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[Fred93]

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http://www.bloomberg.com/apps/news?pid=20601087&sid=aaCdPylW8B.U&refer=home

Bank of America Credit-Card Unit Loses $373 Million on Defaults

By David Mildenberg

Oct. 21 (Bloomberg) -- Bank of America Corp., the largest U.S. consumer bank, lost money on credit cards for the first time since its January 2006 purchase of MBNA Corp. as more borrowers missed payments amid the slowing economy.

The card-services unit lost $373 million in the third quarter, compared with a profit of $1.04 billion in the same period last year....

[bamalucky]

I don't understand who's buying on the market & why?

There's just nothing to get a good feeling over.

[AmexFan]

For a total loss of $1.413 billion for the quarter compared to the same period last year?

BOA still keeps sending 0% BT offers.

[Loan_shark_74]

For a total loss of $1.413 billion for the quarter compared to the same period last year?

BOA still keeps sending 0% BT offers.

They all are, to some extent. What I think is interesting, is the amount of "for the life of the balance transfer" I am getting. I think it is great that I can borrow from Citi at 1.9%. I put the card away, because new charges are at a higher rate and all payments go to the lower rate. Where can you go and borrow 10K at 1.9%? Plus, if you just make the minimum payment, it will take years to pay off. It is like I got a 15 year loan for 1.9% that I can pay off at any time.

[msava]

For a total loss of $1.413 billion for the quarter compared to the same period last year?

BOA still keeps sending 0% BT offers.

They all are, to some extent. What I think is interesting, is the amount of "for the life of the balance transfer" I am getting. I think it is great that I can borrow from Citi at 1.9%. I put the card away, because new charges are at a higher rate and all payments go to the lower rate. Where can you go and borrow 10K at 1.9%? Plus, if you just make the minimum payment, it will take years to pay off. It is like I got a 15 year loan for 1.9% that I can pay off at any time.

If the say payment is 1 hour late, they raise rate and terms.

[Mtnchick]

For a total loss of $1.413 billion for the quarter compared to the same period last year?

BOA still keeps sending 0% BT offers.

They all are, to some extent. What I think is interesting, is the amount of "for the life of the balance transfer" I am getting. I think it is great that I can borrow from Citi at 1.9%. I put the card away, because new charges are at a higher rate and all payments go to the lower rate. Where can you go and borrow 10K at 1.9%? Plus, if you just make the minimum payment, it will take years to pay off. It is like I got a 15 year loan for 1.9% that I can pay off at any time.

If the say payment is 1 hour late, they raise rate and terms.

So don't be 1 hour late. I have a few 0 and .99% BTs. I epay everything and have it arrive there 2 days before it's due.

[Loan_shark_74]

For a total loss of $1.413 billion for the quarter compared to the same period last year?

BOA still keeps sending 0% BT offers.

They all are, to some extent. What I think is interesting, is the amount of "for the life of the balance transfer" I am getting. I think it is great that I can borrow from Citi at 1.9%. I put the card away, because new charges are at a higher rate and all payments go to the lower rate. Where can you go and borrow 10K at 1.9%? Plus, if you just make the minimum payment, it will take years to pay off. It is like I got a 15 year loan for 1.9% that I can pay off at any time.

If the say payment is 1 hour late, they raise rate and terms.

That is why you always pay early and use online banking to pay your bills. It can't get lost in the mail and takes only 2 days to go through. My payments are cleared by Citi a full week in advance.

[Nora_Lenderbee]

I am shocked to learn that a professionally run banking company has suffered defaults just like us ignerant amachoor lenders.
 

[msava]

I am shocked to learn that a professionally run banking company has suffered defaults just like us ignerant amachoor lenders.
 

Don't worry, government will bail them out.

[AmexFan]

Would be funny if we were bailed out by the government via SEC's decisions in regards to Prosper.

[TJGbank]

,

[ToySoldier]

They reduced my CL last week. Canceled the worthless CC. Good riddance. Bad idea getting it in the first place.