Am I missing something here? credit card offer

[dcox20]

Link

Considering getting out of my Bank of America Platinum which is at Prime +1% (currently 9.25%) for this fixed rate card 7.25% no ann fee.

thoughts? anyone heard of these guys? it's backed by visa so do I have anything to worry about?

thanks!

[autoxer]

I'd worry that I can't find a link to their terms & conditions. What if they bump the rate up shortly after transferring your balance?

[dcox20]

hopefully this link works to the t&c

Terms & Conditions

Found these by hitting "apply online" that was all... no personal info given yet

[mekish]

there usually is a catch, you better read those terms and conditions closely!

[neatdesign]

What about this:

If we are unable to approve your application as submitted, we will automatically consider your application for an alternate product. There may be additional costs associated with the use of an alternate product.

I don't know about you, but this would make me uncomfortable. By applying for the intended product, you're ALSO applying for an unintended product, without knowing THAT product's terms and conditions in advance. Essentially you're saying, "Hey, I agree to take anything you're willing to approve me for!"

What if the product you end up with has a $50 annual fee that's applied to your first billing statement? Do you feel confident that this bank will waive that fee if you choose to close that account? You can't say that you didn't know there would be a fee, because the terms mentioned above tell you there may be fees and you agreed to them when you applied for the intended product. Just something to think about...

~ Jenney

[safari]

Fixed rate on a credit card doesn't mean a thing. They can increase the rate at any time, so even if you get the 7.25% APR, next month it may become 9.25%, 14.95%, or whatever the bank decides the new rate is going to be. The only time you can expect the rate to remain the same is when a credit card offers a promotional rate and guarantees that the rate will be in effect until a certain date, or until the balance is paid off.

[vsjhoc]

I've had this card for a few years (at least 3). Never a problem. They haven't raised the APR. When I applied I had to fax a recent paystub.

The only issue was it was a no annual fee card and they billed an annual fee in the first statement. One phone call to customer service straightened that out.

The other posters are correct -- careful for the bait and switch approach.