Back in January I shared with you my personal experience with Bank of America throughout my credit journey: https://hiepsfinance.com/2013/01/30/bank-of-america-is-awesome/ . To sum it up, Bank of America has done all the good things for me: gave me a secured card with cashback rewards, unsecured it and eliminated the annual fee a year later, and then raised the credit limit six-fold! 2 days ago I took another step further and asked them to lower my APR of 20.24% typical of secured cards but a little high for a non-secured card.
The representative looked at my profile to see if my account would be eligible for a lower APR. Sure enough, she came back with a new interest rate of 11.99%, the lowest in my current credit card portfolio by a wide margin!
Let me clarify why I asked for a lower APR. I didn’t ask for an APR lowering because I planned to carry a balance; I wanted a low APR in case of emergency when I may have to make a large purchase without sufficient cash. If I had a house struck down by lightning for example, I’d need some cash flow available immediately to start rebuilding, and if I had just paid a large medical bill I probably wouldn’t have the cash at my disposal right away. In that kind of scenario, the BofA card with a relatively reasonable APR would come in handy.
I may give BofA another call in a few months to see if they can bring the APR down to below 10% – that would be the last thing I need from Bank of America for this incredible Cash Rewards card.
I am a loyal customer of Bank of America, at least for their credit card and banking products. If you are still looking for a bank to get your first credit card from, seriously consider BofA.
Hope you have a great weekend!
Richard (Hiep Tran)