I was talking to my husband's aunt and her husband about credit, etc. and they told me that they have a BofA platinum card with 5.9%. I didn't believe them, but they showed me the statement, and yes, they have 5.9% fixed for purchases, balance transfers - everything. Their credit is good, but not great, and they have the card balance $500 shy of the limit. I was just wondering what it would take to get an apr like that.
Many of us have 4.00% BT (PRIME + 0.00%) We don't use it for purchases... Ours are 11.99% & 13.99% (PURCHASES) I never asked about the PURCHASE APR...(TRY PFB) At this time I have UNITED VISA and AMEX DELTA for 100% of my purchases...
poobybear, I don't get 5.9% fixed for purchases even I have good credit. BofA only give me 9.9% fixed for purchases and 4.00% BT until paid off. I like BofA and they give me geneorus credit limt and good rate and BT rate. They don't close my account due to too many accounts like Bank One. Ron.
I'm gonna go on a limb and bet that your friend has a mortgage from BofA. BofA gave my friend a fixed 6% card on purchases.
That mortgage idea may be right. That makes more sense. Why is it that they do that? Is it a line of credit like a home equity loan?
I don't think it would necessarily be a LOC card. I think that they are "rewarding" you for borrowing large amounts of money from them by giving you a lower rate on a card. They know they're making money off of you, and the mortgage is secured. So they're more comfortable taking a risk on your credit card.
hmm my ploc at my CU is 5.9%. no fees to transfer or use as overdraft. $9000 limit. nice to have in case i need to get some cash quickly without waiting. Just walk in gimme the money, walk out. they won't do 10K without financials though but 9K is more than enough to get you in trouble. my visa check car limit is $10K so if had $1000 in my account and charged $10K it would auto-grab the money from the ploc account. comes in handy. rates are competitive these days.
That sounds good. I haven't checked the ploc at my CU yet. Last I looked was a couple of years ago and it was 9.9%. My BofA one was like 7.75% then, now down to 7% (based on prime).
My friend refied his house with BofA and the credit card was approved at a rate of 6% fixed. This is not tied directly to his home loan. I assume it is some type of reward that BofA has given to him for being a customer. Once again, it is not tied to his home loan at all.
Thanks for the info. So 7% is about how low BofA will go if you are a customer without a mortgage with them?
