2 1/2 years ago I started a small business and applied for and received a Bank Of America credit card with a 9.99% interest rate. They put the name of my business on the front of the card but I still applied for this card personally.
I have never been late on a payment or paid the minimum to Bank Of America or anyone else. Out of the blue, I got a notice from Bank Of America that they are going to double my interest rate. After approx. 8 calls to customer service I still don't understand why. They said it was because I had high balances on another card and I had a house payment.
Well, if they thought I would have a hard time paying them, why wouldn't the lower the interest rate to make it easier for people to pay them, rather than making their payments higher. Doesn't even make sense and I am sure it didn't even sound good to the account managers I talked to at Bank Of America. You can't fix dumb.
They did offer me a program that makes my debt.into a payment program 2% for 5 years, but it is reported to the credit bureaus that it is an assistance program. I have great credit and will never do anything to ruin it so I cannot do their program. It does not make sense that they are willing to take 2% interest if I got into this assistance program that will make my credit bad but will not keep my existing interest rate and let me finish paying of this account as agreed.
I even threatened them with not paying them anything and they just said to do what I have to do. It was like talking to a rock. They are terrible.
I don't think it is unusual for a start up business to incur some debt. I called Bank Of America and asked them many times to leave my interest rate where it originally started.
I was told absolutely not. I tried to reject this change to my interest rate but I was told that because it was a "BUSINESS CARD" I could not stop this robbery. If it were a personal card, then I could stop (reject) the change and just not use the card any longer and pay it off at the present rate. They are Loan Sharks! Don't Do Business with them!
I would like to know why we are bailing out the Bank Of America with taxpayer money and they in turn, have turned against us. There are millions of others in the same situation as myself. I will never have the name of my company put on a credit card again.
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