Money Tips: Changes in Bank of America Credit Card Account

Posted On: September 20, 2007

Guest: shan7
Board Monitor/ Administrator
Post subject: Changes in Bank of America Credit Card Account
Posted: Thu Sep 20, 2007 9:53 am

Received a long letter from Bof A ( I have the old MBNA card which is now Bof A now) that talked about many changes including:

1) Bal transfer max fee of $75 no longer applicable (just like many other issuers). This starts March 2008.

2) Category classification changes: Balance TRansfer and Check Cash Advances will be defined as “Balance Transfers”. This starts Jan 19, 2008.

They did give option to opt out of these by writing to them.
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Heshan Demel
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Guest: ekue
Posted: Thu Sep 20, 2007 10:44 am

If you opt out they will close your account. That’s what they generaly do. If it is a term level change and you opt out, they will close it. But if it is a general change to some parts of the current term they will spare you the closure.

Guest: AJ
Senior Credit Expert (500+ posts)
Posted: Thu Sep 20, 2007 11:42 am

Received my 4 legal size pages a month ago, I still get to keep my 5.9 fixed rate!!

Guest: mantras
Credit Expert (100+ Posts)
Posted: Thu Sep 20, 2007 11:51 am

I’ll be waiting for mine as well as my signature card.

Guest: crediteducation
Posted: Thu Sep 20, 2007 1:06 pm

Hi I also got my lonnnnng letter from them; and was wondering the same thing about “opt out”
I saw you could opt out but wondered if it would close your account as my husband’s says if you opt out you are closing the account.

I am going to be sending the letter if not b/c that is crazy jump; and the lower the IR the better your credit score.