Complaint Rating:

I had opened a Bank of America credit card with an APR of 13.99%. In April 2007, the APR had increased to 27.99%. When I called to find out why, they told me that because I had been making minimum payments, the increased my APR. What kind of logic is that??!? By increasing the APR, they are making MORE money off of me and less of my payment is going to the balance. I am trying to get it lowered and so far nothing. However an article written Dec 4, 2007 quotes Bank of America spokeman stating that customers have a right to say no to an increase YET I was given no warning and I certainly didn't give permission.