I’m watching my credit card rates soar!!
Over the last year, I heard the newspapers and magazines warning consumers about changes to credit card interest rates. Often times, the rates were hiked even on consumers with no late payments and relatively low balances.
As my friends and family complained of the letters they received in the mail six or more months ago, I readied myself for the hike….
But it never came.
Thinking I had somehow flown under the radar, I felt a little smug with my low credit card interest rate. Months had gone by and I’d continued to escape ‘the letter’…
Until now. Hello additional 6%… VARIABLE interest. Meaning… next month additional 7? 8? 9? 27?
Thank you VERY much Bank of America.
I was starting to get a little willy nilly about paying you absolutely EVERYTHING I could but now? You sent me a letter saying, ‘Yup, we’re hiking your interest rate and there’s not a thing you can do about it. Why did we hike your rate? We’ll officially call it… a change in business practices’
Now you have not only inspired me… you’ve royally ticked me off. You’ve got three more life sucking months left. Enjoy it while you can Bank of America because thanks to your fabulous ‘change in business practices’, I’m never coming back.
Thank you for reminding me that you’ll never change your ways…
I’ll just have to change mine.
Popularity: 27% [?]
Posted: April 14th, 2009 under Debt Reduction, Life in General, Personality.
Comments: 6
Comments
Comment from Shane
Time: April 14, 2009, 5:42 am
Well said !!
I closed my Credit Card account last week because the rewards on Irish Credit Cards are dsmal.
Now I use a Visa Debit Card – you can only spend what you have in your checking account !
Beautiful !!
And the Checking account PAYS ME 7 % interest up to a balance of 2000 !!
Sweet !
(Sorry about boasting !! hehe)
Comment from Snowy Heron
Time: April 14, 2009, 6:56 am
I have a very high credit score and have always paid my bills on time (except for once, about 35 years ago when I inadvertantly lost a bill in a pile of papers), but I have family members who have been dealing with issues with the big banks like BofA and Citibank. Their treatment of their customers has become so arbitrary and truly nasty that even though I work in the finance industry and should have some sympathy for them, I am glad for everything that I hear going on with them – the government scrutiny and loss of bonuses. They deserve every bit of harassment that they have been getting and more.
Comment from Nicole
Time: April 14, 2009, 10:13 am
I just got the same letter from B of A. I am calling them today! I hope I persuade them otherwise I will have to transfer my debt to Citibank. I actually just got a 5.99% until it’s paid off from Citibank. The 3% fee may save me money in the long run over the interest hike at B of A.
Comment from Tales From The Debt Side
Time: April 14, 2009, 8:10 pm
I got a letter from BOA too, but it gave me the option of rejecting the changes. By rejecting the change I can no longer use the card. If I do make a charge on the card, the change will take effect. That works fine for me. My goal is to pay of all the cards anyway so it gives me ore incentive not to use it.
Comment from Lizzie
Time: April 16, 2009, 1:57 pm
So glad we don’t have credit cards, sorry Rebekah!!
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