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Bank Of America / credit card interest rate increase

1 United States Review updated:

I have been a Bank of America credit card holder since 1996. I have never made a late payment and my interest rate has always been 9.90% I've always carried a balance so the company has made money off me for 13 years. I recently received a letter stating that my interest rate is increasing to 15%. We all know that those of us that are responsible for making on time payments are now on the hook for those that do not. I was told by the "analyst" that this was a fair interest rate to charge me when I called to complain. I explained to her that although I would keep the card because having $30, 000 in unused credit is good for my credit score, I would never carry a balance with them again and they would never make a penny off me in the future.

Deliquent account holders should have their interest rates increased, not those of us with outstanding credit scores making timely payments. SHAME ON YOU BANK OF AMERICA!

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  • De
      4th of Sep, 2009
    0 Votes

    Bank of America is the worst of all banks. I have the same problem as the person that filed this complaint except my card was for a small business.

    Since it was a business card and I have a balance, the clerk (many clerks) said there was nothing that I could do about the rate increase.

    They all said that if this card was a personal card, I could have rejected the rate increase and never used the card again and the interest rate would have remained the same.

    I am now on a mission to deter anyone that I know from using Bank of America and not respond to their credit card offers that they receive in the mail.

    I hope they go out of business since they are immune from being arrested for loan sharking. I guess whenever they need money they just rip off their good customers.
    Best regards
    Dennis Dickey
    Maumee, Ohio

  • Cr
      10th of Feb, 2010
    0 Votes

    We help consumers who have more than $5k in unsecured debt. We guarantee settlements at 55% of your current balance or better. Call or email me for more details.

    John Shapiro

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