Posted by CreditCardGuru
As you may have heard, last month a California woman named Ann Minch decided to take a stand against the rising interest rates on her Bank of America credit card. According to her, she had been their customer for 14 years. Recently, they decided to jack her rate from 12.99% to 30%.
She called B of A to try and get it lowered, but in a nutshell they told her “tough s***” (her words used to summarize it). Sick and tired of their “casino scams” she proclaimed a “debtor’s revolt” and that she would no longer make payments on the $5k balance as long as they charge her a 30% APR.
But the question is… did it work?
Well, after hundreds of thousands of views, it finally got the attention of B of A. An executive from the bank contacted her and tried to get he to go with 16.99% (still higher than her previous rate). She responded with a good argument: their money is coming from the Fed right now at a 0% rate so the 12.99% she was paying is more than fair. The bank executive finally caved in and agreed to give it back to her.
I’m happy to hear the outcome, but it’s kind of ridiculous that it took a YouTube video with a quarter-million views just to get them to budge. A customers shouldn’t have to go through such drastic measures just to get a fair interest rate.
Tags: ann minch, bank of america, debtor's revolt
Posted in News | Comments (6)
October 8th, 2009 at 11:52 am
That’s what they get for not trying to work with her in the first place. Dont screw with customers because you never know who you will upset.
October 10th, 2009 at 3:02 am
totally agree they should have lowered it in the first place
October 14th, 2009 at 5:52 am
you are a dollar amount first and foremost . the care for customer went out the window in the 80’s
October 15th, 2009 at 9:21 pm
It’s not possible for Americans to ever get out of the debt cycle with these kinds of interest rates. They want us to continue running on the hamster wheel paying interest for the rest of our lives.
October 24th, 2009 at 1:28 pm
They haven’t learned a thing yet and intend to screw as many of us as possible. i just joined the revolt today. never any late payement, no over the limit, 700 credit score =30% interest
EAT $#it BOA! VIVA LA REVOLUTION!
November 9th, 2009 at 9:28 am
Now all we have to do is revolt against Citi Bank too and maybe that will work. The rate hike is ridiculous.