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Bank of America has performed in my humble opinion a criminal act against most of its consumers. Credit card customers have had their rates increased by an obscene amount.

Generally without any rhyme or reason behind it. Except for the lame excuse that it is because of the economy. Apparently there are to be regulations imposed by our government to stop this type of obscenity that some banks and credit card companies are doing. What I'm curious to know is WHY is our government WAITING until JUNE 2010 to impose these regulations???

Why is our government not putting limits RIGHT NOW on this type of criminal practice that B of A and other credit card companies are doing to the American public!!! Why wait until 2010??? Funny how these banks and credit card companies are being given a "head start" of sorts.

I wonder who is profiting from this "wait". It sure isn't anyone that I know.

Product or Service Mentioned: Bank Of America Credit Card.

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Anonymous
#60633
I never got a notice but noticed the change on my bill today (it was raised to 27%). I contacted them and they did reduce it to the original rate.

I was told that if I used the card again for any purchase that the rate would be raised to 27% again.

WHAT A COMPLETE SCAM!! :(
Anonymous
#60462

Just got my notice this month. Never late, had 8.9 % for the last 8 years with them, limit of $20k and FICO score of 750+.

My interest rate went up to 18%! I asked about the increase and was told the same thing as others on here. Only 20% of other card holders rates were not affected (yeah, the CEO's and other people on the Board of Directors) - so the rest of the 80% of card holders are having the increase for no good reason. I truly believe that this is because of the legislation that will be passed next year.

They're getting the ducks in a row to prepare for it. So all the rest of the consumers that pay on time and help the economy with their purchases (like myself) won't want to use anything other than cash - which seems to be in short supply these days. So I opted to keep my card at the 8% initial rate, declined the increase and will make payments over the next few months to get rid of the balance. I won't close out the account, because it counts as an account in good standing credit wise - but I'm not going to be using it either.

Time for a Discover card! Good bye BOA Visa!

Anonymous
#57137

i also have been a victim of B A .....i had been in the fixed 5.9 percent through MBNA which i had got the card and rate through being a member of the quarterhorse association...they kept sending me email to pay.... in april i paid 140.00 , 120.00 and 326.00 !!!!!!!!

i have confronted them on this with no repsonse....i would like to no where this money went? it all have been debited out of my checking account... i called today to also find out that they have jacked up my interest rate to 27 percent!!!!!!!!!!!!!!!!!!!! i am furious...

and i will never deal with this bank ever again!

i feel they are dishonest and crooks... our goverment needs to do something to protect Amercians from this kind of conduct from credit card companies

Anonymous
#56564

also peed about their interest hike

Anonymous
#56417
I hate BofA I hope everyone pulls their money out and the bank fails. First they help Wells Fargo pay incentives and then they penalize me for being with them for 10 years by raising my interest rate. :(
Anonymous
#56160

I saw on the news today that if your BofA credit card APR has not been raised yet, it will be raised 14% in June 2009. I too have a BofA account, have never been late with a single payment (although they've still charged me a few and had to remove them), and pay more then my minimum payment each month...none of this will be considered....no matter how good of a customer you've been or how good your credit score is....you will have the increase.

Capital One is also doing an APR increase but have given their customers the following options: 1. keep your APR until the card is paid off but Capital One will close your account (dinging your credit) or 2.

accept the APR increase and keep your account with them open. I HOPE BofA givens the same options because once my APR is increased I will do everything I can to never be a customer of theirs again and they can close my account!!

Anonymous
#55635

Where the F___ are the elected officials who work for us in the government! I rec'd my notice today, they almost doubled my APR.

I called Bank of America and they said it is happening across the board. We bailed them out and now they are raping us.

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