Rate increase on BoA RCCL Visa card (merged)

[AuntieBon]

What bothers me is that they rate that banks pay the Fed to borrow money is less than 1%. The rates that people are talking about here are usury in nature and shouldn't be allowed. Unfortunately, the plans to change the credit card industry won't take effect until 2010 so they're going to raise those rates as high as they can until then. :mad:

[qwerty12345]

Wow! We also have no balance and got the interest rate increase letter this week. This stinks!

[MJonTravel]

Not defending anybody, and especially not my bank of 15 years, just stating what I know. The rate for the other "rewards" cards I carry (airline and hotel) has been prime + 9.99 for about as long as I can remember. These cards are issued by Citi and Amex respectively.

 

Lady Astrojets carries the RCCL Visa from BofA and got the dreaded letter this week. I had pre-warned her based on what I'd read on this thread, and sure enough, the white envelope came the next day. From the sounds of it, it seems that some RCCL Visa holders are getting a worse deal than prime + 9.99? FWIW, that's exactly what Lady Astrojets got, but only after calling BofA.

 

I have preached on my feelings about financing day to day life on credit cards for a long time. I won't here. But I will say this. If you need to carry a balance, do NOT do it on a rewards card of any kind. There are alternative cards out there that will cost you less over time.

[travelteam]

Wow! We also have no balance and got the interest rate increase letter this week. This stinks!

 

ditto

[bradleyd]

I don't carry a balance so it doesn't really matter. They can't make a high interest rate if they don't get me hooked! No real surprise though considering.

Have you had a rate increase on your BOA Royal Caribbean card?

 

I know this has been discussed before but I am curious to see if many people got this increase.

 

Finally payed off the balance and I got a notice Saturday that my rate was going from 9.99% to almost 16.00%.

 

I never made a late payment, always payed hundreds more than than the minimum and have excellent credit. Got the balance down and just charged my final payment for my cruise in June. I will pay it completely. I am not going to give them any additional interest money. If I weren't so close to a free cruise with my points, I would have redeemed them all for OBC for my upcoming cruise.

[norcalal]

I have only carried a balance since this January and have had the card a long time. Rate went from 7 to 13, but what bothers me most is that it went from fixed to variable. I will not have a variable rate card. My credit score is 800+ and I just don't understand their reasoning..but then again I don't have to. All I need to do is pay it off and throw it in a drawer. BYE BA:p:mad::)