I've had my Platinum VISA since April, and was using it only for BTs that have 9.9 for life of BT. I was waiting for the 9 month period to call, and today they dropped my purchase rate to 12.9, (from 17.9) and gave me a CL increase of $2500 a 50% increase! This will help my ratios, especially if I cancel NextCard. I'm sure there was a hard inquiry, but I forgot to ask to whom. I also got convenience checks today for 5% rate for life of the BT, with a $50 fee...have to think about that one a little bit! I will wait a few months, then get my purchase APR down again. I have a question....from the look of the statement, they bill the BTs and purchases seperately...will they apply payments to BTs first?
greyfox, Bof A is generous to increase credit limit of their credit cards. They increased my M/C from $5000 to $8000 in 2000 and from from $8000 to $9000. They dropped my M/C rate from 18.9% to 12.9% fixed APR in 1999 and they dropped my rate from 12.9% fixed to 9.9% APR. I applied for Visa card and they approved me $6300 with 9.9% fixed and they increased my limit from $6300 to $10,300. I also received 5% bt checks until paid in full. I like BofA and you can make payments on-line and took out from checking monthly. They increased credit limit without making hard inquiry in your credit reports. Ron.
Ron, I'm still confused about whether to use the card for purchases while I still have BT balance..that 12.9 rate for purchase is just about my lowest.
Greyfox, I don't know they separated the purchase from BT and you can called them to find out. I think it is a good deal. Ron.
They will waive the bt fee if you ask. They did for me a while back. I had the same offer. Do NOT use the card for purchases while you have a bt on it. Your payments will be applied to the lowest interest balance first, thus negating the benefit of the bt.
Just calculate your savings. On a balance of a few thousand dollars, a $50 fee only amounts to 1 or 2 months of higher (c. 20%) interest. 5% is low. If I didn't have a high cash advance balance (interest floor 19.8%) on my BoA, I'd drool over this offer. -ingenue
Hey.. Guys.. On that 5% offer.. It is a PRIME VARIABLE rate so if the prime goes back up the interest rate on the card will too. But even so, our BofA rates will stay at the prime rate -as quoted by the wall street journal.. I think it is still a good deal. We took it last night. One note .. be aware that BofA requires a minimum payment of 2.2% of the balance.. unlike MBNA.. that was probably only requires .02 % as a minimum payment. on 12K the minimum on MBNA $135 on 12K the minimum required w/BofA is$ 262
Re: Bof A 5% no BT fee!!!!!!!!!!! greyfox, My brother and I looked at BT convience checks offer more carefully and they offer him no cash advance checks fee. It means they waive his $50 bt fee and they also offer him for increasing his limit up to $10,000. He already got it this afternoon. I think he got better offer than mos t of us. Ron
If you're only paying the minimum, you'll never pay it off! The only card I pay the "minimum due" on is MBNA, and that's 'cause it's at 0% for the next 9 months! -mj
MJ, I know, I know. ( about only paying the minimum) but we are considering a refi or new loan on remaining mortgage. I know that the bank will look at my min payments when figuring disposalble income. I am a little concered that this new higher BOA minimum payment might hinder a new loan.. We will see though. Cherie
