Bank Of America -- What A Ripoff!!

Question

I have 2 credit cards from Bank Of America. I get a letter last month saying my interest rate on one of my cards was going from 9% to 26.99%!!!! All my payments were on time, etc.

I call to get an explanation. Rep tells me if I don't like it to complain to my Congressman since they approved an ammendment that allows them to increase the rate. HAHAHAHAHAHA.

All I have to do is write them and opt out of the amendment. Keeps my rate the same as long as I never use the card again, which is fine with me. And the other card is not affected for some reason.

I have no idea how this will help Bank Of America long term.

Calling my Congressman to complain about my credit card rate

Seahawk97 · Answer

I have 2 credit cards from Bank Of America. I get a letter last month saying my interest rate on one of my cards was going from 9% to 26.99%!!!! All my payments were on time, etc.

I call to get an explanation. Rep tells me if I don't like it to complain to my Congressman since they approved an ammendment that allows them to increase the rate. HAHAHAHAHAHA.

All I have to do is write them and opt out of the amendment. Keeps my rate the same as long as I never use the card again, which is fine with me. And the other card is not affected for some reason.

I have no idea how this will help Bank Of America long term.

Calling my Congressman to complain about my credit card rate

wallstreetcappers · Answer

Screw them, cancel the cards.

KOAJ · Answer

from what i understand, CC companies can raise your rate based on a deteriorating credit scoreyou should check into that...especially these days

Seahawk97 · Answer

My credit score is fine. I&#x27;ve never missed any payments on any credit card or loan. They told me there was no specific thing that I did. They were doing it because they were allowed to.

TonyaHarding · Answer

BOA

Godfather16 · Answer

probably the biggest crooks in  the nation. These assholes at my bank would charge $3 to go in a and make a deposit, in person. But if you did it at the ATM it was free, but you could do it at certain times, and there were other restrictions, and several times they shorted my deposit by exactly $200, I knew it was a scam by whoever was counting the money, so they would "find" the money, but they probably got away with it a few times.

BestPlay2Day · Answer

Are you close to any "rewards" from BOA?  If not, easy decision cancell both cards!  Not like you can&#x27;t get another credit card these days with a nice teaser rate.

Peppershooter · Answer

Making payments on time does not guarantee a high credit score.&#xD;&#xA; &#xD;&#xA;If you owe more than 40% (roughly) of the limit, your score will go down.

Seahawk97 · Answer

No rewards on the card I&#x27;m opting out of. The other card I will keep as long as it stays the same rate because it earns reward points through Harrah&#x27;s.

lavaman · Answer

Tell BOA to go kiss your ass haha

JONNIE · Answer

Bank of A are the biggest fuckin scumbags on the planet. Fuck them!!!! Commerce time!!

zxcoog · Answer

screw BOA I paid off my credit card with them last month. I am about to close my checking acct with them too

KOAJ · Answer

i have an Amex Blue card...never an issue ever

captaincredit · Answer

BofA is by far the worst banking institution. Try Chase or Wells Fargo. They seem to care a little bit about their customers.

chilitokid · Answer

The only thing banks, all banks, care about is that you are in debt. They penalize their good paying customers because they grant credit to people who cannot or will not pay them back.&#xD;&#xA; &#xD;&#xA;Cut up your card and mail it back to them with a note that says fuck you. Maybe they&#x27;ll get the hint.

BigPimpin · Answer

Take it from a guy that works in the Financial Industry, although I am a complete stranger, BOA is the absolute,hands down worst big bank. They will nickel and dime you to death and guess what moreover? THEY DONT CARE. Arrogance-BOA lives off of their reputation as the 3rd largest bank in America (JP Morgan Chase &amp; Citi).&#xD;&#xA; &#xD;&#xA;My advice-"simple" and to the point-although it is never wise to close out a long-standing line of credit, "close &#x27;em both." Unless, (a) youve had them for 7&#x2B; years, because thats 84 mos of credit history you&#x27;sd close or (b) if the credit lines are low (under $1000).&#xD;&#xA; &#xD;&#xA;In any event, in a declining rate environment, you can cherry-pick $0 annual fee,0 apr for 1 year credit cards all day long. Remember, Prime today is 6%, so if youre on a variable rate-bad move and secondly if youre fixed above 9.99, youre not doing yourself any favors.&#xD;&#xA; &#xD;&#xA;Bottomline: BOA is THE WORST in a cesspool of sleazy financial institutions!

PASA818 · Answer

Yea, I remember trying to cash a check a friend gave me that bank with B of A. They want to charge a $5 fee for cashing the check. The check wasn't much, but about $30. So in no way in hell that I'm going to walk out with only $25. They also will give you like 3 or 4 deposit each month if you have a checking acct., after that they charge you.

I always wonder what is a good bank to use nationwide.

Chase, Wachovia, Wells Fargo, Commerce, what else is out there

alamo1836 · Answer

I got the same notice and cancelled both cards. &#x27;Bank of America is a scam. Bad company....but unfortunately very rich.

lakers34kb · Answer

I used to have a cc with them... payed it off and then closed the account. so about 4-6 months later I randomly log on to my online account thinking about opening it up again and see that I have about a negative $400 on my card

WTF

I called them and they said that its a $39.95 charge to close my account, so what the fuck... and it turns out I have been getting late fees on top of late fees for the last 6 months..... never did I get anything in the mail or a phone call from them

went down to the local bank... told them my account number and that they could shove their processing fees up where the sun don't shine and I took the bus home

depeche2 · Answer

Pay your bill in full each month.  I don&#x27;t even know or care what the interest rate is on my cc&#x27;s.  If you can&#x27;t pay it in full then you&#x27;re spending too much or making too little.If only the government could understand this sort of logic.

homersdoh · Answer

I have 4 different CC&#x27;s with BofA plus a savings account, checking account and line of credit. My current credit card % rate is 8.9%. if they ever tried to pull that shit with me I would pull everything out but to date I have had no issues. I would talk to someone else, the whole thing seems fishy to me

LVWAR · Answer

I&#x27;ve always been against using credit cards because of the bullshit you have to put up with. But credit cards from banks are the worst. Personally I would just use a debit cards instead.  I have  3 of those  from my 3 banks. Less bullshit and  no interest. SEAHAWKI&#x27;m not sure if this is your situation but my GF was risen from 5% to 30% despite paying on time. The reason was she was paying just a little over the min and the fine print allowed Chase to raise the rate. Of course I shit a brick when I heard this sob story and loaned her some cash to kill the fucking card. I am totally against owning money you can&#x27;t pay back. Now I don&#x27;t know if that&#x27;s your situation but if it is you should really talk to some subprime mortgage lenders about interest and credit.BTW, BOA is pretty bad. Especially with their credit options. Take a look at Wachovia. They are a better choice.

Seahawk97 · Answer

What really puzzles me is that it only affects one card and not the other.

Bank Of America -- What A Ripoff!!

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