Consumers with business credit cards should beware. Banks have the right to increase your card rate and the law provides no protection as it does with consumer credit cards.in the case of a consumer credit card if the bank decides to increase your rate you can opt to close the account and the rate will remain the same.
With business credit cards this is not the case. After speaking to several departments regarding Bank of America's decision to increase my rate by 3% I was informed that Bank of America had increased the rate on nearly all business lines of credit siting that the banks overall risk had increased.
It seems to me that by increasing the rate on all the accounts, this would greatly increase the risk for the bank. Unfortunately, Bank of America uses some other logic to justify it's actions, perhaps offering a business line of credit at an attractive rate then increasing the rate without reason was the plan from the outset.
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