Thread: Bank of America....WARNING!!!

I am sure there are a lot of credit card companies that will be reducing credit lines. I believe that if you read their TOS they can raise the rate whenever they really want. If you make a late payment on another credit card they can also raise your interest rates. It just depends on the TOS that no one on earth can ever read and comprehend.

You just have to look around you to know that things are BAD. My fiance was just laid off from a small family owned company. Everyone person that I know is either related to or is friends with someone who has been laid off because there simply isn't any money. They can't get payroll loans anymore and the credit cards and loans that they do have, have jumped to almost double in interest. It's pretty scary times.

BOA gives credit to illegals. I refuse to use them for that reason alone.

You know, first our government sticks it to us to bail these banks out now ....
surprise
these same banks are sticking it to us too. As an average, law abiding, bill paying citizen we get the shaft, yet again.

Originally Posted by kidzpca

Got my credit card statement from them yesterday...

They raised my interest from 13% to 28% without notice! Only owe 8,000 and a limit that was 18,000 but lowered to 13,000

I have stellar credit rating btw...

I called them and they are freezing the card...lowering the interest back to 15% and if I use the card they will jack up the interest to 28% again...

NICE!!!! NOT! This after 8 years of customer service, not ever a late payment and always MORE than the minimum.

If I were anyone with anything with BOA (Bank of ***holes) I would pay them off ASAP! Even if it is Mortgage.

So I am going to shred the CC and pay the idiots. But never ever do business with them or any bank they get sold too ever again except to pay the card off.

Watch out for your statements. The recent Stock Market "crash" likely did more damage to them than anyone ever will know.

Also btw my Sister-in-Law just got the notice today that she is being let go from her HIGH position as of November 15th.

You've all been warned.

Be careful and don't put up with the BS.

Do you have any other credit cards? Do you still get any new credit card offers? If you can transfer your balance to a different card but be aware of the fact that while you are paying off a lower interest balance transfer your other charges will be credited last, the ones with the highest interest.
It's best to have a few extra cards so you can pay off the higher interest balances first and make smaller payments on the one with the lowest rates.

Thanks for the heads up. I'll be looking my statement over very carefully when I get it.

I think it's a good idea to have a few extra credit cards.
Credit card companies do look at your credit report and I'm sure they will be more flexible with you if they know you can just switch cards.

I've always kept a few credit cards and it was really handy on one trip.
One of my cards put some type of hold on all activity since I was using my card different from the way I usually used it. I was on a vacation. I used my other credit card for the duration of the trip.

Try not to ever make just the minimum payment on any credit card.
If you will check out your next statement you will realize just how little goes to pay off the balance and the majority of the payment was interest. I'm much too much of a cheapskate to do this. We all get in a bind once in awhile and have to carry a balance but I go without many things I think I need until I get it paid off.

Better check other credit cards, too. I got a similar notice from a department store. I've always paid on time and more than the minimum plus my limit is much higher than the balance. It's really scary but it looks like that's what a lot of credits cards are doing or will be doing soon even for good customers.