Tuesday, February 19, 2008

Get rid of your Bank of America credit card...FAST!

Bank of America is raising their rates on all credit card holders for no reason at all. My company has a Bank of America card for gasoline purchases for the company car. Today I paid the bill and noticed that our interest rate went from 16.74% to a whopping 35.99%. We have paid this in full every month since it's inception. My boss's credit score is over 800. It will not affect our company, however I think of the millions of people with excellent credit who are carrying a little bit (or alot) of debt on this card to wake up to find out they more than doubled the interest rate....for no reason!! This company cannot be trusted. If you have a Bank of America credit card, try to balance transfer to a credit card company who does not have mortgage loans. That should be your best bet.

6 comments:

Sara said...

I noticed out credit card with BOA has a very high interest rate too. I try to keep it paid every month but that's ridiculous!

Canadian Saver said...

How can they double the interest just like that?

While it won't affect your company since the bill is paid off every month, have you thought of calling and asking why?

Seems crazy to me!

Sharon said...

CS,
Yes, I was going to call and ask, but the account was set up by my boss, and they won't give me any information on it. If you click on the Bank of America tag, it takes you to the Business Week article regarding them. It's just criminal.

Free From Broke said...

It's all about money really. The bank is hurting and they are trying to acquire CountryWide. Raising the rates for their good customers will help raise the money they need and pad their profits. It's really not fair!

determinedsinglemom said...

This really stinks. The majority of my debt is with Bank of America. Most is on a line of credit and most is a Visa...I hope they don't raise the line of credit interest rate that high or I will be sunk!

Sharon said...

Determined,
Perhaps you could balance transfer? If nothing else, just keep watching the mail, they are suppose to let you know if they are raising the rates.