Rate increase on BoA RCCL Visa card (merged)

[Coralc]

No, you haven't done anything wrong. I mentioned the new laws, someone else mentioned that they take effect July 1, 2010. After 2010, the companies will no longer be able to increase your interest rate on all of your cards, if you are late or carry your balance on any one of your other cards. There are other provisions as well.

 

It went on to say that this was going to be the result.....by raising interest rates, dropping credit limits, cancelling cards for inactivity....they (the banks) will be able to say that all of these changes were already in effect and should be allowed under the new laws. :rolleyes:

[guineapiggirl]

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.

 

24.9!!!! Eek! That's awful. I too am going to 15.65. :(

[policecruiser]

I got the notice in Monday's mail. The rate is going from 9.99% to 15.65%. Just like the rest of you, I've never been late, always paid more than the minimum (if I had a balance) and don't even owe them anything now. Acutally, I think I may have a credit balance because of a refund I'm expecting from RCI. I just changed my Set Sail pass from the RCI VISA to my AMEX and I've redeemed my points to use on an upcoming cruise, so I think I'm going to close the card. No sense begging them to keep my business.

[NCMtnBoys]

Three years ago I opened a B of A checking account because I was moving from CA to TN and access to that account would be available many places across the country. A little more than a year ago I opened the B of A Royal Caribbean Visa card.

 

Fast forward to now and the recent government bailout of B of A. It wasn't enough that B of A had to have one bailout, so they got MORE money (because the acquisition of Merrill Lynch was going to cost more than originally thought).

 

The Merrill Lynch buyout was going to result in MANY layoffs. So basically, our taxpayer funded bailout was HELPING TO FUND layoffs.

 

I don't care that the stockholders might get a lower dividend. I don't care that the overpaid Execs might lose their inflated bonuses. And I find it insulting that the taxpayers bail out B of A and, in turn, thousands lose their jobs.

 

So, several months ago I closed both my B of A checking account and my Royal Caribbean Visa IN PROTEST of B of A's actions. I wish more people would do the same. I've moved my checking account to a local bank that has nothing to do with the bailouts. I intend never to have anything to do with B of A again.

 

When I closed my accounts the woman at the B of A Branch asked why I was closing them. I flat told her that I wanted nothing to do with B of A's bailout and I didn't like it, or the fallout, one bit. She smirked, but said nothing.

 

I opened the card when the promotion was 10,000 bonus points, in order to get the associated $100 OBC for a cruise last September. Now that I've closed it, I don't miss the RCCL Visa card - it would have taken me a long time to build back up enough points to redeem for $50 OBC.

 

But I would have kept the card open and slooooowly built up points had it not been for the GREED of B of A.

[sweet angel]

I got the notice in Monday's mail. The rate is going from 9.99% to 15.65%. Just like the rest of you, I've never been late, always paid more than the minimum (if I had a balance) and don't even owe them anything now. Acutally, I think I may have a credit balance because of a refund I'm expecting from RCI. I just changed my Set Sail pass from the RCI VISA to my AMEX and I've redeemed my points to use on an upcoming cruise, so I think I'm going to close the card. No sense begging them to keep my business.

(bolding is mine)

 

Thanks for the reminder to do that. I'll have to come up with an alternate plan for November.

[axl3133]

24.9!!!! Eek! That's awful. I too am going to 15.65. :(

 

I misread it, its actually 25.65%, prime plus 21.65...:eek:

[Paulie48]

I got 2 of the dreaded letters from good ol' BoA. After I got unstuck from the ceiling I took a day to cool off more and then called in on the number on the back of the card. At first I got the story from the rep that they were raising the rates on nearly every cardholder and that my only options were to stop using the card and pay it off at my present rate (9.99) or pay it off totally and close the account. At this point I asked to talk to her manager. All this time I was biting my tongue to keep it in check. I tend to fly off the handle and I knew this wouldn't help my case. At any rate, the manager came on, I asked why my rates were being raised, pointed out my sterling payment history, the fact they were already making money off me on 2 accounts, and that no good reason was listed. She agreed with me and lowered my rate. I didn't get the original 9.99, but settled with 10.99. Point is, I think the managers probably have a blanket authority to lower rates if the customer behaves himself and has a good record. Sure glad I kept a civil tongue in my mouth. It didn't turn out all roses for me, but at least I didn't get as many thorns.

[sebritish]

I got the same letter, thought I was the only one until I called and they informed me all their customers are getting the letter, my rate was 5.7% and they said it will increase to 12.74%... B of A offered me a new Companion Card with a fixed rate of 9.99% and keep my big credit limit which is actually paid off.. they said I can get my points from the RCCL card transferred over to this new one which has a World Perks program and I can use my points for many more choices...I took her name to have some recall if my points don't get transferred.

 

Has anyone else had this same offer?

[sweet angel]

I'm going to have to call back again. When I asked about a lower rate initially, I was told what I was getting was the lowest...which is odd because many of you have lower rates, although you started lower.

 

I mentioned that I would have to just pay off the balance and make a decision down the road and the rep just cheerily said, "Okay then...is there anything else I can help you with today?" I fought the urge to say, "But you didn't help me with anything today." I'll ask for a manager next time. :)

[vtoria98]

This thread got me thinking about my card. Its paid off and I barely use it (really only for RCI stuff) but I decided to check it out. Turns out they increased my credit limit by ALOT and they also increased my rate to 21.99%. Has this happened to anyone else?

[cruislovin]

Yes,my rate is almost doubling from 11.99% to 20.74% as of my May statement. I am using my free cruise and closing the card. I also called and I was told nothing could be done at this time and to call back in SIX MONTHS! I was "only" on hold for 20 minutes so I guess I was "lucky" !!!

[VillaHappy]

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!

 

Chase is good like that. We have an Amazon Chase Rewards card, and for the past 6 months, they offered at least double rewards on every purchases, quadruple rewards for a few select categories, and 6x rewards for Amazon purchases. Needless to say, my RC BoA card was put away and I haven't touched it since!

[isles1]

The Wall Street Journal reports in today's paper that, by this June, BOA is raising the rates on all their CC accounts with APRs currently under 10% and carrying a balance. I am not sure why anyone would use the RCCL card to carry a balance anyway (as there are better rewards cards out there that would more effectively offset the interest you are paying because you are carrying a balance), but if you do, it looks like you are in for a rate increase.

 

The article stated that cardmembers may be able to request that the rate be subsequently lowered, but will likely have to agree to pay off the account or stop using it (close it).

[kyriecat]

I got a promotional email from Discover that they are offering a 1.9% interest rate for balance transfers. They don't have cruise points, but for those of you concerned about your high interest rate, switching to Discover could be a good deal in the long run. I didn't need the offer so I deleted it without really reading the T&C page.

[DPurcell58]

What happens if you cancel the card (pay it off and don't use it anymore) but then you decided to cancel a cruise booking you have? Will RCL credit it back to a different card?

[Host Karen]

The Wall Street Journal reports in today's paper that, by this June, BOA is raising the rates on all their CC accounts with APRs currently under 10% and carrying a balance.

 

This is not accurate. I never carry a balance, my APR is currently under 10%, and I received the notice from BoA that my rate is being increased.

[Retired LEO]

The suspense is killing me. Where's my notice?

[AuntieBon]

I don't carry a balance on any of my credit cards but gave up on the big banks long ago. I use credit unions because IMHO they treat their clients like they mean something to them!

 

As for the Discover card, last time I looked they had a small share of the market and unlike the MC/Visa logo'd cards vendors don't always accept Discover.

[MJonTravel]

I misread it, its actually 25.65%, prime plus 21.65...:eek:

 

axl3133,

 

I hope you don't mind if I ask... are you certain that 25.65% rate is not the cash advance rate, and rather than the rate for purchases?

 

That just seems high even for BofA. :D

 

I don't have the RCL Visa, but do have another BofA Visa. Don't use it much, and no balance. No rate increase yet.

[IBookHePays]

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...

 

Same for me...still 7.9%...

 

By the way, is there a way to check online to see what your rate is, besides looking at the monthly statement?

[traveler/]

Nice website with good information regarding B of A rate increases, etc.

Other good articles also.:)

http://www.creditmattersblog.com/

[coolcat12]

This is not accurate. I never carry a balance, my APR is currently under 10%, and I received the notice from BoA that my rate is being increased.

 

 

Same here. No balance and under 10%. I called to request the change not take place and the rep. basically told me that it sucks to be me and that there was nothing he could do. Good going BOA.

My card has a high credit limit so I am hesitant to close it as I have heard this dings the credit score, but I don't plan on using it so I am sure that BOA will close it for me in a few years anyway.

[cruzin lady]

This isn't really related to the original post, but I suspect someone on this thread can answer me. We got a promotional ad for 10,000 bonus points if we would open the card referenced in the title. We did so, thinking we could get obc for points. Now that we have received the card and another mailing, it appears, that the card does not offer obc, only free cruises, upgrades, discounts, etc. We were going to use it just to charge cruises and onboard purchases, but it doesn't look like the same benefits as the Visa card being discussed. Can someone share some light on this for me, please?

Cruzin Lady

[Retired LEO]

This isn't really related to the original post, but I suspect someone on this thread can answer me. We got a promotional ad for 10,000 bonus points if we would open the card referenced in the title. We did so, thinking we could get obc for points. Now that we have received the card and another mailing, it appears, that the card does not offer obc, only free cruises, upgrades, discounts, etc. We were going to use it just to charge cruises and onboard purchases, but it doesn't look like the same benefits as the Visa card being discussed. Can someone share some light on this for me, please?

 

Cruzin Lady

 

There are check boxes on the back of the certificates that you'll be issued. One of the options is for OBC.

[cruzin lady]

I hate to be so dumb, but do they automatically send the certificates, or do we have to request them some way? I have tried and tried to talk with a

"real person," but can't get any info.

Thanks so much for your help. :)

Cruzin Lady