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Old 04-09-2009, 09:42 AM
 
Location: Concord, NC
189 posts, read 518,340 times
Reputation: 68

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As a stockholder of BOA at $2.66 I am happy with these decisions because they will boost profits for the bank. I am sure its not a popular decision, but at the end of the day these businesses are there to make money and will do whatever it takes to make money. Lately banks have been raising credit card rates and cutting credit lines. Probably not fair, but then again as we all know life isnt fair.

As an individual I agree with you and I applaud you for doing what you have to do!!
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Old 04-09-2009, 09:43 AM
 
Location: Concord, NC
189 posts, read 518,340 times
Reputation: 68
Quote:
Originally Posted by anifani821 View Post
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.
Unfortunately the responsible people always pay for the people who dont pay
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Old 04-09-2009, 09:52 AM
 
10,744 posts, read 20,188,765 times
Reputation: 9877
Quote:
Originally Posted by drew0020 View Post
Unfortunately the responsible people always pay for the people who dont pay
Not true I haven't paid a fee or cent of interest since I was in college years ago. The responsible people aren't paying $0.01 in interest or fees.
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Old 04-09-2009, 09:54 AM
 
Location: Concord, NC
189 posts, read 518,340 times
Reputation: 68
Quote:
Originally Posted by wheelsup View Post
Not true I haven't paid a fee or cent of interest since I was in college years ago. The responsible people aren't paying $0.01 in interest or fees.
I should have said the responsible people who carry a balance will pay
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Old 04-09-2009, 09:58 AM
 
Location: Huntersville
1,852 posts, read 4,583,599 times
Reputation: 525
Quote:
Originally Posted by drew0020 View Post
As a stockholder of BOA at $2.66 I am happy with these decisions because they will boost profits for the bank. I am sure its not a popular decision, but at the end of the day these businesses are there to make money and will do whatever it takes to make money. Lately banks have been raising credit card rates and cutting credit lines. Probably not fair, but then again as we all know life isnt fair.

As an individual I agree with you and I applaud you for doing what you have to do!!
First.. I hate you! I didn't get in that low. And today is looking better.. But in the end.. I agree. People who want the Bank to survive (which may only be the shareholders and employees right now), understand that the increased fees will re-stabilize the bank. It's tough. Even the layoffs are tough. Someone smart in the business world could jump on this though. offering $5000 to $10000 credit cards to people with only good credit, homes, equity, jobs, etc. And a low Interest rate. Though a lot of those people don't pay interest anyway.
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Old 04-09-2009, 10:44 AM
 
Location: Ayrsley
4,714 posts, read 8,250,370 times
Reputation: 3809
Quote:
Originally Posted by drew0020 View Post
I should have said the responsible people who carry a balance will pay
Drew - you've made several good posts on this topic.

To this last one you are correct - and unfortunately so.

Instead of blaming the banks, people should, instead, be pointing their fingers at their friends, relatives and neighbors who ran up massive amounts of debt that they couldn't pay off to begin with. Those are the people ultimately responsible for this mess.
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Old 04-09-2009, 10:59 AM
 
Location: Indian Trail, NC
314 posts, read 1,006,894 times
Reputation: 129
I know the thread has taken a little bit of a turn from the original topic, but to comment on that topic...

I was in the same situation with my Chase cards. I had a balance I was trying to pay off on one card, no special deal, but my rate was fixed and incredibly low (6.25%). On the other card, I had a variable rate, but I had a balance transfer on that card at a low rate (5.99%).

I also have a Citi Card with a balance, but somehow I locked a balance transfer on that one with a 0% rate for the life of the loan. Don't ask me how it happened, I'm still not sure myself. So, I just let that one sit and pay the min each month. No interest every builds on it.

Anyway, I received notice from Chase that my rates were going up. I have such great rates on those cards, so I was pretty upset. I called and talked to Chase, they told me that there was nothing they could do. So, I asked to speak the supervisor. He initially told me there was nothing I could do except close the accounts, which would lock the balance, but it would also really screw up my credit rating because you've now eliminated your available credit, throwing the whole balance of credit to available credit off. After being very polite, but firm, I eventually talked him into leaving the rate completely alone on one card, the one with the fixed rate. On the other card, they raised my normal rate up to 21% or something, but left the balance transfer rate alone. Since I didn't use that card at all and it was just housing my balance transfer, that was fine with me.

So, if you're polite, but firm, extra nice, and persistent, you can get them to work with you. It also helps to discuss transferring all of your balances off to another card with a much better rate, which I did. Just look up other credit cards online and check out their balance transfer offers for opening an account with them. Use those offers in your discussion with the supervisors.
I'm not saying it will work every time, but it can be done. They are betting on people accepting the first, or second, answer that there is nothing they can do. They can do something.
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Old 04-09-2009, 11:56 AM
 
Location: NE Charlotte, NC (University City)
1,894 posts, read 5,599,290 times
Reputation: 1039
Just as a head's up from the field...

I'm hearing everyone I know that has a BofA card is getting this same treatment. Beware folks...it's apparently a broad-sweeping action.
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Old 04-09-2009, 12:05 PM
 
Location: Huntersville
1,852 posts, read 4,583,599 times
Reputation: 525
Quote:
Originally Posted by Metallisteve View Post
Just as a head's up from the field...

I'm hearing everyone I know that has a BofA card is getting this same treatment. Beware folks...it's apparently a broad-sweeping action.
Yep, even Bank of America employees who have a card with balances. I talked to my Wachovia friends, it happens to their cards too.
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Old 04-09-2009, 01:17 PM
 
Location: State of Being
35,885 posts, read 65,367,998 times
Reputation: 22274
Quote:
Originally Posted by drew0020 View Post
Unfortunately the responsible people always pay for the people who dont pay
That is very often the case. It is just a matter of "cost-shifting," wh/ is what goes on in healthcare all the time. One person doesn't pay so the other person pays $5 for a $.12 aspirin to make up the deficit.
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