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Unread 04-08-2009, 03:02 PM
 
Location: Yellow Brick Road
34,049 posts, read 38,173,587 times
Reputation: 16967
Quote:
Originally Posted by Miker2069 View Post
Ani, you are always starting something!

Next it will be that peanut butter and chocolate don't belong together

Okay, so on the Ramsey point. I actually like Ramsey so I'm biased. That's the beauty of his philosphy it's common sense, he says this is the advise your grandmother would give you.. Anyway, he also says what he would do with his money. Debt regardless of how you categorize it, is a master/slave relationship. You can argue the other way that if Ray Crock didn't borrow the initial seed money that there would be no McDonalds (a good or bad thing)?

Either way, that's really neither here nor there. The issue is the CC contracts are structured such that your rate can be jacked up for any reason. You mailed your payment 2 minutes late or some other nonsense. However the flipside all those late payments, fees, and interest rates server to prop up a 100K employee company. It would be great if some BoA employees chimed in, I know they are here on this forum. We've consulted with a few big banks and I'd love to tell you how money is allocated for certain late night "expense accounts"- Chris has a joke, nothing good ever comes when you have to go to an ATM at 2am....

There's been talk about all sorts of marches, protests, etc, regarding how ticked off people are at the banks. I bet if there were a concerted effort to mobilize a transfer of 1000 accounts from BoA to small neighborhood banks, say it happens on the same day at the same time. You'd get a lot of press behind it, and the BoA board room would notice it. 1000 may not be a lot but the national press something like this would generate would be enough to compel them to take notice.
Miker - so true. I can't help myself.

Yes, we all need to quit doing business w/ these banks that have accepted bail out money. That is how I feel. However, I don't bank w/ BofA so I can't yank an account. But I did pay off the one account w/ a balance on it today, so at least they are not going to get 21.74% interest on my little balance.

I have called about some cards I have but don't use. They are business credit cards and one breaks out expenses much like AmEx does. I have been assured that one has a fixed interest rate of 9.99% and no plans to raise it. So if I need a line of credit, I will use that one. They even offered me 3.99% for a year to transfer any debt over. I don't need that now that I paid off that credit card, but that is nice to know in case I want to put any medical bills on it instead of using cash/savings.

I also discovered a nice tidbit of info along the way. International companies are not playing these games w/ interest rates. So for anyone w/ excellent credit, there are cards out there w/ fixed interest rates of 8.99 and 9.99%.

So actually, BofA did me a big favor. I should have researched this stuff b/f now.
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Unread 04-08-2009, 03:34 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,200 posts, read 4,224,646 times
Reputation: 1508
Quote:
Originally Posted by anifani821 View Post
Miker - so true. I can't help myself.

Yes, we all need to quit doing business w/ these banks that have accepted bail out money. That is how I feel. However, I don't bank w/ BofA so I can't yank an account. But I did pay off the one account w/ a balance on it today, so at least they are not going to get 21.74% interest on my little balance.

I have called about some cards I have but don't use. They are business credit cards and one breaks out expenses much like AmEx does. I have been assured that one has a fixed interest rate of 9.99% and no plans to raise it. So if I need a line of credit, I will use that one. They even offered me 3.99% for a year to transfer any debt over. I don't need that now that I paid off that credit card, but that is nice to know in case I want to put any medical bills on it instead of using cash/savings.

I also discovered a nice tidbit of info along the way. International companies are not playing these games w/ interest rates. So for anyone w/ excellent credit, there are cards out there w/ fixed interest rates of 8.99 and 9.99%.

So actually, BofA did me a big favor. I should have researched this stuff b/f now.
This is actually very fruitful information, should be a sticky- which international companies are offering these good rates?
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Unread 04-08-2009, 03:47 PM
 
Location: Eastern Shore, VA
28 posts, read 58,897 times
Reputation: 23
Angry Bank of America - Never Again!

I too, have gotten every nasty trick that BofA has. I am now trying to sell my house ASAP because the credit card situation will drive me into bankruptcy. I have 40 years of impeccable credit. Never missed a payment, never had a late payment. Perfect.
Now the vultures who took our money from the gov't for a bailout are screwing us into the ground.
Everyone who has gotten scalded by BofA and others should vow to never, NEVER give them any business in the future, if any or some of us survive this mess. After this is all over, I will set up a secured credit card with a small, local bank and pay it off each month. And I don't care if BofA is giving money away in a few years, I WILL NOT EVER DO BUSINESS WITH THEM AGAIN. Same goes for Capital One and Wells.
If you all forget over time and start trusting them again, just wait, they'll get you again.
By the way, I have been emailing senators, representatives, The White House every time I get another one of these toxic letters from a bank. Inundate them! It's our money they're giving away, just to let the banks turn around and pulverize us.
Email people!!
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Unread 04-08-2009, 03:55 PM
 
Location: Yellow Brick Road
34,049 posts, read 38,173,587 times
Reputation: 16967
Quote:
Originally Posted by Miker2069 View Post
This is actually very fruitful information, should be a sticky- which international companies are offering these good rates?
Here is what I found out:

Bank of Iberia

Barclays

Personal cards: - Simmons First and Pulaski

Business: Advanta

Okay, I am showing my ignorance but I thought Iberia and Barclays are not banks here in USA. I just checked and Iberia is an old bank out of Louisiana, ROFL! Hey- sounded foreign to me!!!

And I thought Barclays was UK but . . . now that I screwed up on Iberia, I don't trust myself on that one, either, Hee Hee

ETA: Also, RBC (Isn't that Royal Bank of Canada?) - they don't have a low interest business card, but they are lower than most American banks right now. They offer a business card for prime plus 4 - and cap it at 18%. So not like 9.99% but hey - it isn't 21.74%, either.

I just looked up today's prime rate and if I read this correctly, it is at 3.25. So 3.25 plus 4 would put RBC's card at 7.25% right now. I might go talk to them. If that is accurate, it might be worth finding out what else they can do for a small business.

Last edited by anifani821; 04-08-2009 at 04:09 PM..
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Unread 04-08-2009, 04:15 PM
 
Location: West Cardassia, NC
2,498 posts, read 3,592,216 times
Reputation: 1220
Quote:
Originally Posted by anifani821 View Post
Here is what I found out:

Bank of Iberia

Barclays

Personal cards: - Simmons First and Pulaski

Business: Advanta

Okay, I am showing my ignorance but I thought Iberia and Barclays are not banks here in USA. I just checked and Iberia is an old bank out of Louisiana, ROFL! Hey- sounded foreign to me!!!

And I thought Barclays was UK but . . . now that I screwed up on Iberia, I don't trust myself on that one, either, Hee Hee

ETA: Also, RBC (Isn't that Royal Bank of Canada?) - they don't have a low interest business card, but they are lower than most American banks right now. They offer a business card for prime plus 4 - and cap it at 18%. So not like 9.99% but hey - it isn't 21.74%, either.

I just looked up today's prime rate and if I read this correctly, it is at 3.25. So 3.25 plus 4 would put RBC's card at 7.25% right now. I might go talk to them. If that is accurate, it might be worth finding out what else they can do for a small business.
ani - Check out Compare Mortgage Rates | CD Rates | Credit Cards Home Equity Loans Mortgages Best Rate Calculator Bankrate.com It's a good place to compare card types and rates.
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Unread 04-08-2009, 04:54 PM
 
Location: Yellow Brick Road
34,049 posts, read 38,173,587 times
Reputation: 16967
Quote:
Originally Posted by TheEmissary View Post
Great source! As always, thanks for the info, EM!

I also just checked out Charlotte's Credit Union and I think I will set up a savings account there for my son.

https://cmcu.org/index.asp

I think that would be a good place for him to get a car loan in the future.
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Unread 04-08-2009, 05:48 PM
 
Location: NC
1,146 posts, read 2,253,239 times
Reputation: 264
Quote:
Originally Posted by anifani821 View Post
I just looked up today's prime rate and if I read this correctly, it is at 3.25.
Yes, I'd say that is correct. Your research caused me to do some of my own, especially after reading of many people's interest rate increases. I have a Capital One Master Card that, for years, has been fixed at "Prime Plus Zero" for the interest rate. I just checked my latest statement and it shows my APR as 3.25%. So I think you're correct.
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Unread 04-08-2009, 06:42 PM
 
Location: Yellow Brick Road
34,049 posts, read 38,173,587 times
Reputation: 16967
Quote:
Originally Posted by jdljr View Post
Yes, I'd say that is correct. Your research caused me to do some of my own, especially after reading of many people's interest rate increases. I have a Capital One Master Card that, for years, has been fixed at "Prime Plus Zero" for the interest rate. I just checked my latest statement and it shows my APR as 3.25%. So I think you're correct.
Niiiiice credit card rate! Keep checking it. I never dreamed my rate would go up. I kept reading that this was happening, but I thought - never missed a payment (I have everything set up to auto pay so never miss any payments). Never even used half of a credit line. Excellent credit. So I thought - they would never do it to me.

Well, they did.
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Unread 04-08-2009, 07:26 PM
 
Location: Huntersville
1,852 posts, read 3,100,726 times
Reputation: 511
Quote:
Originally Posted by maddy1001 View Post
I too, have gotten every nasty trick that BofA has. I am now trying to sell my house ASAP because the credit card situation will drive me into bankruptcy. I have 40 years of impeccable credit. Never missed a payment, never had a late payment. Perfect.
Now the vultures who took our money from the gov't for a bailout are screwing us into the ground.
Everyone who has gotten scalded by BofA and others should vow to never, NEVER give them any business in the future, if any or some of us survive this mess. After this is all over, I will set up a secured credit card with a small, local bank and pay it off each month. And I don't care if BofA is giving money away in a few years, I WILL NOT EVER DO BUSINESS WITH THEM AGAIN. Same goes for Capital One and Wells.
If you all forget over time and start trusting them again, just wait, they'll get you again.
By the way, I have been emailing senators, representatives, The White House every time I get another one of these toxic letters from a bank. Inundate them! It's our money they're giving away, just to let the banks turn around and pulverize us.
Email people!!
I am sorry for your troubles, but I don't understand. Because the Bank raised the interest rate on one of you credit cards you have to sell your house? Again, I am not trying to ridicule, but I just understand some of the mind sets where BofA or any Bank changes it's fees and now your stuck. You can stop doing business with them, easily enough. I am not certain any small banks right now have anything better. I wish you the best of luck in your endeavors.
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Unread 04-08-2009, 08:54 PM
 
Location: Charlotte, NC
7,042 posts, read 7,941,938 times
Reputation: 2206
I have several gasoline credit cards; that is how I monitor my gasoline usage. Always pay them in full every month. In January, I noticed that my Shell card (now "serviced" by Citibank) tacked on a $2.00 finance charge. I wrote them a letter, deleted the $2.00 charge from my payment, enclosed a copy of the statement that plainly showed that the payment was received long before it was due. Figured this would be IT. Nope. Next month, it was there again. Wrote a second letter (notating it as such), did the same thing again (enclosed a copy of the statement and previous check showing payment). Nothing happened, except the next month was more of the same. Wrote my third letter, advising them that if this was not corrected,would be going to the atty general's office. So, my complaint is now with the NC atty general's office...guess what the APR was on my latest statement?? 92%!!!! Circled that for the atty general, too!!

Will cut the card up (I have been a customer since the mid 1990's) if the atty general can't get this corrected. They are already showing me as "in dispute, but, 30 days late" on my credit report...all for the accumulated finance charges that I have refused to pay!!
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