Folks:
I have a credit card that was issued by MBNA. The credit card became a Bank of America card when BOA took over MBNA. I used this card to roll over some other debt. The interest rate I was issued was supposed to be 9.90% for the life of the balance. I have paid every payment earlier. The payment amount was also much more than the min payment. I did not use the card for extra activity since I was trying to pay down my debt. Everything was smooth for until today 6/30. I went online to make sure my payment was scheduled for next week. I saw that my min payment had more than doubled. The interest rate went from 9.90 to 23.99 percent from the last payment made which was 6/6.
I figured this was a mistake since my credit rating is over 700. I also have had a Bank of America Mortgage for over ten years and I have never been late. I called the number and got the run around by a couple of people. The customer service person said I was sent a letter in late April saying if I wanted to keep the same rate I had to write them by mail telling them I did not want my rate raised and I would not be able to have any additional purchase charges added to my account. I told them I have had the same address for over thirty years and did not recieve any letter. I would have sent in the request to keep the same rate had I recived the letter. I was told that was too bad because if I had responded timely the rate would have been left alone. The person told me they would not lower my rate.
The thing I find funny here is the man Mark Schultz told me he could not help me with the present rate but was willing to send me to a person who could wrap the debt into a personal loan. Mark said this is my only option. I ask to speak to another person or his supervisor. Mark would not send me to anyone else. I called back later and told another person my story. She gave me a number to call on Monday. Hopefully I can just get the rate changed back to 9.90 since I am willing to attest that I never recieved a letter concerning a rate change.
The good thing I found out today by doing a little searching is that many more folks the last few months have been treated the exact way as I have been treated (rate jump from the low fixed promised rate for life to a huge new rate).
Folks this is a low down thing BOA is doing. I will more than likely very soon cut all ties with this company. Please tell your family and friends to think about this if they get an offer for a new credit card.
0 comments