Are there any Bank of America Credit Card people that can help me lower my interest rate??

Question

So here's the scoop: I was late on 2 or 3 payments (30 day lates, not 60 or 90) and my interest rate has SKYROCKETED at Bank of America. Are there any employees that know ways to get my rate lowered? As someone that has worked for several corporations, I know that nobody understands how to get a company to work for them better than their own employees. Is there some tactic I can negotiate with to get my rate lowered to something more rational? Thanks in advance!!

Answer 1

A good solution would be If you retirement at work, you should be able to borrow against your 401K to pay off your credit card debt. This way you can arrange for auto deductions from your pay check every pay period and any interest that is accrued is automatically payed off as well.
Essentially you are paying back all interest to yourself.

Why give it to B of A?

Answer 2

Once you are late on any payment, your interest rate will jump. It's a fact of life and that's how credit card companies make lots and lots of those little green papers we call money.

Try to negotiate as you might but it probably won't work because the rates are most likely fixed. My parents found out the hard way when they did the same thing with Chase Bank. The only way they could pay off their debts was to do a re-fi on their home.

If nothing else works, try one of those credit counselor thingys.

Answer 3

Yes, if there is a bank of america office close enough for you to visit, set down with them and see what they can arrange for you about lowering the interest enough for you to catch up on your payments.

Answer 4

Bank of America doesn't do that. If you ask too many times, they will cancel your card without telling you.

You will be better off transferring your balance to another card which has 0% interest on balance transfers. Keep your BofA card open and use it minimally, paying it off completely every month.