Bank of America is changing my APR

#1 (**permalink**) 11-14-2008, 03:18 AM

Bank of America is changing my apr to a crazy 28% my question is if I refuse to agree to the new terms can I pay my account in monthly installments or do I have to pay my balance in full?

Jeanie · #2 (**permalink**) 11-14-2008, 09:45 AM

That Is Something You Would Have To Discuss With Them..some Companies Will Agree Some Don't I Am Afraid..

~jeanie

#3 (**permalink**) 11-16-2008, 02:24 PM

I know at Capital One, 28% is known as the "default rate", meaning that's the rate you'll get if you don't satisfy the terms of your card (meaning, you have gone past due or overlimit too many times). You cannot refuse the new terms (the terms and conditions of any credit card state that they reserve the right to change terms at any time and they will give you written notice of it) Your only recourse to avoid that rate is to pay your balance in full so you are paying no interest.

#4 (**permalink**) 12-30-2008, 10:54 AM

Quote:

Originally Posted by ecummocume

Bank of America is changing my apr to a crazy 28% my question is if I refuse to agree to the new terms can I pay my account in monthly installments or do I have to pay my balance in full?

Bank one tried to raise my apr from apr of 11.99 to 21.99,did not miss a payment never late.I called them ask then to lower my rate,they refused I said cancel my card and I would not make any more payments on this card! The rep said hold the line about a minute later they returned and agreed to lower my rate back to 11.99!! I've made up my mind not to allow the credit card companys to steal from me,they get bailed out using my tax money and try to rip me off? ain"T gonna happen!!!! I have 10 more months till I can access my 401k , I won"t need credit cards any more thinking about walking away from all my unsecured dept!!!!

#5 (**permalink**) 01-17-2009, 08:41 PM

just get a new card and using a balance transfer pay off the old one. There are still great rates out there on balance transfers...some as low a 0%APR. If your credit is good you do not have to pay the high rate, just switch companies. If your credit is not good there are many companies that will still extend you credit at much better rates. Hope this helps.