that it is just Amex's own internal policy, likely some bean counters couldn't figure out how to credit and adjust annual fees.....

If someone knows about a law forbidding PCs within one year of a new account opening please speak up.......

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

afbar1114 — Sat, 21 Jan 2012 05:17:32 GMT

It is a law for the whole 13 month thing part of the CARD act cap1 and amex both told me

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

pizzadude — Sat, 21 Jan 2012 05:57:31 GMT

There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

MarineVietVet — Sat, 21 Jan 2012 06:59:27 GMT

@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

The only thing I can find that the CCC's might be using as an excuse for some of their denials is this section of the Credit Card Act of 2009:

‘‘SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE INCREASES.

‘‘(a) LIMITATION ON INCREASES WITHIN FIRST YEAR.—Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 171(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened.

How exactly they interpret this has so far escaped me. Perhaps if PC'ing a product will produce any change in the original APR, AF, or something else then they have this to fall back on.

But I really have no idea!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 13:51:05 GMT

@MarineVietVet wrote:
@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.
The only thing I can find that the CCC's might be using as an excuse for some of their denials is this section of the Credit Card Act of 2009:

‘‘SEC. 172. ADDITIONAL LIMITS ON INTEREST RATE INCREASES.
‘‘(a) LIMITATION ON INCREASES WITHIN FIRST YEAR.—Except in the case of an increase described in paragraph (1), (2), (3), or (4) of section 171(b), no increase in any annual percentage rate, fee, or finance charge on any credit card account under an open end consumer credit plan shall be effective before the end of the 1-year period beginning on the date on which the account is opened.

How exactly they interpret this has so far escaped me. Perhaps if PC'ing a product will produce any change in the original APR, AF, or something else then they have this to fall back on.

But I really have no idea!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

the BCP has a AF of $75

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

pizzadude — Sat, 21 Jan 2012 14:56:28 GMT

Thanks marine ! That is helpful....

The credit card act was designed to protect consumers from adverse actions from their creditors ~ not to stop consumers from initiating or requesting changes to their existing cardmember agreements, like PCs.

Banks could absolutely come up with a way to allow you to switch products, it might require some out of the box thinking or creativity though ~ something that financial institutions dont specialize in.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 15:03:00 GMT

@pizzadude wrote:
Thanks marine ! That is helpful....

The credit card act was designed to protect consumers from adverse actions from their creditors ~ not to stop consumers from initiating or requesting changes to their existing cardmember agreements, like PCs.

Banks could absolutely come up with a way to allow you to switch products, it might require some out of the box thinking or creativity though ~ something that financial institutions dont specialize in.

That's what got us in trouble to begin with

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

pizzadude — Sat, 21 Jan 2012 15:40:26 GMT

@Anonymous wrote:

That's what got us in trouble to begin with

Yeah, you got a point there......

But you KNOW that banks and CU are already coming up with new & creative ways to skirt around the latest set of regulations, I'm just sayin' it would be nice if they would put some of their energy towards things like PCs that actually are mutually benefical to the us and to creditors.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

CS800 — Sat, 21 Jan 2012 15:41:53 GMT

@Anonymous wrote:
i have talked till im BLUE in the face, seems ther is no ways around this law

Thats generally the way with CC companies. They sometimes dont even want to hear anything else. But as you said its the law

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 15:46:41 GMT

I can see how it makes sense, not everyone knows what we have learned, so u could get suckered into something u can't afford

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

CS800 — Sat, 21 Jan 2012 15:48:26 GMT

On the good note, you got the 3X CLI. Are you going to try for another CLi in 6 months?

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 15:49:51 GMT

@CS800 wrote:
On the good note, you got the 3X CLI. Are you going to try for another CLi in 6 months?

yes ofcourse,, what do i have to lose? i have the date on my dry board

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 19:03:39 GMT

@pizzadude wrote:
I would be surprised if it is a law that is behind this. I suspect that it is just Amex's own internal policy, likely some bean counters couldn't figure out how to credit and adjust annual fees.....

If someone knows about a law forbidding PCs within one year of a new account opening please speak up.......

It's the CARD Act. It forbids any change in terms that increases fees in the first year you have a card -- even if the consumer requests the change.

There is no way around the restriction, unless a new tradeline is opened. Period.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 19:05:25 GMT

@pizzadude wrote:
Thanks marine ! That is helpful....

The credit card act was designed to protect consumers from adverse actions from their creditors ~ not to stop consumers from initiating or requesting changes to their existing cardmember agreements, like PCs.

Banks could absolutely come up with a way to allow you to switch products, it might require some out of the box thinking or creativity though ~ something that financial institutions dont specialize in.

The CARD Act was designed so that Congress could tell us all how to run our financial lives. It also ensures that Congress keeps racking in campaign contributions and gets continous attention from financial instrustry lobbyists.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

LS2982 — Sat, 21 Jan 2012 19:06:57 GMT

@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 19:08:41 GMT

@Anonymous wrote:
I can see how it makes sense, not everyone knows what we have learned, so u could get suckered into something u can't afford

Most of those folks who got suckered should have known that First Primier was going to find a way to make money off of their otherwise unprofitable account -- especially considering that 40% CO rate FP had for CCs.

Re: AMX BLUE PC TO BLUE CASH, TAKES 13 MONS TO BCP

Anonymous — Sat, 21 Jan 2012 19:16:09 GMT

@LS2982 wrote:
@pizzadude wrote:
There is nothing in the credit card act of 2009 that forbids product changes.

Companies seem to throw this out as an excuse to justify their own policies.
+1

No bank wants to be the test case for a U.S. Attorney or the AG of a state like NY using bullying tactics to flex their legal muscle so that they can make a name for theirselves on the way to the Governor's mansion or the U.S. Senate.

Even being right can be expensive if the lawyers end up costing you $100 MM to defend the suit. Meanwhile, you keep earning negative media in the form of hundreds of headlines about how bad bank X is -- even if it was the customer's choice.

Better to lie low, and let the next guy take the lead.