Rate increase on BoA RCCL Visa card (merged)

[martinchem]

It's amazing with all this stimulus crap going on that the banks can get the money for free from the government (our money) and then charge us 16-22%.

[DPurcell58]

Yup just got my letter in the mail. Rate is going from 9.90% to 15.65%. Not sure yet if it's going to be worth keeping the card.

[cruizinmimi]

It's amazing with all this stimulus crap going on that the banks can get the money for free from the government (our money) and then charge us 16-22%.

 

Ain't it the truth:mad:

 

Yup just got my letter in the mail. Rate is going from 9.90% to 15.65%. Not sure yet if it's going to be worth keeping the card.

 

Totally agree....it's not worth keeping. Even though I will not cancel because your FICO score will take a hit. But I won't use it any more.:mad:

[marci22]

Your credit score may take a short-term hit for cancelling a card, but it doesn't matter if you do not plan on applying for a mortgage, car loan, etc, in the immediate future.

[Host Kewlguy]

I haven't gotten notice on any other card...probably because this is the only card I really use. I HAVE had cards cancelled recently for lack of use.

 

 

I may try that. There's a procedure to "reject" the increase amendment. Unfortunately, I'm in the process of getting a mortgage and can't cancel any credit cards at the moment. I CAN pay this one off though.

 

 

Yeah, it probably will.

 

It's not really a great way to promote loyalty among cruise passengers.

 

I also received a notice from CHASE a couple of months ago that my APR was going to increase from 9.99 to 17.99.

[FinallyConvincedDH2Cruise]

I carry zero balance with stellar credit and I just got my notice in the mail today... it's going up to 14.9%. I am furious. Right now I owe less than $100 on other credit cards, DH owes nothing, we pay everything on time. We live w/in our means and always have. A long time ago I pulled all my banking from BoA and moved to a local bank due to insane fees. My old company wouldn't use them for our retail locations daily deposits since their commercial fees were astronomical. The hours of their branches sucks unless you go to a mall location. My husband once had an error on his credit report... guess who... BoA. It took over a year to fix. I know I pay it off every month so it shouldn't matter, but it is the principle that I am being punished for nothing. I am done with BoA forever!

 

On a happy note... I also got in the mail this weekend 5x rewards on my Chase Disney Rewards card for April, May and June purchases on gas, food and travel. Now I whip out Tinkerbell instead of my pretty cruise ship card for all purchases!

[marci22]

All the credit card companies are raising their rates, even if you are a good customer. I would always call and challenge the increase, but in the end, I am just keeping the cards I use most, regardless of increase.

[Gonzo70]

 

Totally agree....it's not worth keeping. Even though I will not cancel because your FICO score will take a hit. But I won't use it any more.:mad:

 

That is not necessarily true. If you do not carry credit card debt I do not believe canceling a card impacts your FICO score. Your FICO score would be impacted if you carry debt and by canceling a card the ratio of your amount of debt to your total credit limit (of all your credit cards combined) becomes too high. At least that is my understanding, but I am not 100% on this. Anyone able to comment on this with some expertise?

 

Thanks

[WEELYNCRUZER]

I pay in full but I THINK WHAT THEY ARE DOING IS A BUNCH OF BULL. I would transfer the balance to another card but not cancel until I was able to use the points. One way or an other there is a way to make the card company work for you. It's a sad thing when the people that pay attention and never miss a payment and pay extra on the principle get the shaft because of the people that don't.

[bplazo]

Just checked and no increase in the rate yet. I am not sure but I do think that they lowered my limit.

[hcat]

Got the letter today.

 

Our credit limit is still high but our rate is going from 5.74 to 11.74. I will call in a few weeks & ask for our old rate. Guess if they are returning the TARP funds they have to get money someplace.

 

Luckily we have no balance at the moment. We made sure of that after we got ripped off previously. We bought Euros from them & it was treated as a cash advance (we had no idea) -- a week later they raised that rate sky high!!

 

What I could not follow was that they are also raising fees on balance transfers--can they do this? Or would it not apply to a balance transfer with a locked in rate? Just curious... we did a zero per cent bal. transfer on another card(Cap One) --which also then raised future rates but not ours

 

Hope to use the card until our Royal cruise in 2010--to get some shipbd credit. After that we probably won't be using much of BOA Royal or Royal C.(we are Diamond demotees)

[hazz24]

I too have received a rate increase on our BOA RCL card and AAA card through them. We are cancelling AAA but are keeping RCL due to the points we have accumulated. WE used to use this card for everything and paid off almost all of the balance each month. Our rate went from 7.99 to 12.99. I called the reps yeserday and spoke with 2 people (who were very nice and understanding) I was told that 12.99 was the best rate for the RCL card and there was no wiggle room. We will now only use the card for things that I will pay off each month. We have plenty of other options with other credit cards with lower rates. I told the reps that all they are going to do is drive us loyal paying customers away and be left with the deadbeats who do not pay and they will be in even more trouble than they already are. i work for a Credit Union and understand the need to raise rates 7.99 was a very low fixed rate and we have enjoyed it for 7 years and would have been ok with a rate increase to 9.99 but 12.99 is a bit much for me especially when we have Discover who begs us to use their cards. I am writing a letter to RCL just to ask them to consider changing credit card companies.

 

OK rant over I feel better.

[sweet angel]

Interesting...when I called yesterday to redeem my points, I also asked for a lower rate. I was told my new 13.65% rate was the lowest.

[hcat]

Are there any other companies that give Royal or Celebrity points?

 

We also have the BOA Celebrity card & expect that'll go up too...we have it cleared but were about to put one or two new X bookings on it & a final payment in July for our Sept cruise...

 

Usually we take a few months to get it cleared again but will have to re-think our strategy! (Hate to lose the dbl points) Do not want want to get caught short with higher rates or reduced limits...our Celeb limit is already low---

[kc320]

No letter..and so far checking online my rate is still 7.9%..will be keeping a lookout to see if it changes...99% of the time I do pay in full each month, but if for some reason I didn't I don't want any nasty surprises...

[Parrotheadtoo]

Yes. I did have it happen to me. I called the card company and asked why? Their answer was not satisfactory and I asked to speak to a supervisor. He was very nice and after our conversation and some research on his part he had the interest rate returned to the original rate.

I would suggest you try this and it can't hurt.

Good Luck.

Hello,

I too received the letter notifying me of an increase on the Royal Caribbean Visa card. I just received this card in August, 08. Instead of the Introductory rate of 9.9%, it is increasing to a variable rate formula which is 15.74% this month. This variable rate will be determined at the end of each business month.

I called also, and I was told that I may opt out of the increase, but that as soon as I use the card again, I will be agreeing to the new variable rate. The acct manager had all kinds of explanations. I asked to speak to a supervisor, and was told that the supervisor could not help me maintain the present rate. The change is supposed to be for all card holders?

Finally after a lengthy conversation, I asked again to speak to a supervisor, and was connected. They told me the same information, and that I could reject the new rate, but as soon as I used the card, I was agreeing to the new changes.

I do not have a balance at the moment. I think that they may honor an old balance on the old rate, but I have not verified that.

Its funny that I did not receive this % change notice for my regular Visa card that I hold. Has anyone else received a notice in % change for a non Royal Caribbean credit card?

Good Luck cruisers, and keep on trying.....

 

 

 

 

[traveler/]

The new Rules to help protect credit card consumers that were passed don't take effect until July 1, 2010. Maybe why these rate changes are going in now.

I think anyone who is concerned about this rate change should let RCL know as well because it does have an effect on RCL's sales, and if enough people are upset, they may reconsider their current setup exclusively with B of A, or be able to redo the awards portion.

We have a B of A Hawaiian Airlines CC, and HA now also offers another Hawaiian Airlines CC, this one is from Bank of Hawaii:). They are advertised side-by-side on the website, along with additional CC from both vendors. So, additional possibilities could exist with the RCL card.

Personally, I realize that this is all about business and the bottom line for these banks, and I plan my purchases, etc. to get the best possible benefit/cost ratio from these cards.

Thanks to everyone who posts their experiences with this issue. I respect your right to vent, and appreciate your suggestions.

This Cruise Critic Site is so valuable.:)

[julesbeara]

All the banks are pulling this stunt whether you are a good customer or not. They are jacking up interest rates and lower limits. This way they make money off the interest rates and limit the amount of credit available. We pay our accounts on time and have perfect credit. It's all about the banks making as much money while unethical practices are used. So far the interest rate on our BofA RCCL card is 7.9%. Just I better watch the mail.

[Baseballkurt]

I too got the letter, I have a large ballance due to the cruise in December with all 5 kids and my parents. I will call the number and not use it again. Good thing I used all my points on the last cruise.

[Hobiecat01]

Well... they got us today! Just opened the letter and our rate is now 15+%. As a former banker, I lived justifying interest rates. I'm sorry, this one just stinks! With the deposit rates so low, fed funds and prime rates near nothing, there is NO justification for a rate increase... period! This simply is a way to try to make money to support the massive loans losses they have had. We will take it, but we will continue to carry a balance of $0 each month to minimize any charges.

---------------------

Sea ya!

Ron and Lee

Canton, Ga

RCCL Platinum Member

Previous Cruises

Carnival Mardis Gras - 3 Day Bahamas - April 1982

Carnival Destiny - 7 Days Western Carib. - April 1998

Princess Grand Princess - 7 Days Eastern Carib. - April 1999

Princess Sea Princess - 7 Days Western Carib. - March 2000

Princess Grand Princess - 7 Days Western Carib. - March 2001

RCCL Navigator of the Seas - 7 Days Western Carib. - March 2003

RCCL Mariner of the Seas - 7 Days Western Carib. - April 2005

RCCL Freedom of the Seas - 7 Days Western Carib. - 6/18 - 6/25/2006

RCCL Liberty of the Seas - 7 Days Eastern Carib. - 7/19 - 7/26/08

Planned Cruises

Something in 2009 - just have not decided yet

RCCL Oasis of the Seas - April 17, 2010

The BIG One - Southeast Asia 14 day - 2011

[ranger-red]

Just wanted to share an issue with everyone. I have the Royal Caribbean Visa credit card or should I say I had. Im sure there are plenty of other cruise critic members that also have this card. I just got a letter from Visa saying my fixed interest rate, that I've had for years, is now going to basically go through the roof next time I use the card. I spoke to Visa and they said that most of the cardholders interest rate are going to go up to higher variable rate due to the economic crisis.

 

The most interesting part is that every time I have recieved a bill or a letter from them in the past; the letter and envelpoe were well marked with Visa and Bank of America symbols or writing. I had mentioned to the rep. about this particular letter coming in an unmarked envelope and he had no comment. I told him it was quite interesting that this letter comes in an unmarked envelope so people just discard it beliving it is junk mail. The terms are if you dont contact a rep. by the next billing period, to secure your current rate, the rate will go up without you knowing about it. However, the next time you do use the card the rate will automatically go up to this higher variable rate. So its basically a loose, loose situation for the cardholder.

 

I at this point I had told the rep to close my account. He did try offering me other options but all roads lead back to the higher variable rate after some sort of grace period.

 

Just thought I'd give everyone a heads up. I usually just throw out junk mail which is what this looked like but luckily I opened it. Dont want to see any of my fellow cruisers out there get unpleasant suprise next time they get thier bill.

 

I am in the processes of writing an email to RC about this matter and see if they have any comment. It's not worth having the card to collect the points if the rate is going to be out of sight. I will let everyone know if I hear back from RC.

 

I noticed the same thing about the envelope. I just happened to see the smallish print that said something about changes to the terms...etc.

 

My BOA card is (for the moment) a Bass Pro Shop issue. My rate was at 9.0% fixed. Now, it is going to 11.65% ABOVE the basis rate that is calulated by taking the highest rate over the last rolling 3 months. That is currently 4% - now add the 11.65 and you get to the 15.65%

 

The rep was less than empathetic. Very matter of factly told me that I could reject the rate, not use my card ever again and continue to pay them 9%. Fat chance. I'm dumping them asap.

[cruizinmimi]

The consensus is that if you call BOA, we are all being told the same thing. "Don't use your card any longer!" and you will be able to keep your current rate. As soon as you use it for a purchase though, you'll pay the higher rate.

 

I called Royal Caribbean and tried to vent with them. Their consensus "Well, BOA can do whatever they want to" "You're still getting your reward points honored":eek: I asked to speak to a dept. that handles this and both people I talked with said that I would have to talk with BOA. Only the higher bean counters decide who/which bank they want to use.

 

I just thought I would share this info with everyone.

[PhoenixCruiser]

I called Royal Caribbean and tried to vent with them. Their consensus "Well, BOA can do whatever they want to" "You're still getting your reward points honored":eek: I asked to speak to a dept. that handles this and both people I talked with said that I would have to talk with BOA. Only the higher bean counters decide who/which bank they want to use.

 

I just thought I would share this info with everyone.

 

Interesting...our points are being honored - for now.

 

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[axl3133]

Got my increase today 9.9% to 24.9%! Oh well, that's life. They are honoring the points and cashing them in after you reject the rate increase does not constitute a breach and the new rate will not take effect. Also, the card will continue to be reported as open and paid as agreed, not closed.

 

You will be doing yourself a disservice credit-wise if you close out the account. Longevity is a factor in our credit scores.

[Aquahound]

All the banks are pulling this stunt whether you are a good customer or not.

 

After asking around and after reading this thread, that has become apparent. At least, for my peace of mind, I know I didn't do something wrong.

 

Oh well. If the purpose of having a particular card is for the rewards, it's best not to carry a balance anyway since, over time, the interest paid negates the rewards.