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Old 04-06-2009, 05:21 PM
 
Location: Yellow Brick Road
35,039 posts, read 41,228,267 times
Reputation: 18830
Default BofA: Shame on you!!!!!

I have two credit cards w/ BofA. I never miss a payment and always have paid more than the minimum and many times just pay off the whole balance in the month it is incurred.

One card has a fixed rate on it. I put $4000 in tuition costs on this card and been paying it off over three years. I have had this card 12 years.

The other card was originally w/ MBNA, and had a fixed interest rate of 7.99% and has been used to pay for college-related items, such as books, computer equipment, etc. I have had that card 10 years. When that bank was sold to BofA, the interest rate changed to a variable. It took me two years to get it back to a fixed rate, and not even a a great rate - 10.99%. But okay, I could live with it.

Now today, I get noticed that BofA is reneging on the fixed rates on both of these cards and if I am reading this correctly, has changed them both to a variable rate.

I am on the phone (holding) now, b/c if I read this correctly, they have raised the rates to what appears to be around 21.74 % on these cards!!!

Okay. The very kind man on the phone said this was nothing personal - BofA has raised the rates across the board. And yes, to 21.74%!!!!!

I can freeze it at 10.99% but can never use the cards again. I can pay off the balance at 10.99% on the one card and 12.99 on the other. If I ever use them again, the balance that is on the card at that time, plus any new charges will be at the variable rate, wh/ currently is 21.74%.

I HATE BANK OF AMERICA.

Those SOBs know very well that there was a law passed but it doesn't take effect until June 2010 that keeps banks from raising rates like this. THANK YOU CONGRESS FOR A PIECE OF WORTHLESS LEGISLATION.

This is what the bailout is doing for us. We are having our fees gouged so BofA can pay off the government debt.

I will pay off these cards. They will never be used again.

And as far as I am concerned, BofA can go straight to Hades. I have been a good customer. Never late! Always pay off my balance or pay more than the minimum. This is how we get treated as good customers.

If I find another card to transfer the balances, I will, but we all know those deals are gone. And of course, that will affect my credit score to open another credit card.

I HATE BANK OF AMERICA. They have laid off my friends and neighbors; they are raping their own customers.
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Old 04-06-2009, 05:35 PM
 
4,752 posts, read 3,754,947 times
Reputation: 2025
I feel your pain, Ani. We had a 72 month consolidation loan with BoA and were making automatic payments on it of $150+ more than the minimum amount every month and BoA *CLOSED* the account on us! I understand they are worried that people will max out these "line of credit" type loans, but having an account that I was never late on, and was on track to paying off 2 years early be closed by the creditor did no favors for my credit scores!
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Old 04-06-2009, 05:39 PM
 
1,877 posts, read 2,807,894 times
Reputation: 1235
Annie, I feel your pain!! Normally I am against the massive regulation that is a platform of the opposing political party. But, in the case of credit cards, these bastards need to be held accountable. I am going through something similar, with Chase. We saved their collective bacon from complete meltdown, and the thanks we get is a good ole fashioned screwing- reprehensible!!
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Old 04-06-2009, 05:42 PM
 
Location: NC
1,670 posts, read 779,120 times
Reputation: 505
About every large bank has done something similar to this unfortunately. Best thing you can do is find another company or negotiate a "fixed for life" rating. However, you may only get that on a balance transfer. Good luck on paying it down though.
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Old 04-06-2009, 05:48 PM
 
Location: Yellow Brick Road
35,039 posts, read 41,228,267 times
Reputation: 18830
Quote:
Originally Posted by Hoagie58 View Post
Annie, I feel your pain!! Normally I am against the massive regulation that is a platform of the opposing political party. But, in the case of credit cards, these bastards need to be held accountable. I am going through something similar, with Chase. We saved their collective bacon from complete meltdown, and the thanks we get is a good ole fashioned screwing- reprehensible!!
Oh, I got the shaft with CHASE, too! Had a "life of loan" fixed rate w/ WAMU. Well, actually, had a life of loan fixed rate w/ Provident (I think that is who that card was with - can't remember the name now) who was sold to WAMU. WAMU recognized the terms. This was for hubby's hearing aids. So I got that fixed amount at 3.99%, life of loan. Well, CHASE bought WAMU. I got the notice in Feb, I think, that CHASE was reneging on those terms! Yet, I have paid more than the minimum every month. Luckily, I only had like $1200 left on that card so I just paid it off. I was furious. Took the rate to some ridiculous amount - don't remember what now. I think it was around 19% variable. Never missed a payment!!!

I won't be using that card again, either.

We bail these SOBs out and this is how the average guy on the street - who has FOLLOWED THE RULES - gets treated.
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Old 04-06-2009, 05:51 PM
 
Location: Yellow Brick Road
35,039 posts, read 41,228,267 times
Reputation: 18830
Quote:
Originally Posted by Maabus1999 View Post
About every large bank has done something similar to this unfortunately. Best thing you can do is find another company or negotiate a "fixed for life" rating. However, you may only get that on a balance transfer. Good luck on paying it down though.
Thanx Maabus. Yes, I will just pay it down. I got it "frozen" and will just pay it off faster than I was doing. End of that card. And I will never do any business w/ BofA again. EVER.
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Old 04-06-2009, 05:54 PM
 
2,560 posts, read 4,147,793 times
Reputation: 1010
We just cancelled our Capital One card because they were raising the rate. Nothing else nice to say, .
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Old 04-06-2009, 05:55 PM
 
Location: Yellow Brick Road
35,039 posts, read 41,228,267 times
Reputation: 18830
Quote:
Originally Posted by hooligan View Post
I feel your pain, Ani. We had a 72 month consolidation loan with BoA and were making automatic payments on it of $150+ more than the minimum amount every month and BoA *CLOSED* the account on us! I understand they are worried that people will max out these "line of credit" type loans, but having an account that I was never late on, and was on track to paying off 2 years early be closed by the creditor did no favors for my credit scores!
RIDICULOUS!!!

And I blame Congress for this crap b/c they have left us all hanging out here - targets for these banks to USE to get as many fees out of so they can recoup their losses on BAD LOANS. And we, the people who have DONE THINGS BY THE BOOK, are the ones who get screwed!!!!

I AM FURIOUS. I TRULY HATE BANK OF AMERICA AND AM ASHAMED TO LIVE IN THE SAME TOWN AS KEN LEWIS.
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Old 04-06-2009, 05:59 PM
 
Location: Moon Over Palmettos
5,971 posts, read 11,869,461 times
Reputation: 4751
Quote:
Originally Posted by anifani821 View Post
Oh, I got the shaft with CHASE, too! Had a "life of loan" fixed rate w/ WAMU. Well, actually, had a life of loan fixed rate w/ Provident (I think that is who that card was with - can't remember the name now) who was sold to WAMU. WAMU recognized the terms. This was for hubby's hearing aids. So I got that fixed amount at 3.99%, life of loan. Well, CHASE bought WAMU. I got the notice in Feb, I think, that CHASE was reneging on those terms! Yet, I have paid more than the minimum every month. Luckily, I only had like $1200 left on that card so I just paid it off. I was furious. Took the rate to some ridiculous amount - don't remember what now. I think it was around 19% variable. Never missed a payment!!!

I won't be using that card again, either.

We bail these SOBs out and this is how the average guy on the street - who has FOLLOWED THE RULES - gets treated.
Ani, something is not right here. When we first received the notice that WaMu was being converted to Chase, we called them and asked them if the promo rate of 0% that we got from WaMu would change and they confirmed that it would not. I just checked my online account with Chase and it still is showing 0%. Maybe you should call them again. If they honor it for one customer, I think they should honor it for all! Only thing I hated with this cut-over was that WaMu offered cash rewards. I redeemed that reward way before the deadline which would have converted them to Rewards points with Chase. The check appears to have been lost in the cutover, and after repeated calls, I still don't have it. I did get in touch with a marketing manager on the phone who said that if they could not trace that check that they would issue it out of Chase. Those 2 weeks would be this Thursday. If not, it's yet another battle to get my $430 out of them!
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Old 04-06-2009, 06:04 PM
 
Location: Yellow Brick Road
35,039 posts, read 41,228,267 times
Reputation: 18830
Quote:
Originally Posted by bibit612 View Post
Ani, something is not right here. When we first received the notice that WaMu was being converted to Chase, we called them and asked them if the promo rate of 0% that we got from WaMu would change and they confirmed that it would not. I just checked my online account with Chase and it still is showing 0%. Maybe you should call them again. If they honor it for one customer, I think they should honor it for all! Only thing I hated with this cut-over was that WaMu offered cash rewards. I redeemed that reward way before the deadline which would have converted them to Rewards points with Chase. The check appears to have been lost in the cutover, and after repeated calls, I still don't have it. I did get in touch with a marketing manager on the phone who said that if they could not trace that check that they would issue it out of Chase. Those 2 weeks would be this Thursday. If not, it's yet another battle to get my $430 out of them!
It is a moot point now anyway, cause I paid it off last month, LOL. I am just tired of screwing around w/ these bastards.
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