Anyone being screwed by bank of america credit card apr?
I bank and have a BOA credit card. I have never been late in the 3 years I have had this account. All of a sudden they raised their apr to 26% and they say they can't do anything about it. Because of my revolving credit I have not been able to do a balance transfer to a different account and my fiance is layed off to make things worse. Any solutions?- I agree with everyone else - do not pay 26% - pay it off. Someone out there will lend you money for less if you have no late payments. BofA just sent me letter this week reducing my credit limits tremendously. Right now, my credit score is excellent. But the lower credit limits will make my debt ratio look bad - and then they will be able to increase my rates. I am mad. I have never been close to credit limits before - I only carry balances when I get special APR's. I think BofA is getting lots of complaints about credit card practices. Seee consumeraffairs.com / finance / bofa_cc.html
- pay 'em off and then change banks. i will give you a clue though - Chase will not be any better i know because they closed my account. the best deal is 'usually' at a credit union. *** what were you thinking by carrying a balance anyway? That's the sure road to financial poverty. There is no reason why any consumer should carry a balance on any non - investment credit, ever. You do not pay interest on things that lose value or get consumed before the bill is paid - pay cash. yes, investment debt is different. AND, my rule of thumb for investment degt is that the expected average income rate has to be twice the interest rate on the debt, or no deal
- Bank of America did the same thing to my husband! He had never been late either. My husband tried talking to them, reasoning with them and it did not matter. The reason the raised it, they said, was because of an "issue' on his credit report. The "issue" was a very old one that was one that was resolved long ago and was even on there when they issued him the card in the first place. He did end up getting most of the balance transfered to another card, paid the rest of it off and we will never do business with them again. We also warn other people to stay away from Bank of America
- All the banks are doing this. The only solution is to not carry a balance
- bud68 is right. They are increasing interest rates and also the minimum due each month. If you can, pay the thing off. Oh ya, and they may just might close your account also. They have been doing this to a lot of people. BoA s anyway. Had an account with them for 25 years and in the last year we have nothing but trouble with them. Closed the bank account
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