Bank Of America/World MasterCard Promotion Beware of promotional credit card offers with low to zero percent interest rates. What they have on paper and what the sales reps tell you may not be what you are signing up for. Nationwide

I received an offer for a World MasterCard with an introductory 0% or 2.99% annual percentage rate for balance transfers until October 2009.

When I contacted the sales rep to ask questions, I was encouraged to apply directly on the phone with her and I could possible be approved while on the call.

We went through the entire process of questions/answers ect. I continually asked if I transfered my balance to this credit card would I receive 0% interest through October 2009. Her response was "yes ma'am".

She then informed me that I was approved for the credit card. I then asked her again if it was for the 0% percent interest through October 2009. Her response, "yes ma'am".

A week later I received a letter in the mail congratulating me on the recent approval of the my new credit card. It goes on to say that the balances will be transfered to my new account at a promotional rate , currently 2.99 APR, which will be in effect for this transaction through Oct 2008.

This was news to me! I contacted Bank of America and was transferred 4 times with a total wait period of over 30 minutes. After many conversations and being put on hold - they asked if I had the original offer letter because without that - they would not be able to assist me.

Fortunately, I did have the original offer letter and they confirmed that they had made an error and that the promotion was through 2009, but the interest rate was staying at 2.99%.

I explained that this was not what I was orignally told by the sales rep and that if I had known up front that I was paying 2.99% I would have not proceeded with accepting the credit card and would have gone to any of the 6 other 0% offers that I had received.

I was also informed that the transfer balance was already in progress so I could not cancel the card, so that I was now paying Bank of America 2.99% as opposed to the agreed upon 0%.

They informed me that the sales rep would not have even know what my approved interest rate would have been during that call, so she should not have given me that information.

They admitted to making an error on the length of the offer and extended it to October 2009, but would not budge on the miscommunication of the interest rate.

I am know stuck with a new card, with a balance transfer of 2.99% which I never would have applied for or moved on with the transfer had I been given the truth.

If I want to transfer this balance I will have to apply for a new card with another company, have my credit rating lowered due to another inquirey and then wait to have the money transfered, while they eat the interest I never agreed to.

Even if you read the fine lines and ask directed questions to the sales rep you may not realize what you are actually signing up for.

I feel that I was falsely mislead and Bank of America is profiting by it and I have to pay the price to fix their error.

Patty
Nashua, NH, New Hampshire
U.S.A.