Bank Of America Credit Card Offer
Author: Verne
Posted: Fri Jul 11, 2003 12:44 pm
Post subject: Bank of America Offer
At first glance the LARGE print, offered 4.00% APR for the life of the balance transfer. And it said I'm eligible to increase my credit limit (from $1,000 to 3,000). Sounded good until I looked at the footnotes.
*For each balance transfer and check used there is a Cash Advance Fee of $50.00.
**This fee will post to your account as a cash advance fee and receive a cash advance rate. (19.9%)
***I need to call and do a transfer to get the credit limit increase.
In other words, even if it were worth it after the $50.00 fee to transfer say $1,000 from an account with 7.9% to get 4.0%, how much will it cost me to have the $50.00 fee buried (paid off last) at 19.9% beneath the balance at 4.0%?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugene
Posted: Sun Jul 13, 2003 7:53 am
Post subject: Bank Of America Credit Card Offer
Verne, I see one very GOOD thing in this offer, and that is that they admit they can increase your credit line, most probably without pulling credit report. You know how credit to limit ratio is important, so even if you are not going to use this BT offer, or even the card in general, I'd get them to increase credit line.
You can call them and ask what maximum credit line they can give you without pulling credit. Expected reply would be $3,000. If they ask you whether you wanted to do a balance transfer, say yes. (Yes, I know it's a lie, but nobody is gonna suffer from it, so that's OK in my moral rules book). They first increase your credit limit, then do the balance transfer, so you can back out in the middle, but higher credit stays.
"Oh, I forgot my other credit card in the office, I'll call you back to do the BT", or "Oh, there is a $50 fee that posts at higher APR? Is it possible to waive the fee, or post it at the same interest or lower? Hmmm... Well, too bad, but thanks anyway" - choose your favorite line. By the way, you may actually try to negotiate the fee or its APR, and maybe it will become an attractive offer?
Doesn't hurt to try. Please tell us how it plays out.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Jul 11, 2003 12:44 pm
Post subject: Bank of America Offer
At first glance the LARGE print, offered 4.00% APR for the life of the balance transfer. And it said I'm eligible to increase my credit limit (from $1,000 to 3,000). Sounded good until I looked at the footnotes.
*For each balance transfer and check used there is a Cash Advance Fee of $50.00.
**This fee will post to your account as a cash advance fee and receive a cash advance rate. (19.9%)
***I need to call and do a transfer to get the credit limit increase.
In other words, even if it were worth it after the $50.00 fee to transfer say $1,000 from an account with 7.9% to get 4.0%, how much will it cost me to have the $50.00 fee buried (paid off last) at 19.9% beneath the balance at 4.0%?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Eugene
Posted: Sun Jul 13, 2003 7:53 am
Post subject: Bank Of America Credit Card Offer
Verne, I see one very GOOD thing in this offer, and that is that they admit they can increase your credit line, most probably without pulling credit report. You know how credit to limit ratio is important, so even if you are not going to use this BT offer, or even the card in general, I'd get them to increase credit line.
You can call them and ask what maximum credit line they can give you without pulling credit. Expected reply would be $3,000. If they ask you whether you wanted to do a balance transfer, say yes. (Yes, I know it's a lie, but nobody is gonna suffer from it, so that's OK in my moral rules book). They first increase your credit limit, then do the balance transfer, so you can back out in the middle, but higher credit stays.
"Oh, I forgot my other credit card in the office, I'll call you back to do the BT", or "Oh, there is a $50 fee that posts at higher APR? Is it possible to waive the fee, or post it at the same interest or lower? Hmmm... Well, too bad, but thanks anyway" - choose your favorite line. By the way, you may actually try to negotiate the fee or its APR, and maybe it will become an attractive offer?
Doesn't hurt to try. Please tell us how it plays out.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:54 PM
0 Comments:
Post a Comment
<< Home