slsail

Just received my lates bill from Bass pro Bank of america Card.
Interest rate went to 22% from like 7%.
I call and inquired about the increase and this is what i was told.
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.
(i do not carry a large a balance and do not use the card often. HAve good credit and pay my bills on time)
I guess I should have read those anoying mailings I get every two days from them.I have never heard of something like this

Just heads up and watch the mail
Needless to say the card is cut up and will not be using a BPS credit card again.

Chasam60

Bank of America is one of the worst in the country.With the Fed cutting interest rates and the value of the dollar dropping,banks getting burned on loans they never should have made in the first place,(You got no job? thats Ok here is a $200k loan to buy a house at 3.2%. It,s OK trust me) They do massive writeoffs and decimate the stock market. Then raise interest rates on the little guys cards to get their "losses" back. Tain't right folks,but that is what we have become.

alleyyooper

Yes that is what we become a group of blue collar people who send people to washington to maybe make some rules to make our life better AND all they can worry about is some ball player useing drugs.

Al

Chris W.

Yep, read an article a few weeks back about Bank of America and their current credit card practices. Bank of Ameria won't see a a red cent of my business at any point in the future, if I can help it.

hossdaniels

Just got my bill and it was still at 5.9%, but thanks for the heads up. If they raise my rates that much I will definately quit using it. Iusually dontcarry a balance on it, but that is nuts![:'(]

cayugad

As someone who has been on both sides of the financial fence in their life, a word of advise about credit cards. If you have debt, do not charge more on the card then you can currently pay off, no more items you really can do without, and pay it off ASAP! The old adage holds true.. "If you find yourself deep in a hole, the first advise I can offer is ... stop digging." After that consider the credit card an extended check book of sorts. Any purchase made on it should be able to be covered at billing time. I personally like the cash back cards. Discover, and some Master Cards have cash back offers where you are paid a percentage of all purchases. They of course are hoping that at the end of the month you will be unable to pay the balance. BUT if you can maintain a zero balance, purchase and pay for every thing on the card, you make a nice little reward for yourself down the road.

Credit cards are the worst thing that ever happen to many people and this country for that matter. I know one person who got married, his new bride and him outfitted their home with furniture, appliances, and entertainment items. They signed up for cable, DSL, and anything else. Knowing his job was good but not that good, I asked him once... did someone die and leave you a bundle? His reply was, we put it on credit cards. They send them in the mail to me all the time. He later went bankrupt. He managed to keep his house only through the kindness of his parents.

Never trust a free offer, and as my father used to say, "there is no such thing as a free ride in this world. Sometimes you just have to refuse and walk."

falcon

"After that consider the credit card an extended check book of sorts. Any purchase made on it should be able to be covered at billing time."

Very wise and timely advice. Been there with the credit cards. Now theyget paid off when the bill is received.

wabi

Best credit card I've found is a Visa credit/debit card that I can use just like a credit card, but it comes out of my checking account. There are better ways to finance if you need a loan! I had a credit card company play the game of upping the interest rate and charging me late fees every month years ago. I'd mail the payment in plenty of time, but they claimed it didn't arrive until after the due date. I quit paying them anything and let it go until thay contacted me and threatened to turn it over to a collection agency. I then asked them what the bottom dollar they would take and called the account paid. Ended up settling for 60% of the balance, but it took 3years to get it off my credit report.
No more credit cards for me!

txhunter58

"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.

Doe Dumper

It was probably one of those slick little "amendment of terms" things that they bank on nobody reading. My Cabelas card is the best card I have and the only one I use. Bank of America is an absolute joke.... they bought out MBNA and that was the end of my dealings with that card.