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

Mogul of Pineapples · 10:57 PM

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.

fffresh · 07:41 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 · 10:59 AM

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.

Mogul of Pineapples · 11:15 PM

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.

HYENA · 02:55 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

10:57 PM	#1
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	Is B of A pulling a "Chase" on low interest credit card holders? 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. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

11:15 PM	#4
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	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. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

07:41 PM	#2
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 417	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.

10:59 AM	#3
socialdavid Green Member Join Date: May 2009 Location: USA Posts: 4	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.

02:55 PM	#5
HYENA Green Member Join Date: Oct 2009 Location: UNITED STATES Posts: 9	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