Bank Of America
APR Raised from 14.99% to 27.99% Unless Bank Closes the Account

We recently just discovered that Bank of America increased the APR on our credit card with them from 14.99% to 27.99%. Like many, many others we do have a perfect, or very near perfect, payment history with them. We do have a currently high income to debt ratio but bills do get paid and they do get paid on time. I spoke with several persons in their Lack of Customer Service Department and they said, sorry nothing we can do. What ultimately they did offer is a blackmail - they will lower the rate back to the 14.99% but THEY will close the account. This was said after I said we want to close this account because of this. By them closing the account it will negatively impact our credit report. They said they have to do this because we are high risk. Our balance is a little over $10k but again we have always paid them on time.

I certainly can go on and on but what disappoints me the most is their reasoning. I talke with someone in their Executive Consumer Department, a rep, and believe it or not he has final authority on the banks behalf to make that decision. I was later told that even the officers would agree with what he determined. Nice to know that B of A hires "operators" that are never wrong or ever make mistakes? Funny thing is earlier I could not speak to a Supervisor - they were all in a meeting either planning their Christmas party or figuring out how to spend the billions we as taxpayers and other countries gave them. Did they not also announce worldwide layoffs of over 7,000 people recently? You would think they would value every customer they have...

Company: Bank Of America
Country: USA
State: North Carolina
City: Charlotte
Address: 100 N. Tryon St

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