Why is my B of A Credit Card APR so low?

[Anonymous]

I have a Bank of America Americard Visa, and my purchase APR is only around 7%.   However, B of A arbitrarily flags my card to the point where it's unreliable, and I'm not happy with their customer service hold times.

I looked into replacement cards, and all their APR's seem to be 15% or more (Was looking at a Chase Sapphire Preferred).

Why is this?  I need to get away from B of A for my credit account because they kind of suck, but I don't want to lose my low APR?

I never carry a balance and I've never had to pay interest in my entire life, I just like the piece of mind from a 7% APR vs. 15%

[Anonymous]

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@Anonymous wrote:

I have a Bank of America Americard Visa, and my purchase APR is only around 7%.   However, B of A arbitrarily flags my card to the point where it's unreliable, and I'm not happy with their customer service hold times.

I looked into replacement cards, and all their APR's seem to be 15% or more (Was looking at a Chase Sapphire Preferred).

Why is this?  I need to get away from B of A for my credit account because they kind of suck, but I don't want to lose my low APR?

I never carry a balance and I've never had to pay interest in my entire life, I just like the piece of mind from a 7% APR vs. 15%

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It could depend on the card type you have. If you just have the BankAmericard (and not BankAmericard cash back, travel, or better balance rewards) then that could be the reason. I believe the BankAmericard is their low interest rate card.

[09Lexie]

Welcome to the forum! Have you sent a secure email or even contacted the EO to discuss your concerns? 7% is a nice rate and if you are set on leaving, there's the Barclays Ring @8% and most credit unions offer lower rates

[enharu]

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@Anonymous wrote:

I have a Bank of America Americard Visa, and my purchase APR is only around 7%.   However, B of A arbitrarily flags my card to the point where it's unreliable, and I'm not happy with their customer service hold times.

I looked into replacement cards, and all their APR's seem to be 15% or more (Was looking at a Chase Sapphire Preferred).

Why is this?  I need to get away from B of A for my credit account because they kind of suck, but I don't want to lose my low APR?

I never carry a balance and I've never had to pay interest in my entire life, I just like the piece of mind from a 7% APR vs. 15%

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Just keep your BofA card in case you ever need to leave a balance. Pursue other cards in the meantime. You can always have more than 1 card

BofA lowered your rates probably because you have been in good standing with them for quite a while. Certain cards have a flexible APR range (i.e. Citi Thank You Preferred, Discover IT, Chase Freedom, etc), and card issuers do lower APR for customers who remain in good standing for a period of time. Sometimes you got to ask for them to lower it, sometimes it's done automatically.

Cards like CSP however seem to go along with the prime rate, so I am not sure if they'll lower the APR.

[Anonymous]

Wells Fargo upgraded my college cash back card to their regular cash back card and lowered my APR to 11.99%. On their website however, the lowest APR offered for their cash back cards is 12.15% lol

[Creditaddict]

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@Anonymous wrote:

I have a Bank of America Americard Visa, and my purchase APR is only around 7%.   However, B of A arbitrarily flags my card to the point where it's unreliable, and I'm not happy with their customer service hold times.

I looked into replacement cards, and all their APR's seem to be 15% or more (Was looking at a Chase Sapphire Preferred).

Why is this?  I need to get away from B of A for my credit account because they kind of suck, but I don't want to lose my low APR?

I never carry a balance and I've never had to pay interest in my entire life, I just like the piece of mind from a 7% APR vs. 15%

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What is your limit?

is this your only credit card?

What do they say when they flag your account? what for? do you have a cell for them to instantly contact you that is listed?

like others stated... keep this for the low rate for if you need to carry a balance and don't worry about APR on a new card and go after what ever type or reward structure would work for you best.

[enharu]

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@Anonymous wrote:
Wells Fargo upgraded my college cash back card to their regular cash back card and lowered my APR to 11.99%. On their website however, the lowest APR offered for their cash back cards is 12.15% lol

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yea they seem to do that quite a bit.

My APR on my card is 8.9%

[GatorGuy]

Typically the rewards will be inversely proportional to the APR. Meaning, the better the rewards, the worse the APR. If they aren't rewards, or they are not that good, then the 'reward' will be a lower APR. This is what you will typically find with CU's. They will offer low APR cards but will have terrible rewards.

[Brax]

I would be willing to bet you never got ratejacked because of the CARD act like most of us did. I had two prime low APR cards in perfectly good standing go from about 8% to 12%. One later got jacked up further to 16%.

May be best to just leave it be and have it around just in case.

[Anonymous]

Only credit card, limit is $10,000.   All different reasons, sometimes for larger amounts of money being charged (but under 1k), charging in places other than my local city, sometimes online.  Sometimes they call me, usually not.  9/10 times I need to call them to see why the card didn't go through.

It's also kind of embarrassing having it declined in front of other people?   I've been dealing with this for years with them but I'm at the point where I just think it's silly keeping a credit card that I can't even count on working when I need it to.  I've had it since 2007 and don't want it to affect my score if I cancel though.