I've had a BofA credit card for a long time now. I've never missed a payment, I always pay above the minimum and have used this card frequently. I had a really nice APR of 5.99% since I was such a good customer.
So today I get this letter in the mail telling me that they are changing my rate to a variable rate and that my new rate would be more than double starting next month.
Of course I have the right to reject it and then I basically close the account and just pay off whatever I owe in my usual monthly payments. I would understand if I was a crappy customer or didn't pay or something, but this is complete BS!
These banks wonder why they are failing... really... maybe it's because you screw over your good customers! The only people who are going to stay with the new rate are the ones that aren't going to pay anyway. I have no sympathy for companies like this.
So if you have a BofA account, watch for your letter and start looking for a better company!
Labels: Things that really tick me off
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That is just WRONG! I hate BofA too. My husband was using them when he first moved out here and we finally cancelled the whole account-there are only 2-3 locations in the entire city and they are inconvenient and unhelpful! I hope you find a better card elsewhere!
One of my cards just did the same thing to me. It doesn't seem legal!
BofA is doing ok with me? Wonder why you got screwed. Were you using the card on a regular basis? I have 3 with a balance and a good rate. I started rotating them to make sure to use all. Chase is the one that screwed me over with what happened to you at BofA. I was not really using that card a lot. So, I got nervous as said and starting using each one evenly.
Bankers are Wankers!!!!