So I received a little letter in the mail today from my friendly branch of Bank of America. They state, "we are raising your interest rates to XXX %". I am thoroughly confused as I have never had a late payment with them in 4 years. My utilization is roughly 40%. Credit score is not an issue for me.

So I call them and get transferred to their credit department. The nice man there stated that my card was no longer profitable due to the state of the economy and the had to double my interest rates to make up for all the problem the bank is having. I instructed him to look at my financial stats and told him I refused the changed. He agreed there was ZERO issues with my account, but he had no other option to give me other than he would put me back on my original fixed APR is I agreed to never use the card again. I laughed and agreed to it. (More incentive for me as I am paying off the card here soon enough.)

The only reason I can justify as to why they doubled my APR is that I had such a low APR that was locked in years ago. Ha!! So now when my shiny new Discover card comes in the mail here in the next few days, I will be using balance transfers at 0% to wipe that card clean. Sure enough they are wanting to potentially lose me as a customer at BoA.

So screw you BoA !!

 

Banks, insurance companies, and politicians by far the most crooked on the planet.

 

Bank of America ,that's a oxymoron

 

My Fiance's credit card (one owned by Citi-group) just did the same thing. What a load of bull. They get our tax dollars to stay aflot, against the majority of the country's wishes, and then think they can up your interest rate, todouble screw you.

 

Ah Bank of America...I do most of my banking with them and about a year ago they told me that it would be a good idea for me to apply for a student credit card to start building a credit history. Well, I did and got a nice letter back thanking me for my interest but saying that they could not approve me due to a lack of credit history. Seriously...this is a card aimed at college students, what kind of credit history did they expect? I then went and applied for a similar card through Citi...got it in two weeks.

 

Here is a web site that you all should check out. This guy got tired of the all the crap from the credit card companies (etc.) and is trying to do something about it. I support his efforts in any way I can.

http://www.newcreditrules.com/

 

Capital One just did this.

I chose the same option as you... I am an outstanding credit holder, and for this company to try and do this to me made me flip.

 

ive always banked at my local credit union..im not a fan of the huge banks. i do have a capital one and a chase credit card though and ive had no major problems with them.

 

Oh my God, Bank of America is the worst possible place you could go.
Once upon a time, I got a free checking account from a place that I was working through them. I went to sign up, and turns out I got a free savings account with it. I told them I didn't have enough money to keep up two accounts, I just needed the checking. They advised me to just not deposit anything into my savings account and it would close itself out, so I did not deposit anything into it.
I deposited $4,700 into my checkings account. I got my checks, so I wrote out about $1,100 worth of checks to cover my bills. Well, I go to the bank after my direct deposit supposedly went through and I had no funds available for withdraw.
I was like wth, I watched my deposit go through on the online banking site before my checks were taken from the account, so there should have been no issue.
I go inside to find out where my money is. Turns out, when they sent me my checks, the first 100 checks came out of this savings account that I did not want (and that you shouldn't be able to get checks for anyway, it's a savings account, if you can get checks for it, what's the difference in the accounts ffs?) so the checks I had written had bounced.
Then, BoA proceeded to run each check through about 7 times a day at 30 bucks a pop until my account was in the negative, then they started taking funds out of my checking account to cover what was owed to them, but NOT to cover the checks that weren't paying my bills.
By the end of 3 days, I had went from $4,700 plus a $900 direct deposit all the way down to -$1,400 and counting.
I, for one, think this is a mix up and should be resolved, but they said no, I was liable for the entire amount. I also don't think that a single check should ever be able to cost you over $150 in one day because it costs $30 every time they try to run it through, but it did, and multiples of them added up very fast.
Anyway, when the security got there to escort me out for "causing a scene", I told them to shove it and I still haven't paid them, and don't intend to. Matter of fact, if that bank fails, I hope that money they claim I owe them plays a major role in their failure.

 

My Chase card did the same thing. I also transferred my balance to Discover then canceled with Chase the next day.

 

Hey guys -- you've got this all wrong.

A few years back, I had a similar problem with a card of mine (Capitol One) and I decided that two could play the "screw you" game:

First, I immediately paid off the balance on the card, since the only reason I carried the debt to begin with is that I had one of these "1.9% for the life of the outstanding balance" deals and I figured it was cheap liquidity.

Then, every month since then, I have proceeded to put 61-cents worth of gas into my vehicle using this card via "pay at the pump". The way I figure it, I have cost them a ton of money having to process a monthly statement and payment for that small of an amount over the past couple of years.

Power to the people.......

 

To be honest though credit card companies have the right to do that at anytime if you read the fine print that's why it's never a good thing to own lots of cards. I just paid off all my credit card debt and had 3-4 cards now I have 1 with USAA. All the banks are having issues so it's not a good time to use a credit card or get one because they know their in trouble and the agreements are going to be even crazier. Sure you get points back, money and all the other crap but unless you paid it off the next billing cycle you're just eating interest so even with all these so called "deals" I stay away from the card unless its a emergency or I pay it off fast. There's no such things as fixed interest rate cause the banks can just turn it up if then need to, it's in the agreement.

 

I've been with BoA for 10+ years now, including using their USAirways Credit Card and have never had an issue.

Back in college I had a shady employer who had issues keeping enough money in the bank to cover our paychecks. I deposited my 3rd paycheck, at the same time I moved into a new house. I had to cut checks for rent, deposit and all the utility hookups. Well, my paycheck bounced a few days later, just as the bank tried to cash my checks. A few cleared, but several bounced and BoA charged me the $30 fee. I went in to talk to them, told them the story and they removed all the fees they charged me.

Another time I had direct TV, and when the contract was up, instead of asking me to return their equipment (satellite, receiver, etc) they charged my bank account almost $2k and said, if you want your money back, send us our equipment. BoA helped me out there too.

Maybe if Pickup Man had paid closer attention to his accounts, or not "caused a scene" the result may have been different.

- NCSU

 

credit card companys can pretty much do anything they want. if your late on your truck payment for example and you credit bank finds out..they can raise the card interest rate. you could have have paid that card payment on time for 10 years and never have been late...doesnt matter its all in that agreement. ever try to read one of those??

 

Hey Keith it is called universal default. That's when you are late on another card and all cards decide to raise the rates.