Posted on 02/10/2008 5:20:35 AM PST by grey_whiskers
Credit-card issuers have drawn fire for jacking up interest rates on cardholders who aren't behind on payments, but whose credit score has fallen for another reason. Now, some consumers complain, Bank of America (BAC) is hiking rates based on no apparent deterioration in their credit scores at all.
The major credit-card lender in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving an explanation for the increase, according to copies of five letters obtained by BusinessWeek. Fine print at the end of the letter—headed "Important Amendment to Your Credit Card Agreement"—advised calling an 800-number for the reason, but consumers who called say they were unable to get a clear answer.
(Excerpt) Read more at businessweek.com ...
"To screw you better."
Cheers!
“...notifying some responsible cardholders that it would more than double their rates to as high as 28%...”
Holy crap. Pay off those balances folks.
doubled to 28% means they were paying 14%. It’s not like that’s such a good deal.
Cut the cards up first,and pay the balances off.Wonder if these banks are trying to cover some of their bad real estate loans by screwing their other customers.
Isn’t this the bank of amigo that gave mortgages to illegals???????????????
Sounds like they could give the Mafia lessons.
28% ?!?!?!?!?!
Why was Walmart not allowed to set up their own creditcard?
bookmark
28%??
The only difference I see between BoA and a shylock is the shylock will break your leg if you don’t pay.
The Bank of America won’t, at least not yet.
You’re right. 14% ain’t so good either.
Yup, my credit score is 740, and I have a very low balance ($2,012) on a $22,500 dollar credit limit. Mine jumped to 21%. No more...I’m paying it off this week ,and giving BOM the collective finger.
By BOA, and thanks for nothing.
Just gotta cover the costs of the cards they give to illegals.
“Wonder if these banks are trying to cover some of their bad real estate loans by screwing their other customers.”
Word was that’s why BOA was buying Countrywide. They had loaned Countrywide a lot.
Same thing happened to a friend of mine. 23%. Unbelievable.
draw your own conclusion ping
Chase did that cr!p to me last year (from 10% to 29% for no reason, had 25% utilization and 730 credit score). I paid it off 2 days later. Both of my Chase cards have not been used, period, since. I have a 1.99% BT deal with BOA that ends in May. I’ll pay it off in full at that point.
Isn’t this the same bank giving out free checking accounts to illegal immigrants?
“...from 10% to 29% for no reason...”
Amazes me that they can do that.
Wise move on your part.
My letter declining their nice offer to raise my rates to 28% went out the next day. Fluck them, their bank and their pi$$ a## credit card.
Yet these same maggots are giving unsecured Mortgage Loans (si, my name is Jose Gonzalez, I make $700K a year) to ILLEGALS!
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