I am reporting how Bank of America has changed our long-time (over 10 years) credit card rate from a fixed rate to a variable rate and how we had not signed up for such a rate on our card and never sign up for cards with variable rates. I understand that if a person has made late payments or only the minimum payment, the CC companies do these things.
I understand that under the law, the person is able to pay off the existing balance at the old rate, while the new rate would apply to only new purchases after the new rate kicks in. This is not the case with us. We have excellent credit, and we have never been late with a payment, and we always pay extra. (Usually close to double the minimum payment).
Bank of America is also not honoring the old rate to pay off the existing balance. They now say the existing payoff balance is subject to the new, variable rate! We are not allowed to "opt out" of the variable rate being applied to the existing balance and only applied to new purchases, oh no, the existing balance is payable under the variable rate. We used the credit card with the understanding that we had a certain fixed rate on those purchases, and now they change our rate on the existing balance in midstream.
Isn't this illegal? What can we do? It's bad enough that they give loans, credit cards and bank accounts to illegals, that they got bailout money from the taxpayers and that they used part of said money to buy that loser company Merrill Lynch at twice its value. Now they're claiming "tough economic times". They brought it on themselves, and they're helping to cause more "tough economic times" by these actions!!
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