Credit Tips: Business Credit Card Rate Reduction Review

Posted On: March 11, 2007

Author: Chazmanian
Posted: Sun Mar 11, 2007 10:35 pm
Post subject: BOA Business Credit Express Rate Reduction?

I have a nice LOC with BOA via the Business credit express deal. My rate is a little on the high side as they sent me a mailer touting Rates as low as 9.24 % no cash advance rate differences as its all the ame money on this program. Well my rate is 14. something and I called them on Friday to negitiate a better rate. The LOC is at zero balance and I have other products with BOA that are also at zero balance with lots of available monies.

The smart-alec “Kid” that I spoke with basically told me in no uncertain terms that due to the fact that I do not have any “Deposit” accounts on record with them that they would not be able to reduce my rate at this time??? So I said youre telling me that if i send you a grand or two and open a derned savings or checking account my lower rate request will be accepted? The kid says no sir what I said was that you do not have any deposit accounts and at this time we will not reduce your rate.

WTH? So basically the CSR was telling me that I need to have some monies in the BOA banking side of the house to save some dough on my Business Credit product?….

Is this just me or have any others folks had this conversation with BOA.

These folks have starting changing a bit as of late…Long hold times. Less than stellar CSR’s.Hmmmmmm….Oh the times they are a Changing!

Author: angelo21
Posted: Mon Mar 12, 2007 9:19 am
Post subject:

I don’t have any accounts with BoA.

What they are doing is hedging their bet. They’re trying to turn an unsecured loan into a secured one (or at least part).

Author: Polonius
Posted: Mon Mar 12, 2007 5:46 pm
Post subject:

I think the CSR is just saying that customers get extra points for having other accounts with BofA, and may qualify for special offers as a result, such as a rate reduction on an LOC.

I don’t know if he’s right about that or not, but it wouldn’t surprise me. Since checking and savings accounts are free with BofA, why not open a few and see if that helps? I have 2 checking and 2 savings accounts with BofA, mostly so I could max out 3 Keep The Change promotions (already closed a checking/savings combo after I got the $250 bonus!).

Labels: Bank of America Credit Card Rate Decline Reduction, Business Credit Card Rates in Review