topic Re: BOA APR decrease without asking! in Credit Cards

BOA APR decrease without asking!

Dw4250 — Wed, 16 Jul 2014 19:13:16 GMT

This has never happened to me before...

I got the Bank of America Travel Rewards Visa (Sig version) in April 2014. They started me at APR of 22.99% (yuck) which was due to kick in after the promo period ends next year. I have used the card regularly (~$500-700/month; PIF before statement cuts).

Imagine my surprise reviewing the statement this month...APR adjusted down to 14.24%. Pretty awesome!

My question is...do banks adjust APR's often (without being asked)? I have always worked under the assumption that your APR was basically set unless you asked for a review (and even then a reduction may not be granted). I know adjustments work in the other direction (Citi once adjusted my APR from 9.99 to 21.99 for being two days late!)

Anyway, I PIF so it doesn't really affect me either way but it's nice to know BOA rewards customer performance!

Re: BOA APR decrease without asking!

Anonymous — Wed, 16 Jul 2014 19:15:55 GMT

Congrats on the lowered APR. I want this same question answared for myself too

Re: BOA APR decrease without asking!

CreditMagic7 — Wed, 16 Jul 2014 19:26:03 GMT

Kudos. I happen to be one of those unlucky ones who have a nasty APR the same rate with Discover.

It is very refreshing to see that BofA is willing to slice n dice APR's without asking

Re: BOA APR decrease without asking!

-Wade- — Wed, 16 Jul 2014 19:58:08 GMT

@Dw4250 wrote:
This has never happened to me before...

I got the Bank of America Travel Rewards Visa (Sig version) in April 2014. They started me at APR of 22.99% (yuck) which was due to kick in after the promo period ends next year. I have used the card regularly (~$500-700/month; PIF before statement cuts).

Imagine my surprise reviewing the statement this month...APR adjusted down to 14.24%. Pretty awesome!

My question is...do banks adjust APR's often (without being asked)? I have always worked under the assumption that your APR was basically set unless you asked for a review (and even then a reduction may not be granted). I know adjustments work in the other direction (Citi once adjusted my APR from 9.99 to 21.99 for being two days late!)

Anyway, I PIF so it doesn't really affect me either way but it's nice to know BOA rewards customer performance!

Very nice .... Congrats

Re: BOA APR decrease without asking!

Smooth954 — Wed, 16 Jul 2014 20:50:31 GMT

That's awesome. Maybe a little incentive for you to consider carrying a balance sometimes since you always PIF. Lol. Nice hearing thing like this though that's for sure.

Re: BOA APR decrease without asking!

barbaralee — Wed, 16 Jul 2014 20:56:19 GMT

They did that to us as well. The BofA card was one of my husband's very first credit cards, and they started him off with a 22% interest rate. A few months back I noticed they lowered it to 14%. We don't carry a balance (my husband is one of those "I'd rather cut up all my credit cards than pay a dime in interest" people) so I don't know how long ago they lowered it.

Re: BOA APR decrease without asking!

MT936 — Wed, 16 Jul 2014 21:42:12 GMT

Congrats

Re: BOA APR decrease without asking!

Irisa — Thu, 17 Jul 2014 00:39:21 GMT

@Dw4250 wrote:
This has never happened to me before...

I got the Bank of America Travel Rewards Visa (Sig version) in April 2014. They started me at APR of 22.99% (yuck) which was due to kick in after the promo period ends next year. I have used the card regularly (~$500-700/month; PIF before statement cuts).

Imagine my surprise reviewing the statement this month...APR adjusted down to 14.24%. Pretty awesome!

My question is...do banks adjust APR's often (without being asked)? I have always worked under the assumption that your APR was basically set unless you asked for a review (and even then a reduction may not be granted). I know adjustments work in the other direction (Citi once adjusted my APR from 9.99 to 21.99 for being two days late!)

Anyway, I PIF so it doesn't really affect me either way but it's nice to know BOA rewards customer performance!

Wow, that's a very nice APR decrease. Congrats!

When I asked Discover for a lower APR, rep mentioned they do review accounts and lower APRs sometimes. And I know my brother got an APR decrease, without asking, on his Freedom a few months back. It happens, but I have no idea how often.