LATE credit card payment... my apr just went from 10% up to 27%.... HELP

magicity

magicity

103
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Jun 7, 2005
Anyone on NT "in the know" as far as banking or credit cards?

I've been making monthly minimum payments (or a little more if I can) on an $8,000 balance; I always make my payments online. I ended up paying the DAYthat my minimum payment was required, but since it fell on a weekend, it didn't process til Monday. This, in turn, caused my fairly manageable 10% interestrate to SKYROCKET up to 27%. Unbelievable.

Am I S.O.L? I'm planning on calling them tomorrow...is there anything anyone can recommend not just me...but maybe others that this may have happened toout there? What to say? Excuse to give?

I bust my $@+ working and going to school... and I accumulated this debt to pay for legal fees (younger andstupider). I really...REALLY cannot afford it at 27%. I'm sure you can feel my pain...any insiders out there?

(Account is with Bank of America btw)
 
Sorry bro..but it's not looking too good 4 u. You can try to write a letter of explanation showing you sent the payment on time, but it might not matter.

Keep ya head up and pay early!!!
 
laugh.gif
stop buying things.
 
Your best bet is a goodwill letter google someone high up in there credit dept, and write, or email them your situation this might be a instance where itsbetter to write a letter seems more personal
 
Not a damn thing you can do, unless you have another credit card with a balance transfer offer. Credit card companies have been ratejacking folks thatdon't even have balances/never been late, so I can't see them helping you out.
 
Originally Posted by starbury03

Sorry bro..but it's not looking too good 4 u. You can try to write a letter of explanation showing you sent the payment on time, but it might not matter.

Keep ya head up and pay early!!!
Click to expand...

Damn man... like that?

I mean....it was enough to deal with seeing $60 monthly finance charges; Now....it went up to around $160 a month.

I ain't tryna give you guys some sob story; We've all got our *#** to deal with. Maybe someone has some nice useful tidbits to chime in... I just needto get the apr back down.

EDIT: Thanks for the responses people... keep em coming. I'm gonna call em as soon as their system is back up and hope for the best; it's unbelievable.I don't ever use credit cards... this is unreal
 
I don't understand how your payment won't process until Monday. If I pay online and it's before 3PM EST it counts as being paid that day regardlessof whenever the processing date is. I would call them and try to handle that. 27% is outrageous. You might as well get a loan to consolidate it at a much lowerinterest rate. Good luck with whatever you try.
 
Call them, ask to to speak to a supervisor and explain your situation and keep insisting they lower the rate. They have the power to do so, so just keeptrying. Threaten to close the account etc.

BoA is horrible with this.
 
This doesn't work with all banks, but try this. Tell them you paid on time, its not your fault that the payment didn't process on time. Ask them tochange it back to 10% especially since its your first time making a late payment. If they still refuse, tell them you wanna close your account, that you wouldrather take your business elsewhere. Knew someone who tried this, and it worked.
 
you can just call and speak to a manager...explain your situation..they give a lot of extra care to students..thats what i did..
 
If it's in the fine print that the apr will increase trifold after a late payment, I'm not sure if there is much you can do.
 
They've probably been looking for a reason to jack up your rate
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a lot of card companies have been jacking rates I've seen people go from 5% apr toaround 26% just because they weren't using their cards that much

Keep your utilization low on your cards its better for your credit score
 
Originally Posted by magiCity

Originally Posted by starbury03

Sorry bro..but it's not looking too good 4 u. You can try to write a letter of explanation showing you sent the payment on time, but it might not matter.

Keep ya head up and pay early!!!
Click to expand...

Damn man... like that?

I mean....it was enough to deal with seeing $60 monthly finance charges; Now....it went up to around $160 a month.

I ain't tryna give you guys some sob story; We've all got our *#** to deal with. Maybe someone has some nice useful tidbits to chime in... I just need to get the apr back down.

EDIT: Thanks for the responses people... keep em coming. I'm gonna call em as soon as their system is back up and hope for the best; it's unbelievable. I don't ever use credit cards... this is unreal
Click to expand...
Check the fine print of your CC paperwork.

I had one w/ Capital One and I've been dealing w/ this ++@$ for well over a year now.

Anyway, they tried to up my APR from 8.5% to 21%...
eek.gif
I was like HELL NAW

Long story short, I found an out and canceled my CC w/ them even though I'm still making payments.
ohwell.gif
But my APR still went up to 13%.

Good luck OP.
 
Bank of America posted a $3,000,000,000 (billion) profit last quarter... You think it's because their customer service is so outstanding?
laugh.gif
 
I've never heard of this situation. Regardless of the weekend, a CSR should be able to go into your profile, view the date the payment was posted, andreverse the late fee/APR hike. However, the more I think about it, it might be out of your hands. They do have a schedule on the website of when a payment willbe processed depending on when it was posted.

Hopefully, you should be able to clear things up with a phone call, and perhaps some persistence in getting to speak to the right person. Good luck with thisthough.
 
Hey, I was taking a dump and just thought of a solution for you.

A lot of credit card companies allow what is called a balance transfer. They pay off the debt that you owe to Bank of America, and you now are in debt to thenew credit card company (or bank), but at a much lower interest rate. My wife did this with a $4,000 debt she had to Wells Fargo. We did the balance transferthrough a credit union, and instead of paying an interest rate in the high teens, we locked it in at 7.9%. You can probably even find lower rates now, butthis is a better route to consider than fighting with Bank of America to bring your rates back down

Try doing some research with different banks and credit companies, and find out which ones will allow balance transfers of $8,000, and what the interest ratecan be locked in at, and then ditch Bank of America.
 
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