Bank of America and RCCL

[mommomporkchop]

Hello Everyone,

 

Yesterday I got a notice from Bank of America that they'll be raising the percentage rates on the RCCL credit card, due to somekind of re-evaluation.

 

First let me say, that I have excellent credit and have never missed a payment ever, on anything.

 

They're raising the 9.9% interest rate that I have now, to 18.99% percent.

 

If this is going to happen to everyone, it was a form letter, I think there are going to be many many irate RCCL Credit Card holders. Ok, fine the economy is bad, raise the interest 1% or 2%, don't double it.

 

Do you think RCCL will be pretty ticked off when people stop using this card? I'm very seriously considering opting-out of the scheduled increase. The only problem is I'm so close to 15000 bonus points.

 

The date for the opt-out is February 19 I believe and you have to write a letter. Maybe if everyone gets together and writes to Richard Fein, something can be done.

 

Thanks for letting me vent, hopefully RCCL will help us out with this one.

 

Mommomporkchop

(Kathy)

[Gonzo70]

Just pay off the balance of the card each month; that way you are getting the perks of points towards cruises but not paying any interest to the bank. If you are unable to pay the balance in full monthly, you should not have the credit card as even a low interest rate would way more than offset the points towards cruises.

[dak_friendly]

Call them as soon as possible and see if you can negotiate for them to not change your rate.

 

If you enjoy the perks of the card, pay the balance off each month and you don't have to worry about interest. Do this until you get whatever perk you are working toward with the RCCL card (which appears to be a concern of yours).

 

Once you have gotten the perk you want, switch to another card product ... there are better "point" earning cards out there... the RCCL one is too limited on earning points versus other more general credit card products.

[mustangjoe]

I have received these letters of increase from time to time. The best thing to do is call BOA and ask them if they will keep your rate at 9.9. If not, then explain do them that if they don't, you will no longer be using that card.

[Gonzo70]

It looks like BAC caters the APR to the individual cardholder, so your rate increase may be an isolated event and not something that is occurring en masse. You may want to obtain an updated credit rating score and make sure there are no surprises with your credit rating (if something happened, the faster you catch it the better). Hopefully it is nothing, but when something like this happens it is best to double check.

[dak_friendly]

It looks like BAC caters the APR to the individual cardholder, so your rate increase may be an isolated event and not something that is occurring en masse. You may want to obtain an updated credit rating score and make sure there are no surprises with your credit rating (if something happened, the faster you catch it the better). Hopefully it is nothing, but when something like this happens it is best to double check.

 

This FTC website (www.ftc.gov) has information on how to obtain all your credit report information free of charge. It should be on the front page of their website. I believe you can do this once every 12 months.

[BadBoysDriveAudi]

Hello Everyone,

 

Yesterday I got a notice from Bank of America that they'll be raising the percentage rates on the RCCL credit card, due to somekind of re-evaluation.

 

First let me say, that I have excellent credit and have never missed a payment ever, on anything.

 

They're raising the 9.9% interest rate that I have now, to 18.99% percent.

 

If this is going to happen to everyone, it was a form letter, I think there are going to be many many irate RCCL Credit Card holders. Ok, fine the economy is bad, raise the interest 1% or 2%, don't double it.

 

Do you think RCCL will be pretty ticked off when people stop using this card? I'm very seriously considering opting-out of the scheduled increase. The only problem is I'm so close to 15000 bonus points.

 

The date for the opt-out is February 19 I believe and you have to write a letter. Maybe if everyone gets together and writes to Richard Fein, something can be done.

 

Thanks for letting me vent, hopefully RCCL will help us out with this one.

 

Mommomporkchop

(Kathy)

 

I personally don't have an RCL card, but I've heard other people complaining about this. I would do as you suggested -- write RCL and let them know how you feel.

 

Also, pay down your card as much as you can and continue to use it until you get your bonus. As long as you actually pay off the card every month (what I do with my airline card), you essentially aren't harmed by the rate increase. Still -- that's a very steep rate.

[Gonzo70]

I personally don't have an RCL card, but I've heard other people complaining about this. I would do as you suggested -- write RCL and let them know how you feel.

 

I am not sure what RCL has to do with the interest rate BAC assigns to the cardholder. RCL likely receives a kickback from BAC, but BAC is the one issuing the credit card and controls the terms and conditions of the card. She can speak with someone at BAC and say if they change her rate, she will cancel the card and try and negotiate with BAC but I would be shocked if RCL would intervene.

[mxylpic]

Hello Everyone,

 

Yesterday I got a notice from Bank of America that they'll be raising the percentage rates on the RCCL credit card, due to somekind of re-evaluation.

 

First let me say, that I have excellent credit and have never missed a payment ever, on anything.

 

They're raising the 9.9% interest rate that I have now, to 18.99% percent.

 

If this is going to happen to everyone, it was a form letter, I think there are going to be many many irate RCCL Credit Card holders. Ok, fine the economy is bad, raise the interest 1% or 2%, don't double it.

 

Do you think RCCL will be pretty ticked off when people stop using this card? I'm very seriously considering opting-out of the scheduled increase. The only problem is I'm so close to 15000 bonus points.

 

The date for the opt-out is February 19 I believe and you have to write a letter. Maybe if everyone gets together and writes to Richard Fein, something can be done.

 

Thanks for letting me vent, hopefully RCCL will help us out with this one.

 

Mommomporkchop

(Kathy)

 

The exact same thing happened with my Capital One card -- 9.9 percent to like 18. I paid off the capital one card and just recently got the RCCL to earn points for the current and future cruises. I will pay off the RCCL card every month so the actual interest rate is irrelevant. :D

 

Happy Cruising