I was offered a pretty good BT Rate for 6 months. If I make my payments on time during those 6 months is there ANY way they can jack the rate Before the 6 months are up? I know they can definetely jack after the bt offer expires, so i plan to pay it off prior to it expiring. Just wondering if anyone has had any experience with being jacked during the offer period, for no good reason. thanks bugman Im doing this because id like to tranfer a small balance away from FUSA, who jacked my rate.
Unfortunately, they can, yes. It's all in your credit card agreement. If their review of your CR indicates that you have been late with "any other creditor", that gives them grounds to jack your rate.
Read the fine print. In most cases that I've seen, the answer is yes, they can jack a BT rate. Is it Chase? If so, count on the possibility
Chase didn't just jack my BT rate, they obliterated the BT balance and added it to the purchase balance. All without any notice, either by mail or on the statement. That was clearly in violation of contract, and in a sense illegal. Most other "high-jackings" maintain at least some pretense of legality.
NOT THE BT RATE ITSELF BUT if you are even ONE DAY LATE...they can put you in the DEFAULT RATE and it will go to the "NORMAL" GO-TO RATE (like say 8.99%)...or the PENALITY RATE...(like >21%)
I have a BT @ 4.99% with MBNA and they say something like..."IF YOU DEFAULT...YOUR RATE BECOMES THE STANDARD RATE"...in my case 8.90% THE BT RATE DOES NOT BECOME 8.90%...THE 4.99% RATE IS JUST CANCELED AND YOUR BALANCE IS MOVED TO THE 8.90% SLOT
CHASE "JACKED" me while on a 0.00% BT...but the balance was NOT moved to the 16.24% rate...I STILL PAID 0.00% TILL I MADE THE FINAL PAYMENT (MONTHS EARLY) AND CLOSED IT!!!
Okay I think this is the case with my card. The agreement says: "If you have a reduced promo or Intro APR and you fail to make at least your Min. Payment by the due date, the entire balance relating to that promo or Intro APR may change to the 'goto' APR" I'm surprised it doesn't say WILL change to the goto APR. Although the other GOTCHA is: "You will be in default if...we receive info from 3rd parties, including CRA's, which indicate a serious delinquency or charge-off with other creditors...Upon default we have the right to...require you to pay your entire Account Balance including all accrued but unpaid charges immediately, and to sue you for what you owe!" I know what a charge-off is but who determines what a serious delinquency is? is this at their discretion or is this phrase defined somewhere? It seems like even if I stay current and on-time, they can, at-will, jack the BT rate. Thanks for your input. Bugman
bumping if anyone knows of a definition of 'serious delinquency' AND Feedback from anyone who has been jacked DURING the BT period....even the 'til paid off' situation Thanks fweem
Re: Re: Can a BT Rate get "Jacked"? "SERIOUS DELINQUENCY" IS UP FOR INTERPRETATION... TO FLEET--->CLOSING THE ACCOUNT WITH A BALANCE "MOST" OTHERS (MORE THAN ONE) 30 DAYS LATE...BOUNCED CHECKS...OVER LIMIT YMMV Call your credit card company and they will tell you..."IF" you think you going to have a "SERIOUS DELINQUENCY"
Re: Re: Can a BT Rate get "Jacked"? I THOUGHT I SAID THIS BEFORE...they DON'T "JACK" the BT rate...the BT rate is still there...they just MOVE the balance to the HIGHER INTEREST RATE..."IF" YOU NO LONGER QUALIFY
Re: Re: Can a BT Rate get "Jacked"? PAY ON TIME, EVERY TIME DON'T GO OVER-LIMIT DON'T BOUNCE A CHECK YOU WON'T HAVE ANY PROBLEMS WITH DELINQUENCY
Re: Re: Can a BT Rate get "Jacked"? YOU DIDsay that! but... Theoretically speaking............... they could, for cause of another account 'close to the limit' ('serious delinquency' fantasy interpretation) find U in default and close thereby your in DEFAULT and they will jack your rate and nullify your SWEET BT rate.... not likely, unless you have other (current OR old) baddies working against you, but nonetheless possible.
Re: Re: Can a BT Rate get "Jacked"? CHASE "JACKED" me while on a 0.00% BT...but the balance was NOT moved to the 16.24% rate...I STILL PAID 0.00% TILL I MADE THE FINAL PAYMENT (MONTHS EARLY) AND CLOSED IT!!!
Re: Re: Can a BT Rate get "Jacked"? OK so it sounds like what i first thought: An offer to allow U to BT is like any offer/contract. You agree to the offer by making the BT. If the BT agreement doesn't spell out how they can JACK U then basically your alright I was just pointing out that IN MY AGREEMENT they say that I am bound by ALL the verbage under the regular agreement. This is how i think RICHMAN got gouged. Ive already done the BT and anticipate a good experience. I think one of the most important things GEORGE always mentions is have a BACK-UP.
