BofA Amex card?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
21 posts
User avatar
Miss Posh
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 05, 2008 9:25 pm
Location: In the woods of the Evergreen State

BofA Amex card?

Postby Miss Posh » Sun Oct 05, 2008 10:38 pm

Hi,

A newbie here and a ? to ask. :confused: :confused:

Does or has anyone heard of or have a BofA card that is tied to Amex(?) because BofA aquired MBNA and when that happened my card suddenly turned into Amex. It is actually called an "IE" business card Bank Of America IE business card w/Amex logo. :confused: :confused:

That asked and before I have an answer, have another question.
Why would my interest rate go UP after I used one of those "zero" interest rate checks? The check/balance transfer(what they call it) was a very small amount BUT the interest rate changed by 3%. :eek: :eek:

The limit on this card is very high but the balance owing is very low even w/the zero % check I used.

Does anyone have a clue as to why that happened?

Thanx.....

Miss Posh


User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Sun Oct 05, 2008 11:26 pm

Bank of America has recently began issuing American Express cards. This is ironic especially since the Bank of America is who created Visa. What happened was an antitrust ruling stated that banks need to issue American Express cards too. They can't squeeze them out of the game and only do Visa and Mastercard. Expect to continue seeing more Amex cards issued by more banks in the future because of this.

About the interest rate jump... that has to be for some other reason. I'm not saying their reason is justified but they wouldn't do it for using a BT check alone. May I ask what % of your credit line you're using on that card? If you use more than 30% of your credit limit on any card that can be viewed as being financially stressed (read: high risk) and they use that as an excuse to jack up rates.

On any of your other cards too... do you have balances above 30% of the credit limit? Also do you know if any of your cards are Mastercard World, Visa Signature, or a charge card? I ask this because these types of cards don't always report credit limits to the bureaus, which can in turn distort the calculation of credit used to credit available ratio.

Another reason it could be the issuer of the card. Was this a B of A card? They've been known for raising rates out of the blue this year for no justified reason.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

User avatar
Miss Posh
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 05, 2008 9:25 pm
Location: In the woods of the Evergreen State

Postby Miss Posh » Mon Oct 06, 2008 12:10 am

Hi................

And thanks for the quick reply!

I only have the one card and I called it wrong....it's called a "IT Professional ...." whatever.
This card started out as an MBNA card.....then BofA when they merged or whatever happened. And now has the Amex logo.

As for the % owed, it is less than 10% of the 25K limit....way less...of course they add in the BT amount which was not much and it is still way under 10%.

I guess they figure since I make way over the minimum payment each month, raising the rate is one way to make more on me? :confused: :confused:

O well............whatever, I guess. Wonder if calling them on this will make a difference? Why waste my time?

What I'd like to do is change this card to the Amex/Costco one......hummmm :D :D And be able to keep that nice limit, never use it BUT it IS nice to see that figure :eek: :eek: :D :D

Thanx again,

Miss Posh

1bootcamp
Centurion Member
Centurion Member
 
Posts: 103
Joined: Wed Apr 16, 2008 2:07 pm
Location: Big Island, Hawaii

Postby 1bootcamp » Mon Oct 06, 2008 2:41 am

Evergreen State I see. I have a good buddy that moved there a couple years ago for a job at Microsoft. I haven't been there in years myself. I have a trip to North Cal later this year I may try and hop on up there and do a road trip.

About this problem to be honest B of A has gotten to big for its own good IMO. Even the mainstream media has been talking about them doing this to customers lately for no reason. How do you think they are financing all those big acquisitions lately? :ppp Being the number one credit card issuer now lets them call the shots. If I were you I would give them a call. It may not do any good but you won't lose anything other than your time. Tell them you've been a loyal customer and request your rate be lowered to what it was before. If you switch to American Express they are fairly generous with credit limits so you should be able to start off with a high limit. How much longer do you have on the BT before it runs out?

User avatar
Miss Posh
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 05, 2008 9:25 pm
Location: In the woods of the Evergreen State

Postby Miss Posh » Mon Oct 06, 2008 11:24 am

Hi and thanx for the response!

I might call and ask them to change the rate back. I think the BT has until late 2009 before it runs out. I think I'll pay this card off.

I almost applied for the Amex/Costco card online last night but thought no better not have any inquiries for credit right now.

Think I'll just fly low for now and keep using cash for gas since credit for gas can get away from you sometimes.

Hope you get up to Evergreen State on your trip. Enjoy all your sunshine for me too! :) :)

Miss Posh

User avatar
Cucumber
Centurion Member
Centurion Member
 
Posts: 567
Joined: Tue Apr 22, 2008 12:44 am
Location: Zuma

Postby Cucumber » Mon Oct 06, 2008 12:36 pm

here's a copy and past from a blog I read regularly about Bank of America raising everyone's rates lately



* Fiona's APR went from 9.9% to 23.99% without ever missing a payment.
* Devan's increased from 9.9% fixed to 19.99% variable with no explanation.
* Dave had his APR raised from 6.99% to 25.99% without ever missing a payment.
* Mark's APR went from 5.9% fixed to 19.99% variable.
* Carl's interest rate raised from 9% fixed to 23% variable. B of A told him it was due to his "high balance" on the account.
* Jake had his APR increased from 9.9% fixed to 25.24% variable. B of A told him it was due to insufficiently large payments each month and a high balance.
* Carol's APR on her balance transfer jumped from 3% to 22% before the end of the promo period.
* Bob had his interest rate raised from 14% to 23%.
* Sean had his interest rate jacked up from 7.99% fixed (for 9 years) to 26.99%.
* Britney had her interest rate increased from 5.99% fixed (for 3 years) to 11.99%.
OBAMA
Stop talking crap about him!

User avatar
Miss Posh
Green Member
Green Member
 
Posts: 5
Joined: Sun Oct 05, 2008 9:25 pm
Location: In the woods of the Evergreen State

Postby Miss Posh » Mon Oct 06, 2008 2:18 pm

Very interesting..........guess BofA can do whatever they want, when they want..............stab.....stab....til we bleed.
Grrrrrrrrrrrr :eek: :eek:

Thanx for info.....could you post a link for that blog?

Miss Posh

Multi-Purpose
Centurion Member
Centurion Member
 
Posts: 102
Joined: Tue Apr 29, 2008 7:53 pm
Location: Somewhere in So Cal

Postby Multi-Purpose » Mon Oct 06, 2008 9:32 pm

BusinessWeek had a recent writeup about Bank of America blindsiding customers with APR increases. The good thing is we can put our money where our mouth is and stop using their cards in protest of this practice. I'm in full agreement of raising interest rates if it is a customer that has had his credit significantly effected by something negative, but doing it for no reason is plain wrong.
[font=Comic Sans MS]Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.
-Barack Obama[/font]

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Tue Oct 07, 2008 2:59 am

Only using 10% is definitely NOT over utilization of your credit. To me it sounds like what must have happened is simply the same thing they're doing to many of their customers.

I have a B of A credit card with a balance transfer of 0% on it that expires in December and they have not raised my normal rate yet. This could be because I don't make purchases on that card anymore so they know raising the rate would be pointless anyways. My % of credit limit used is closer to 25%.


I like the American Express Costco card. I use to have it until I canceled my Costco membership. It wasn't worth having a membership there for only myself.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

goober
Gold Member
Gold Member
 
Posts: 29
Joined: Sat Jul 26, 2008 2:55 pm
Location: OBX

Postby goober » Tue Oct 07, 2008 10:12 pm

i canceled my b of a credit card.......

YOU SHOULD TOO!!!!!!



Return to “American Express”

Who is online

Users browsing this forum: Vattené and 2 guests