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Just received BofA Platinum Worldpoints. Have a question.

Maximus5403
Valued Member

Just received BofA Platinum Worldpoints. Have a question.

I just received my card with a CL of $2000. The APR is 19.99. Should I try and lower it now or just wait a few months and PIF? My scores are EQ-635 TU-676 EX-686.   Thanks
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4 REPLIES 4
Chopbrocoli
Established Contributor

Re: Just received BofA Platinum Worldpoints. Have a question.

I would wait 6 months to demonstrate payment history and card usaged before requesting a CLI or APR decrease.
AMEX Gold Premier Rewards | SPG AMEX | Bank of America Power Rewards | Merrill Plus | United Presidential Plus | Saks World Elite
Message 2 of 5
score_building
Senior Contributor

Re: Just received BofA Platinum Worldpoints. Have a question.

if you pif for the first six months, which is probably a good way to build history anyway, the apr won't matter.  after 6 mos., you can then see about a reduction request. 

 

however, if you plan to responsibly carry a balance you could ask sooner.  your eq may be a bit low though.  come to think of it, i asked for an apr reduction soon after receiving my amex clear (this was before i was a little more credit savvy) card and it was granted... so you never know.  you may get lucky with an early request too, i personally wouldn't want to push any lender particularly a new one that i only narrowly qualified for during a recession...but as always YMMV.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 3 of 5
FretlessMayhem
Senior Contributor

Re: Just received BofA Platinum Worldpoints. Have a question.

I don't see any downside to that. However, I wouldn't ask Amex. They'll AA you faster than you can say "FICO".
Here we go again...
Message 4 of 5
Cleanmachine
Frequent Contributor

Re: Just received BofA Platinum Worldpoints. Have a question.

I would recommend that you call and request a lower APR. The only thing they will do is say no, or lower the rate.

 

Bankrate reported that the average cards are now 13.42 Fixed and 11.26 variable.

 

That 19.99% is pretty high. If they refuse to lower the APR, just use the card and pay in full. Maybe, as others have suggested, wait about six months and try again.

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