Getting My Credit Card Interest Rate Back
March 25, 2009 by Miranda Marquit
Filed under Finance
It’s time for a Personal Story From My Life. Lucky you.
Every month, I schedule payments online. Last month, I had need to schedule a credit card payment. Now, I must admit (sheepishly) that between Christmas and the new car and paying those dastardly state income taxes, we’ve got a balance we’re carrying on the Bank of 
America credit card. Not a massive balance on the card in question, and one that will soon be paid off (next month), but a balance nonetheless.
Last month, I scheduled the payment online, much as I do for my satellite TV bill and my Internet bill. For some reason, it didn’t go through. Did I forget to hit some button in a final step? Maybe. But I recorded the payment in my personal finance software, and thought no more of it. Until this month, when I checked my statement. I called Bank of America, confused, and explained the situation. They waived the fee (I’ve never, ever missed a payment on this card in six years) and I scheduled a payment for last month and this month.
Upon further inquiry a couple days ago (just making sure the payment went through this time), I discovered that this one indiscretion resulted in a default rate of 27.99%. My regular rate on this card is 9.9%. I was furious. My account is in good standing! I’ve never missed a payment! I’ve been a card member for six years! I occasionally buy things to keep the card active! So I called Bank of America to ask for my interest rate back.
After talking to three people, I got my interest rate back. They did have to do a “credit account review” before making the decision, though. I had to give them my income, my job information, and allow them to pull my credit report. Which annoyed me. It’s obvious that this in not a normal thing for me. There usually aren’t any payments to miss in the first place. But, in the end, we got there. I managed to remain calm, despite my annoyance, and my general fiscal responsibility carried the day.
Have you ever had to ask for a lower interest rate?
image credit: Brian Katt via Wikimedia Commons
I to ran into the same problem with a Chase card and did call to question the rate increase. Although I do carry a balance, after all what is a “credit” card anyway, I have never been late and always pay more the minimum. After a condescending interaction with a customer service rep I was informed their policy. per my “terms and conditions insert” indicated that periodic account reviews determined my rate. Nonetheless, nothing was changed and I felt like a rotten consumer unworthy of their consideration. This policy is pure usury in my opinion. If I could afford it I would pay the cards off and tell them to kiss my “you know what”. I have no doubt that they would be calling me soon after asking why I closed my account and I was such a great customer (has happened before) and did they do anything wrong to offend me or was their services sub par. Pure bunk. We good consumers are paying to offset the losses incurred by the banks issuing the cards for the bad decisions implemented by their incompetence. I have contacted my congressmen and consumer rights organizations to combat this miscarriage of credit rules. In closing, I find it disgusting and bad public relations. As our economy improves and Americans get back on their feet I wonder how many cut-up cards the issuers will receive in the mail. Then they will be crying all over again.
I’m sorry you weren’t able to get your rate back. I dumped Chase three years ago because of an interest rate dispute. They just raised it for no reason at that time. I didn’t have a balance, I hadn’t missed any payments. They were just raising rates along with the Fed rate (it was back when the Fed was raising rates). I asked for the old rate, they said no, and I canceled. And the company did call back, asking what they could have done differently. I simply said, “You could have given me my old rate back.” Then the rep launched into an “introductory rate” deal. I said “no thanks” and asked to be removed from the calling list.
Why not just get a debit card and be done with these crooks and thieves? Plus it forces you to live within your means. Credit cards get more people in trouble than anything I know.
Uh, I have a debit card. Most of the time I pay off my balance and use reward points — which basically act as free money. It’s a very rare thing when a balance is carried.