Mele20
Premium
join:2001-06-05
Hilo, HI
| reply to avd706
Re: Chase has gone mad. Raised my APR by 3 times
CapitalOne does the same thing. The account is "restricted" but shows my credit limit. But they had a problem with this particular card and actually changed things after I called spoke with a supervisor who agreed with me. They weren't going to allow those of us who opted out of the new terms (on a fixed forever, they had said, low interest rate/no balance transfer fees ever card) to continue paying off the balance on their website. So, it could be just this one card of theirs, after they fixed it so we could continue to pay online, that continues to show the credit line available.
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"The same ferocity that our founders devoted to protect the freedom and independence of the press is now appropriate for our defense of the freedom of the internet. The stakes are the same: the survival of our Republic". Al Gore, The Assault on Reason |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ
| reply to PX Eliezer
said by PX Eliezer  :said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Here's what I found out about them compared to other banks: If you opt out with another bank, your account is closed---of course you have to pay it off, but you can't make any new charges. And your account will say: Available Credit is zero. Bank of America does it differently---they keep your account OPEN and if you accidentally charge something, or if it was an automatic charge created by a billpay arrangement (such as paying your monthly electric bill) then the bank will swoop in and RAISE the rate at that point. Until I realized this, I couldn't figure out why they mailed me a new card even after I opted out, and why my account still lists credit available. It's because this bank does NOT actually close the account! So be careful!! thats probably a good thing, it probably shows active on a credit report.
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Team JON. |
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PX Eliezer
Premium
join:2008-08-09
New Jersey
 ·Callcentric
·Optimum Voice
·callwithus
·voip.ms
1 edit | reply to avd706
said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Here's what I found out about them compared to other banks:
If you opt out with another bank, your account is closed---of course you have to pay it off, but you can't make any new charges. And your account will say: Available Credit is zero.
Bank of America does it differently---they keep your account OPEN and if you accidentally charge something, or if it was an automatic charge created by a billpay arrangement (such as paying your monthly electric bill) then the bank will swoop in and RAISE the rate at that point.
Until I realized this, I couldn't figure out why they mailed me a new card even after I opted out, and why my account still lists credit available. It's because this bank does NOT actually close the account! So be careful!! |
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CKizer
Raptus Regaliter
Premium
join:2003-01-29
Tijeras, NM
| reply to damn
Chase plat card (former WAMU) + 30% APR = zero balance (account closed).
I will never be a Chase customer, only an investor. 
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Crunching for Help Defeat Cancer and FightAIDS@Home at the World Community Grid. |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ
| reply to dvd536
said by dvd536 :said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Call the 1-800 number on back of card for the address or check your bill for it usually you see "telephoning will not preserve your rights" so you have to do it in WRITING! Never mind, I found the original notice. There is an 800 number to call andits all automated. I'm going to mail a letter too just in case.
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Team JON. |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| reply to avd706
said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Call the 1-800 number on back of card for the address or check your bill for it
usually you see "telephoning will not preserve your rights" so you have to do it in WRITING!
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ | reply to damn
Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??
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Team JON. |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| reply to Fickey
said by Fickey :Sounds like your understanding is correct, and online would be the way to go. Dmc's concerns may be valid, in this environment a sudden substantial increase in balance could conceivably trigger "adverse actions" by other creditors like higher APRs or lowered credit lines. Who knows? I'd have a chat with other folks who have taken them up on their check offer, first, to see if any adverse action resulted.
From what I understand, card companies can and have used the checks to suss out who is in financial trouble (and, therefore, needs to use the checks) and ripe for a CLD/account closure.
creditboards.com might have a thread going on this, but I haven't been there in a while. Maybe start another thread here asking people who've cashed a check to report any results?
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
2 edits | reply to Bobcat
Yeah, they are not our friends and will do anything to attempt to squeeze blood out of us. It actually saddens me about the country and the bail-outs. By rewarding those who speculated and gambled ( bankers forgetting they were bankers and suddenly wanted to be traders ) nothing will change in the future....soon the banks and their investment divisions will go right back to doing what created this mess in the first place...the only ones who suffered from their greedy speculation and losses are those of us who have lived within our means and are responsible with our finances.
Nothing has changed except we, our children and our grandchildren will be up to their eyeballs in national debt due to the rewarding of those who gambled and lost but yet got bailed out with our tax money.  |
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Bobcat
Premium
join:2001-02-04
Bedminster, NJ
 ·Verizon Online DSL
| reply to sailor
said by sailor :said by Bobcat :Don't miss this part: "We apply payments to lower ARP balances before higher ones." Yeah right..if I was going to take advantage of the offer I wouldn't use the card again until its paid off. Discover has (or used to have) offers where you HAD to use the card at least once a month. And, of course, those purchases would be financed at a very high interest rate until the 0% balance was paid-off.
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It's nice to be important, but it's more important to be nice. |
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Fickey
Terrorists target your resolve
join:2004-05-31
| reply to sailor
Sounds like your understanding is correct, and online would be the way to go. Dmc's concerns may be valid, in this environment a sudden substantial increase in balance could conceivably trigger "adverse actions" by other creditors like higher APRs or lowered credit lines. Who knows?
If you do go forward, consider depositing the check via ATM so that it's processed en masse. Not a huge deal, but that should reduce human involvement and therefore the chance of your bank holding availability until the check clears. Brick & mortar banks know not to trust credit card checks, then again, with all the electronic check clearing now, it may not matter at all.
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Socialized healthcare? The most successful government entities, the Post Office and The Military, are also case studies in waste & inefficiency. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to Bobcat
said by Bobcat :Don't miss this part: "We apply payments to lower ARP balances before higher ones." Yeah right..if I was going to take advantage of the offer I wouldn't use the card again until its paid off. I rarely use this specific card anyway but certainly wouldn't use it if I used the offer. |
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Bobcat
Premium
join:2001-02-04
Bedminster, NJ | reply to sailor
Don't miss this part: "We apply payments to lower ARP balances before higher ones." |
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mcd
join:2007-05-19
1 edit | reply to sailor
said by sailor :No, no balance. The way I figure is if I log into my account and take them up on the 0% I can have them take any amount I request, up to my limit and fee charged, and they will put it directly into my bank account to use as I please. They have my account info already due to my paying my bill online directly from a checking account. I probably could also use one of the checks they enclosed with the mailed offer but if I was going to do this to get money in my personal account I would do it online just to play it safe. This was very confusing to me and I didn't think to log into my account to try to get more info....Thanks for those who helped on this. Be careful, If you have more than a 1/3 of your credit limit on the credit card, that will possibly lower your credit score. That's if you care. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to mcd
No, no balance. The way I figure is if I log into my account and take them up on the 0% I can have them take any amount I request, up to my limit and fee charged, and they will put it directly into my bank account to use as I please. They have my account info already due to my paying my bill online directly from a checking account.
I probably could also use one of the checks they enclosed with the mailed offer but if I was going to do this to get money in my personal account I would do it online just to play it safe.
This was very confusing to me and I didn't think to log into my account to try to get more info....Thanks for those who helped on this. |
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mcd
join:2007-05-19
| reply to sailor
do you have a balance on this card already? Also, any money you pay to the bank will go to the 0% to pay that off first.
»www.mrsmicah.com/2008/02/09/how-···t-cards/ |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to sailor
I just signed into my account online and the screenshot is of the two offers available....the fine print is the exact same as what I received in the mail that I posted earlier.
I also saw a FAQ for balance transfers and here is what that said.
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Balance Transfer FAQs
Need help? Here are the answers to our most Frequently Asked Questions
What is a balance transfer?
A balance transfer is a great way to consolidate your bills and make managing your finances easier. You can pay your other creditors and consolidate your debt into one convenient monthly statement. Most of our balance transfer offers also allow you to use the funds for yourself.
Why should I transfer balances?
Balance transfers can simplify your expenses by consolidating your debt to one convenient monthly statement. Some balance transfer offers may have special promotional APRs (Annual Percentage Rate) that may also save you interest. So you may save time and money!
Who can I pay with a balance transfer?
You can pay any creditor you wish. The only exception is that you cannot use your balance transfer to pay other accounts issued by Citibank (South Dakota), NA. or its affiliates (this includes CHOICE® and AT&T Universal Card). With some offers, you may also get money for yourself with the flexibility of having a check sent to you by mail or deposited directly into your checking account so you can use the money however you wish.
How long will it take to process my balance transfer request?
It can take up to 7-10 days to process a balance transfer request. This does not include any mailing time if your request cannot be sent electronically. You can check the balance transfer status page in Account Online to see when your balance transfer was approved. We will also send you a separate notification regarding the status of your balance transfer request. The amount of the balance transfer will be added to the purchase balance on your statement.
How many balance transfers can I request?
You can request up to 4 balance transfers.
Can I transfer a balance that is not in my name?
Yes, you can. You choose who you want to pay.
How much can I transfer?
Most balance transfer offers allow you to transfer any amount, including balance transfer fees, up to your available credit line. Please note that you should not transfer any disputed amount, as you may lose your dispute rights.
What information is necessary to process a balance transfer?
We need the creditor's name, payment address, account number (if there is one) and the amount you want to transfer (subject to your available credit and any balance transfer fees). If you are using the balance transfer for yourself, we will send a check to you at your account address. Or, if you qualify, we may deposit the money directly into your checking account.
Is there a fee for transferring a balance?
Some balance transfer offers have a fee. If there is one, it will be clearly stated in the offer. Check the box labeled BALANCE TRANSFER FEE to see if there is a fee for that offer.
What if I change my mind once I request a balance transfer?
Once you have accepted the offer, entered the required information and verified it is correct, the balance transfer request will be processed and cannot be canceled.
When are finance charges accessed?
Finance charges are assessed as soon as transactions post to your account, which can be as early as today.
Should I continue to pay my creditor even after I have requested a balance transfer?
Yes. Because a transfer may not pay off an account before you have a payment due, continue making minimum payments until the account(s) are paid for in full.
How do I determine the status of my balance transfer request?
You can view the status in Account Online. Requests will be displayed within 1 business day.
Will I receive notification of the status of my balance transfer request?
You will be notified within 7-10 days. If you have an email address on record in Account Online, you may receive an email notification.
What will happen if I do not complete my balance transfer request?
Incomplete requests can't be saved or processed. You will need to start over if you leave before receiving a balance transfer confirmation.
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| reply to Fickey
So am I correct in saying you interpret it as if I write one of those checks to myself say for $8k ( my credit limit is in low $20k's) and deposit it in my checking account and if they don't decline it, it will qualify for the 0% interest promo to March 1, 2010?
If yes, that is the way I interpret the offer. |
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Fickey
Terrorists target your resolve
join:2004-05-31
| reply to sailor
They are calling anything you write the checks for a "transfer". Be aware, however, that they can decline a check for ANY reason, even if you have the available credit to cover it, just like they can decline a charge if they're concerned it might be fraudulent. So don't use one to make a mortgage payment or anything else critical, and best to notify them first to expect a big check if that winds up being what you decide to do.
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Socialized healthcare? The most successful government entities, the Post Office and The Military, are also case studies in waste & inefficiency. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
3 edits | reply to NightVisor
Here's photos of the fine print. The last thing I would do is call them cause I hate talking to anyone from credit card companies...If I was dead set on taking them up on the offer I would call them but I'd rather see if somewhere here reads it better than I can. I just found it confusing...the "transfer directly into your bank account to use anyway you want." |
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