BofA Rate Jacking Begins

[Anonymous]

Like the PP said, if you opt out with BofA you do not have to close your account. I won't use the card under any circumstance because I know I will be hit with the rate increase. Strangely, the interest rate on my other BofA card decreased by 3%. I have a 0 balance on that card so an interest rate reduction doesn't help very much with BofA. However, I was able to use their interest rate reduction as leverage with the other CCC to get my interest lowered on their cards.   

[Uniqua]

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@Anonymous wrote:

Like the PP said, if you opt out with BofA you do not have to close your account. I won't use the card under any circumstance because I know I will be hit with the rate increase. Strangely, the interest rate on my other BofA card decreased by 3%. I have a 0 balance on that card so an interest rate reduction doesn't help very much with BofA. However, I was able to use their interest rate reduction as leverage with the other CCC to get my interest lowered on their cards.   

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If you PIF, rate increases should not affect you.  It may affect you, though, if you don't use the CC as they may end up closing it on you, and that just may raise your util.

[Anonymous]

Uniqua, 

I SD the card that I was RJ on.

I should clarify that I make small purchases every 2 months on the BofA that has the 0 balance. I PIF before the end of the billing cycle. I started doing that to keep some activity on the card; and, to keep the card reporting a 0 balance. Maybe I should have clarified that in my OP. Thanks for pointing that out, Uniqua. 

[Anonymous]

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@Anonymous wrote:

Wow, sorry! I've noticed alot of lender's are upping the APR's. Times are tough and I guess they are trying to stay afloat the best way they can.

Atleast you have another card to BT to.

Now, let me go check mine to see if they've been up to no good.

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Each of mine have been lowered.  Not sure why, but they have been.... just a matter of time.