BOA is changing my varibale rate formula to screw me out of rate decreases...

[dizzier]

So BOA is changing my Variable APR formula to a new formula which will, most likely, end in a higher interest rate.

So currently, my APR is based on the amount of the US prime rate in the Wall Street Journal on the last publication date of the month

After Dec. 19, 2007 my rate will be based on the highest US prime rate at any time within "the immediately preceding three months, including the month in which the index was determined"

Is this happening to anyone else?


ETA: changed the title to more accurately reflect the height of my pissed-off-ness!

Message Edited by dizzier on 12-11-2007 09:45 PM

[ksiss]

Hmm.  I have a World Points card that's still in it's 0% intro APR, so it'll be interesting what they give me after that.  I just posted about how I got a decreased APR with my 3 month old USAA card without asking.  Wonder why BOA feels they need to jack everyones rates up while USAA can afford to cut them.  I guess BOA is on the wrong side of this credit crisis.

 ***Hugs USAA card***

[dizzier]

of course this means that i will not be able to take advantage of the lower fed rates.

this will change my effective prime rate from 7.25 to 8.25. BASTARDS!!!!

anyone else, or is this just me? I suggest all you BOA customers check to see if you've been sent a letter amending the terms of your cards.

[Anonymous]

Hmmmm..... Looks like BofA is trying to pocket the difference in the anticipated Fed cuts. So the quarter point nad the expected additional cut at the Fed JAnuary meeting will not make it to your pocket til April of next year.  That is ONLY if the Fed doesn't reverse any cuts in the meantime.....

BofA sucks.

Used to be the highest rate in the rolling thirty day period.

Message Edited by Brammy on 12-12-2007 07:50 AM

[Anonymous]

2007-09-18 7.75
2007-10-31 7.50
2007-12-11 7.25

Based on how I read you post- they are delaying the .5 and .25 reductions in your APR.

SO you will get a .25 increase now then a decrease in Feb and March/April

I guess it is an amazing what a .25 or .5 basis points means to a huge company like this-

[Anonymous]

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Timothy wrote:
2007-09-18 7.75
2007-10-31 7.50
2007-12-11 7.25

Based on how I read you post- they are delaying the .5 and .25 reductions in your APR.

SO you will get a .25 increase now then a decrease in Feb and March/April

I guess it is an amazing what a .25 or .5 basis points means to a huge company like this-

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Since they are going by the highest APR in the three month rolling cycle, the OP will get this oe onl if the fed doesn't reverse itself sometime withint the three month rolling period.

Not so much amazing taking into consideration how many billions of dollars in credit card debt this bank holds.  Makes a pretty penny they get to pinch when you add it all up.

Thought the ratecute was to stimulate the economy by increasing consumer confidence and spending.  Didn't know it was meant to fatten the bank's wallet.

Message Edited by Brammy on 12-12-2007 08:15 AM

[Anonymous]

It is expected fro the FED to reduce another full point over the next 12 months-

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@Anonymous wrote:

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@Anonymous wrote:
2007-09-18 7.75
2007-10-31 7.50
2007-12-11 7.25

Based on how I read you post- they are delaying the .5 and .25 reductions in your APR.

SO you will get a .25 increase now then a decrease in Feb and March/April

I guess it is an amazing what a .25 or .5 basis points means to a huge company like this-

---

Since they are going by the highest APR in the three month rolling cycle, the OP will get this oe onl if the fed doesn't reverse itself sometime withint the three month rolling period.

Not so much amazing taking into consideration how many billions of dollars in credit card debt this bank holds. Makes a pretty penny they get to pinch when you add it all up.

Thought the ratecute was to stimulate the economy by increasing consumer confidence and spending. Didn't know it was meant to fatten the bank's wallet.

Message Edited by Brammy on 12-12-2007 08:15 AM

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[TXturnaround]

I received the same letter for 2 accts that I have w/BOA and one of them is a closed acct.  I sent a letter rejecting the APR increase.  The address should be in the statement.  It's funny how they always send these "agreement changes" that go in effect always in January.  People are already trying to recover from holiday shopping in January & then turn around & you have a change to your credit card payments at the beginning of the year.  Timing is everything!! 

[haulingthescoreup]

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@Anonymous wrote:
It is expected fro the FED to reduce another full point over the next 12 months-

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I'm licking my chops. My USAA HELOC's variable rate is WSJ prime minus 0.95%.


***Hugs USAA HELOC!***

[Anonymous]

I don't know if BOA is the same- but normally when you reject these kinds of changes- they close your account right?

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@TXturnaround wrote:

I received the same letter for 2 accts that I have w/BOA and one of them is a closed acct. I sent a letter rejecting the APR increase. The address should be in the statement. It's funny how they always send these "agreement changes" that go in effect always in January. People are already trying to recover from holiday shopping in January & then turn around & you have a change to your credit card payments at the beginning of the year. Timing is everything!!

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