"Bofa Following Amex!"

Bank of America® Accelerated Cash Rewards™ American Express® Card Review
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Written by: kimi on 2009-02-01

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kimi's review: I had this card since June of this year with a credit limit of $1300, charged this card and paid it of at least 3 times a month, never went over 35% of my credit limit but on my monthly statement payments were above $1100 since it's more than three payments every month. Total points of this card are 8000 points and that means that I have made transactions for bofa as much as $6000 or more that they charged all these merchants a percentage.

I asked for cerdit line increases 3 times since June and I was declined, two months I asked for another cli and they declined right away so I decided to go ahead and do debt consolodation and pay off all the dept monthly for accounts that most of em are more than 6 years ago and I sent the agreement to bofa so they can give the cli, amonth later here is the thunder bofa decreased my cli to a worthles $500, wich is less than my high balance on this card wich is $518 wich makes me look like a cocoroach on credit report.

I have made a mistake and praised this bank so much

but I regret, they don't respect their most agressive customers, who never had a late payment, actually my longest payment was 12 days after the chrage, and I pay the balance in whole each time but this bank became arrogant and now they scared that someone is gonna rip em off one day and not pay the balance, they are following suit AMEX with the sick and awful behavior.

soon I'm gonna draw all my savings and checkings and take em to another bank.

5 Comments

Comment 1 by hjm331
RE: on 2009-02-02

What agreement did you send them? Also, this isn't a WorldPoints card, it's a cashback card so you accumulate cash back, not points.
Comment 2 by kimi
It's World Points HJM331 on 2009-02-02

This was for the black bofa AMEX accelerated rewards cards with world points, but sine I did one review I was unable to do another review so I chose the AMEX cash rewards instead and they almost the same in means of being a tier one AMEX from bofa.

The agreement I sent them was the debt consolidation agreement with all the creditors and all the numbers for monthly payment for them, HJM331 unfortunatley the dept consolidation company breached it's contract so I filed an ACH dispute with bofa itself and bofa gave the money back.

The main point is that bofa knows about these accts for more than two yaers before I upgraded the Visa card to AMEX and nothing has changed since, and I'm extremely upset because they were making money out of me because the points and the transactions were huge, but they felt scared from the statements that says vesace store, nieman marcus, wynn las vegas and they may thought I was a lavish spender who is gonna default some time.

i'm not really worried about the bofa card I have 4 other cards and two of em are from cap one and they are in thousands of dollars and I sent the same agreement to cap one and they never decreased my limit but they didn'nt increas it, wich is smarter than stupid bofa.
Comment 3 by charonh
Sorry! on 2009-02-02

To hear this Kimi, unfortunately most creditors do this once they receive notice that a customer is entering into debt consolidation or pursuing bankruptcy and the debt consolidation company you used should have informed you of this. In fact, if I am not mistaken, most of them usually tell you to close your accounts, well in the past they did.
Comment 4 by hjm331
That's Right on 2009-02-03

Most creditors will take action when they see a consumer looking to consolidate their debts because to them, it looks like you are struggling to make payments and that you are a big risk to them especially when you are charging large amounts on the card.

Creditors have tightened their standards so you have to be careful nowadays.
Comment 5 by kimi
CLI Restored Thanks Bofa! on 2009-02-04

I called bofa credit department and explained to em, thanks they resterd my limit back it was.

I think they care and I'm goona keep using there card and pay off before time and earn points and not exceed 20% of my limit, and I opologize about calling them whatever they still my favourite bank.
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