OPT OUT
Feb 8, 2009 | 11:14 pm
#1
Original Poster
Join Date: Mar 2001
Location: Milwaukee, Wi. USA
Posts: 675
OPT OUT
There is still time to Opt Out from Bank of America's attempt to jack your interest rates up on their VISA World Points cards. Many consumers are reporting a 4 fold interest rate increase.
You may have missed the fine print on the bill a few months ago indicating their proposed change in terms.
But for many of us who don't use the card on a daily basis, we still had an opportunity to OPT OUT and close the account, retaining our previous 5.9% interest for the life of our loan.
The agent I spoke with told me that 289,000 customers have chosen that option. I am proud to be one of them.
You may have missed the fine print on the bill a few months ago indicating their proposed change in terms.
But for many of us who don't use the card on a daily basis, we still had an opportunity to OPT OUT and close the account, retaining our previous 5.9% interest for the life of our loan.
The agent I spoke with told me that 289,000 customers have chosen that option. I am proud to be one of them.
Feb 9, 2009 | 7:01 am
#2
Join Date: Aug 2007
Programs: Aadvantage, Skymiles, AlaskaAir, Starwood, Marriott
Posts: 32
Chase Freedom Card did the same thing!
Same thing happened with Chase Freedom Card! My interest rate on was 3.99 for the life of the loan and they raised it to something like 15.99 unless I opted out and closed the account, also hidden in small print which I almost missed. I've had a Chase card for almost 15 years! Unless you wrote them a letter requesting to opt out by mid Feb, you are screwed. So anyone with either of these cards and an existing promotional interest rate should check with them - I beleive you can just call them up and they can check your account. Very disappointing but in this ecomony not surprising.
Feb 10, 2009 | 8:47 pm
#4
Join Date: Apr 2006
Location: DAB/MCO/JAX
Programs: SPG Gold, United Mileage Plus
Posts: 107
My card went from 9.9% to 21%. I thought I missed out on the opt-out. But I carry a [relatively large] balance that I cannot pay off right now. Would opting out and closing it be worse for my credit than just dealing with the crap interest and keeping the balance?
Mar 18, 2009 | 10:41 am
#5
Join Date: Mar 2004
Programs: DL PM, DL MM, Hilton Gold, Marriott Gold, SPG
Posts: 805
Capital One just did the same to me
After 8 years of good standing with Capital One, they just did the same to me. I pay my balance in full every month. I called to OPT OUT. The rep tried to keep me from doing so, saying that since I pay my bill in full, a much higher rate is a mute point, but it still makes me mad. 
So I am leaving Capital One and will now look for a better Visa card.
And in this economy, one never knows when things may change and I may not be able to pay my bill in full every month.
It just really ticks me off that they make these changes to good customers.
So I am leaving Capital One and will now look for a better Visa card.
And in this economy, one never knows when things may change and I may not be able to pay my bill in full every month.
It just really ticks me off that they make these changes to good customers.
Mar 22, 2009 | 7:47 pm
#6
FlyerTalk Evangelist
Join Date: May 2002
Location: NYC, USA
Programs: AA EXP 3MM, Lifetime Platinum, Marriott Titanium, HH Gold
Posts: 11,049
After 8 years of good standing with Capital One, they just did the same to me. I pay my balance in full every month. I called to OPT OUT. The rep tried to keep me from doing so, saying that since I pay my bill in full, a much higher rate is a mute point, but it still makes me mad.
And in this economy, one never knows when things may change and I may not be able to pay my bill in full every month.
IMHO, there's no reason for anyone to get bent out of shape about interest rates. If you don't want to pay interest, there's a solution: pay in full. What's the big deal?
(We're not talking about a mortgage or a car loan; we're talking about a credit card account--you choose how much you spend and owe each month, with possible exceptions for medical emergencies or other unanticipated, unavoidable charges.)
Mar 22, 2009 | 7:53 pm
#7
FlyerTalk Evangelist
Join Date: Jul 1999
Location: ORD/MDW
Programs: BA/AA/AS/B6/WN/ UA/HH/MR and more like 'em but most felicitously & importantly MUCCI
Posts: 19,811
Potentially yes, as your credit rating is determined in part by the amount of available credit you are using. If you close off part of your available credit but keep the balance, you are presenting a worse-off portrait of yourself. I have heard it said that you should only opt out if you can replace the lost credit facility with a same-sized one at a lower rate, e.g. get a replacement card from your credit union or something.