Initially contacted Bank of America to reduce Credit Card APRs, and they closed all my credit card accounts. Was told to call back in 6 months for APR reduction. Promised an APR reduction from 24.99% to 8.99%. Received a letter indicating that although Bank of America agreed to the APR reduction, they are now rescinding the arrangement.
Once a bank agrees to reduce a rate, can they renege, when I have abided by all the conditions and terms?
Ultimately it is their ball and they can take it and go home. As long as you hold the card and carry a balance you are subject to the terms the creditor decides to issue. There is currently nothing that prevents a creditor from changing the terms with notice.
You may want to contact Bank of America and see if there is an opt-out option for the new term changes. If there is they would then close your card and let you pay it off at the old lower rate. Just remember, closing the card will sever the payment history on that card and can hurt your credit score.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.
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P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.