I just wanted to add my short but bitter experience to the long list of customers who have had their interest rates doubled by Bank of America, despite having good credit.
After I worked hard to get and keep an excellent credit record and Bank of America was happy flood me with credit offers until recently. I moved my mortgage, credit cards, checking, and savings to Bank of America because of their promise they they value their customers.
Not long ago I got a letter advising that the interest rate on one of Bank of America cards had doubled, to 22%. I thought I had to live with it. If there was an opt out feature in their letter, I missed it.
Today I called to ask if there was an option to negotiate a better minimum payment and was told by a representative that I could close the account and would be offered a lower monthly payment. She transferred me to an arrogant person who listened to my request and told me she didn't know where I got the idea I could lower my payments by closing my account. She then asked, "Didn't you get something in the mail...?
To be honest, her unhelpful attitude, negativity, and overall poor customer service incensed me to the point where I hung up.
As with so many big, rich, callous companies, Bank of America is making its representatives take the brunt of angry customer complaints. Perhaps the bank would reconsider its usurious interest rates if executives had to listen to people like me.
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