Bank of America Raising Credit Card Interest Rates?April 14th, 2009 at 4:49 pm by Kennan Oliphant under Business, Turn to 2, Uncategorized
Oh yeah, that’s word from banking officials who seemingly need your money to recoup their losses. About a week ago, I got a letter in the mail from B of A saying they were going to raise my interest rates from about 9%to a whopping 20.74%!!!!!! I ’bout jumped out of my pants when I read that. I immediately called the company to see what the problem was. I thought, maybe, I had missed a payment or had paid late. Usually, that’s one way credit card companies can get you. However, I remembered that I have automatic withdrawals coming from my bank account. Well, after a short wait, the account representatitve with B of A told me they could raise my rate at any time if they felt it was necessary. I told them I pay more than the minimum every month and on time. She told me, “Sir, we’re all having tough times.” My thought…punish everyone? She told me I could keep my current rate but all I could do is pay off the card. If I used it, the interest rate would jump automatically.
A couple of days later, I was at work when the story crossed the wire again. This time I read they’re going to raise interest rates on anyone who carries a balance. I think B of A is crazy in this one. They are forcing me, and others, to pay off the card instead of making money from the interest rate. What, are they going to collect from people who don’t pay or pay sporadically? Plus, I have a problem with them possibly getting money from the government and from their customers. It’s double dipping in a way to recoup their losses during their poor decision making skills of green lighting bad home loans. I wonder if other banks will follow suit. I do know this, me and a few of my coworkers have decided to drop B of A like a bad habit!