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Watch your Bank of America credit card

February 7th, 2008 at 09:37 am

I just ran across this article in BusinessWeek. Apparently Bank of America is brazenly raising interest rates on many of its credit cards. Those affected received notice in the mail, and instructions on how to opt out, but in a letter that was most likely tossed. Some folks are seeing their rates go from 9 percent to 29 percent for no reason!

So if you have a BofA card and carry a balance, keep your eyes peeled.

Here is the article

Text is http://www.businessweek.com/bwdaily/dnflash/content/feb2008/db2008026_105146.htm?chan=top+news_top+news+index_businessweek+exclusives and Link is

6 Responses to “Watch your Bank of America credit card”

  1. M E Says:

    Can't say that I am surprised. That is the reason I am no longer a BOA cardholder. Well, technically I do still have both cards. (they bought out a bank I had a different card with) However, once they decided to raise my rate(s) for no reason (I was not late with them or any other bill(s) and they were asked to lower them and they declined, I transfered my balance(s) elsewhere and BOA has been trying to lure me back ever since. (4 or 5 years now) Like that is EVER going to happen! @@

  2. aevans1206 Says:

    Wow. Thanks for the article. I just was telling my Uncle about Bank of America, who has decided to hand out credit cards to illegal immigrants. I was trying to explain that if they default on their credit cards, other card holders will have to pay through higher interest rates. The article you posted proves my point. I am not anti-immigrant, by the way Smile

  3. Caoineag Says:

    Yup, I was one of those customers. My balance will be mostly paid off before they can jack the rate. They actually bought out the company I signed up with otherwise I wouldn't have a card with them.

  4. Aleta Says:

    They bought out MBNA which my husband had and we miss. You have to read those disclosures.

  5. dtjunkie Says:

    I have been meaning to close this card for a while. I think this is the last straw. No rewards, High Annual Fee, now this...pay it in full and close this sucker!

    Sigh...I know it will "hurt" my credit rating though.
    Frown But it's probably for the best.

  6. Aleta Says:

    dtjunkie: You can pay off cards without closing them out. What hurts your credit score is by closing it. See if you can get rid of the annual fee from them.

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