RE: Bas pro credit card users!
"1. I received in the mail a letter from Bank O America stateing the interest rate would increase if I did not sign and return the letter and agree to stop using the card."
Something does not ring true about this statement. The only reason they would send you this notice is if you were late and/or behind on your payments (or for some reason, their computer screwed up and they THOUGHT you were behind on your payments). Othewise, they would be crazy, and they are not crazy.
Ifyou have not been late or missed a payment, call them up and tell them the error of their ways. If they still do not change your interest rate back and refund the extra money you paid them, let them know that their credit card will be in pieces in your trash can when you get off the phone (I realize you said you already did this), then send them a check for the entire amount(since you said it was not that much)or have another card with a lower interest ratepay them off.
Or, tell us the "rest of the story" Unless you are leaving something out, they are cutting their own throat with this action, which is not in their best interest.
Also, good advice given above. Bottom line is ifanyone has a big balance on one cardor abalance of any sizeon more thanone credit card,they are in financial trouble, regardless of the interest rate.