Bank of America
Interest rate hike

I have had my Master Card since 1979 with MBNA, always paid my bill on time and have had substantially high balances that have been completely paid off repeatedly. When Bank of America took over MBNA the interest rate was running around 6% that they upped and after many conversations over a year finally they gave me a 9.9% rate and I had to fight for that. Recently I paid off a substantially amount again and was notified that my rate was going up to 14.9% plus prime tec. I called today to discuss it, was told there was NO, NO negotiating and that my many years of being a faithful user and payer on time were worth nothing. Then asked to speak with a Manager and was told the same thing, “It is an overall business decision and we cannot help you, I asked about the Billions they just got from the government and why I was being penalized for having paid my bills for 30 years and they just told there was nothing they could do. They were in a crunch; I replied you will be in an even bigger crunch because I was getting ready to use the card again for a substantial amount but would not. They offered to refinance my home. So much for those of us who have paid our bills and have good credit, they are using us to fill their coffers.

Company: Bank of America
Country: USA

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