As you may have heard, last month – September 2009 – 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.