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and failed miserably. With one card I have through them, I told them I have never been late and I have been a custumer since 1999 and I desired a lower APR. After holding while the rep 'reviewed' if I was eligible, he told me that I should be a bit more aggressive in my monthly payments and then they'd consider lowering it. I said that's okay, I'll just do a transfer balance. Dude told me he understands and I would have to do what I think's best. I thought he'd reconsider after I told him about the transfer, but he didn't bulge.
Right after the call, I made another call on another card account through them. I have been paying off this card aggressively,so I decided to use this as my tactic since the other guy told me it would get me considered. Well once again, no avail. This time the lady told me the lowest I would qualify for would be 22% variable. Then she suggested a balance transfer to another card through them, buut I would pay a balance fee of 4% and wouldn't get 0% apr, but 1.99%. I thanked her and told her the same thing I told thw previous rep. I just qualified for a citi platinum card with 0% financing for 9 months and 3% transfer fee, so I will use this card for the higher interest cards. I just thought they'd work with me but I see I will have to find more balance transfer deals.
i went through the same thing with capital one -- they don't care -- they just want their money....i can't wait for the day i pay off my cards -- partaaaaaaaaaay!! financial freedom, i'm on my way....
and failed miserably. With one card I have through them, I told them I have never been late and I have been a custumer since 1999 and I desired a lower APR. After holding while the rep 'reviewed' if I was eligible, he told me that I should be a bit more aggressive in my monthly payments and then they'd consider lowering it. I said that's okay, I'll just do a transfer balance. Dude told me he understands and I would have to do what I think's best. I thought he'd reconsider after I told him about the transfer, but he didn't bulge.
Right after the call, I made another call on another card account through them. I have been paying off this card aggressively,so I decided to use this as my tactic since the other guy told me it would get me considered. Well once again, no avail. This time the lady told me the lowest I would qualify for would be 22% variable. Then she suggested a balance transfer to another card through them, buut I would pay a balance fee of 4% and wouldn't get 0% apr, but 1.99%. I thanked her and told her the same thing I told thw previous rep. I just qualified for a citi platinum card with 0% financing for 9 months and 3% transfer fee, so I will use this card for the higher interest cards. I just thought they'd work with me but I see I will have to find more balance transfer deals.
What on earth did you do to be charged 22% variable?
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Quote:
Originally Posted by movin'on
What on earth did you do to be charged 22% variable?
Because it's BoA (the bank that Lewis ruined, kinda)
Kera, keep a close eye on your BoA accounts. BoA is notorious (these days) for slashing credit limits, chasing balances, closing accounts, etc., on people who call them for any reason.
22% interest is pretty low for unsecured credit. In the future I think we will see 20%-30% as normal rates even for those with good credit history. Most people with good credit pay off their balances in full anyway, so interest rates really don't mean much.
Went through a similar experience with BofA. They only finally worked with my husband when he was deliquent (before we were married). We paid that card off a year ago and let me tell you how wonderful that was! Unfortunately, BofA purchased my mortgage from Countrywide, but at least I don't have to deal with them for credit anymore!!
22% interest is pretty low for unsecured credit. In the future I think we will see 20%-30% as normal rates even for those with good credit history. Most people with good credit pay off their balances in full anyway, so interest rates really don't mean much.
You've got to be kidding me. At a time when the Fed funds rate is 0%? Want to take a guess as to why the money center banks turned a profit this quarter while everyone else was suffering?
You've got to be kidding me. At a time when the Fed funds rate is 0%? Want to take a guess as to why the money center banks turned a profit this quarter while everyone else was suffering?
Because they CAN, therefore they do. They know most people are screwed and cannot pay off the balances overnight. When I worked in CC marketing we'd adjust interest rates up ever so slowly (so no one would notice?) on this segment of the population with high balances.
You've got to be kidding me. At a time when the Fed funds rate is 0%? Want to take a guess as to why the money center banks turned a profit this quarter while everyone else was suffering?
Good! They should be turning a profit. But look at what I wrote again. Unsecured credit at 20%? Doesn't that sound cheap to you? When people can just walk from their debt obligation (more and more are doing it) and keep the things they've bought with it?
The entire idea of revolving credit is nuts! Especially at just 20% interest.
Because they CAN, therefore they do. They know most people are screwed and cannot pay off the balances overnight. When I worked in CC marketing we'd adjust interest rates up ever so slowly (so no one would notice?) on this segment of the population with high balances.
But that's absolutely criminal. If you sign up for credit at a specific rate, then as long as you're holding up your end of the deal, the bank should hold up its end of the deal. Finally, the card issuers are being forced to mend their ways, but before they comply, they're going to herald the bad old days by going out in a blaze of unglory. Well, they better be prepared when no one signs up for their new 25% APR credit cards because they're used to paying 12% and their business gets frittered away.
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financial freedom, i'm on my way....
