Is B of A pulling a "Chase" on low interest credit card holders?

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Mogul of Pineapples
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Is B of A pulling a "Chase" on low interest credit card holders?

Postby Mogul of Pineapples » Fri Apr 10, 2009 1:57 am

As previously mentioned on Credit Card Forum, Chase tried charging low interest rate credit card customers a $10 fee if they thought their APR was too low. Now B of A is pulling a similar scheme. While they may not be charging a fee, they are upping the interest rates on around 6 to 7 million B of A credit card account holders in the US if their APR is below 10% starting in June. This is on top of all the interest rate hikes Bank of America have already done.

The NY Attorney General last week forced Chase to stop their practice and refund the customers. Hopefully he will do the same with B of A, especially considering the $45,000,000,000 in TARP funds they've received so far.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


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fffresh
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Postby fffresh » Sat Apr 11, 2009 10:41 pm

The best way to combat this is to vote with your dollars. When a company does something you disagree with stop giving them business and let them know why.

socialdavid
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Postby socialdavid » Wed May 20, 2009 1:59 pm

B of A sucks big time. As far as I'm concerned, TARP money should come with rules IMMEDIATELY stopping usurious practices, not waiting for the current bill implementation date. I've been out of work for a year, drawing down my savings and recently running up my sole credit card with them (only with them because of a number of takeovers - I'd never have signed on with them).

I had automatic payments scheduled from my B of A checking account; asked customer service to adjust them to automatically pay the minimum due (only because they assured me they could and would), was under the minimum the next automatic payment, and my rate went to 30%. I told them I was out of work and about the snafu their "customer service" people made, but they wouldn't give me any relief. You bet I'm going to pull my money out.

I put off pulling money from my 401k to pay it because I was expecting a small inheritance which would have paid it, which is about 6 months overdue, and because I believed the President when he said one of the first things he would do would be to allow people to withdraw money from their retirement accounts to pay for emergencies. At this point, that would be cheaper, if he had delivered, instead of propping up the rich bankers abd Wall Street "whiz kids" who got us into this mess.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Jun 01, 2009 2:15 am

I just got another notification they are raising my interest rate by about 60%. I don't use their cards so it doesn't effect me, but still that's a big number to swallow considering they are doing it for no reason.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

HYENA
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Postby HYENA » Sun Oct 11, 2009 5:55 pm

Get away from B of A at all costs! I'm not kidding; they've learned how to legally screw you over just in the past several years. I've transfered to Schwab (no atm fees worldwide, they dont' scalp exchange rates). for me, schwab is far better



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