Complaint / Review
Bank Of America
Credit Card Rate Raised to 27.99% Despite On-Time Payments

I was informed by BOA that my interest rate on my credit card was going up to 27.99 %, so I called to find out what was going on.

I was told that I was only making the minimum payment on cards, which is not true since my credit rating just went up to @ 680 for paying ahead of time and paying more than the minimum and that I had used my credit cards more often recently. I've had their card since 2003.

I was told I could refuse to accept this ripoff in writing, but that I could no longer use the card or the 27.99 % would go into effect. Needless to say, I refused their offer and cut up the card.

I recently read in Forbes that BOA is doing this to a lot of their customers that pay on time to recoup all the cards they sent out to dead beats on their pre-approved offers. Don't let this happen to you.