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FYI-- boa will be eliminating bt cap's as of jan 08 Archived From: Finance

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alert mods    
   posted: Sep. 4, 2007 @ 3:05p

Same old song, it's been playing for years.


alert mods    
   posted: Sep. 4, 2007 @ 5:34p

I got the same mailing, it states that on 3/10/08...assess a transaction fee equla to 3% of the us dollar amount of each balance transfer, cash advance min of $10. But you can just wait and see what the promotional offers are going to be, maybe the fee will be waived. No caps to the fees will kill any benefit of the cash advance, no tax benefit for the interest charge and getting taxed on the interest from the float. The difference is glaring, for a $50K advance, previously it was capped at $75, now it would be $1500.


alert mods    
   posted: Sep. 4, 2007 @ 10:25p

Why wouldn't you deduct an expense incurred with the intent of making a taxable profit?


alert mods    
   posted: Sep. 4, 2007 @ 10:34p

WalStMonky said:Why wouldn't you deduct an expense incurred with the intent of making a taxable profit?

You clearly can deduct investment expenses, but the Government is only going to pick up 1/4 to 1/3 depending upon your tax bracket........


alert mods    
   posted: Sep. 4, 2007 @ 10:36p

Even so, the uncapped fee negates any meaningful upside compared to the $75 cap.


alert mods    
   posted: Sep. 6, 2007 @ 5:34p

Ahhh, this must have come from the same department at MBNA that said they were going to stop offering 0%. We all know how long that lasted.


alert mods    
   posted: Sep. 6, 2007 @ 7:13p

probably do the 50/50 split trick. we'll have to wait and see


alert mods    
   posted: Sep. 7, 2007 @ 10:51p

We got the T&C change notice today. It seems that BofA is going to quit classifying direct deposits to checking as BTs and will instead treat them as cash advances.


alert mods    
   posted: Sep. 8, 2007 @ 12:38p

LustfortheMoment said:babalouie, I STRONGLY doubt it. BofA has several offerings with NO BT fee in an attempt to stay competitive with other issuers. I doubt that the $0 BT fees will vanish unless all banks jettison them in unison.......

where have you been thats what is happening right now, most banks have already raised caps that used to be 50 or 75 up toward the 200 limit in prep to remove them, chase and citi are both doing it.


alert mods    
   posted: Sep. 8, 2007 @ 1:01p

^^^I just did an AOR in August and had no problem finding zero or capped fee BTs. They were quite easy to find. I believe you are suffering from confirmation bias, or just don't know where to look.


alert mods    
   posted: Sep. 11, 2007 @ 10:45a

WalStMonky said:^^^I just did an AOR in August and had no problem finding zero or capped fee BTs. They were quite easy to find. I believe you are suffering from confirmation bias, or just don't know where to look.

can you link me to any BOA cards with capped 0% offers besides https://offers.bankofamerica.com/ConsumerCard/OTS5Offer.aspx

would be much appreciated!


alert mods    
   posted: Sep. 11, 2007 @ 10:48a

I received notice yesterday for my BOA Signature Visa regarding the pending changes. Changes are similar to those already mentioned.


alert mods    
   posted: Sep. 25, 2007 @ 9:13p

retihsuhnt said:I received notice yesterday for my BOA Signature Visa regarding the pending changes. Changes are similar to those already mentioned.

i got one today ... 24.99% APR on cash equivalents (effective 20Jan2008), 3% transaction fee (min $10, no max). i fully expect there will continue to be 0% promos with no fee--this is going to affect those folks who want cash when they don't have one of those offers active at the time they need $$ ...

here's the odd part: "we increased your APR due to the balances and APRs on this account." the purchase APR (which is not changing) is 5.99% fixed (!) .. and i haven't had a balance on this card in years ...

another oddity: i can, apparently, reject the cash equivalent apr increase by writing to a specific address and declining the change (in which case any cash equivalent taken from the card will earn the bank "a higher corresponding APR of 19.99%" i'm assuming that rejecting the 24.99% rate will signal FIA to screw me in other respects in the not-too-distant future ... no?!?


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