BOA APR question

[Anonymous]

I was wondering what options I have as to the APR on my BOA Visa card. I was originally told by CSR that I was approved for the Platinum Plus Visa with a 8.99% APR and now I just recently found out that the card status is for the Preferred Visa with 18.99% APR. What do I do about this since I was told a lower APR in the beginning?

[Anonymous]

What do your T&C's say? Is that 18.99% on your cc statement?

Be aware that BoA sent out MANY notices of raising rates to many people. I didn't receive the notice but DH did on his.

[Anonymous]

Agree with Sylvia.

Also be aware that they tend to have multiple APR tiers on their cards, and you may have applied with a promise of an APR "as low as" 8.99%.  Of course, that doesn't mean that rate is guaranteed.

That's how they getchya.

[haulingthescoreup]

I was amused to find that I have the icky Preferred rate on my card, but I have a $10K limit, that is supposed to be reserved for PlatPlus and Signature. When I asked the CSR about this, she said that the original CSR who took my app must have seen my astonishingly wonderful credit history on his credit screen and increased my CL from $5K to $10K. Uh-huh. So I have the scores and history for the CL for now, but not for the APR.

I don't care, because I'm using this for a BT card, and I will go for a lower APR in nine months, but I would say that what you see on the website is a very vague suggestion, to be kind.

[Anonymous]

I appreciate all the responses and yes the first CSR told me that the APR would be 8.99% and I made sure to ask several times. Doesn't matter much really as after the promo period I will call in and try to get the APR dropped. If no luck then, the card sleeps with the socks.

[Anonymous]

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@Anonymous wrote:

Agree with Sylvia.

Also be aware that they tend to have multiple APR tiers on their cards, and you may have applied with a promise of an APR "as low as" 8.99%. Of course, that doesn't mean that rate is guaranteed.

That's how they getchya.

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I love it when you agree with me! LOL

I agree cheddar. The "interest rate AS LOW AS", and the "credit limit UP TO" are the gimics they use to lure you into applying. (There I go...agreeing with you again).

[Anonymous]

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Sylviatob wrote:

I love it when you agree with me! LOL

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LOL.  Me too!