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Bank Of America Credit Card Rates / interest rates

1 United States Review updated:

I have good credit and pay my bills on time, every time. - Bank of America informed me that due to "risk review" (yeah, right) they will be DOUBLING the interest rate on my credit card. Of course I can "opt-out" but if I use the card, all current and future charges will be subject to the new, DOUBLED interest rate. AMEX, Citi, and all the other credit card issues are doing these same things to their customers.
How can these banks get away with this? How does the Government expect the economy to recover if the all-important consumers keep getting shafted by the banks. Many of us will never be able to completely pay off these cards. These banks by the way are keeping the bailout funds provided by the gov't and they are spending billions at the same time to acquire other banks. Something is clearly wrong here.

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Comments

  • Co
      30th of Jan, 2009
    0 Votes

    I agree, I have basically the same problem with B.O.A. more than doubling my interest rates. We paid to help them in the bailout and now we are being forced to pay them in interest rates. I would pay them off but with the economy the way it is my business has less money and the higher rates are even making it harder. I believe this now policy, in the long term will destroy them but we will have to pay in the mean time.

  • Co
      30th of Jan, 2009
    0 Votes

    I would like to add something to my about comments. Please call all of your elected officials and give them your feelings at http://www.usa.gov/Agencies/Federal/Legislative.shtml. Banks are borrowing money at record low prices and we are paying record high interest rates.

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