BEWARE Bank of America. I had a credit card with $18,000 on it that I paid with automatic payments *every* month, and they increased my interest rate to 15.99% from 8.99% I've been with the company since 1997, and I AM PAYING OFF MY CREDIT CARD COMPLETELY AND AM CLOSING THE ACCOUNT. They told me I missed the "opt out period". Let me get this straight: You mean because I'm a good customer, and I pay my minimum payment EVERY month, and you're earning 8.99% interest on over $18,000 you are going to jack up my interest rate because I didn't "opt out". I didn't "opt out" because I don't look at my credit card every month. I assume that if I'm paying my minimum payment every month I'M MEETING MY END OF THE TERMS. Apparently not. They could have been earning 8.99% on over $18,000. Instead, they'll be earning 15.99% on $00,000.00. Which last time I checked is NOTHING. I'm also contacting a consumer rights advocate to see if there are any opportunities to file a lawsuit against the company over this.
""""That would be more like you IQ, son.""""
Janet you illiterate dried up old hag stop harrassing the posters. Tell your LVN to put some Jesus juice in your IV and Bambi on the tv bolted to the stand on the wall so you can take a nap.
It is so nice not owing anything to anyone. Funny to watch you poeple squirm.
Even if you could make better than 8.9% why would you borrow the money from a credit card? Not that I advise doing it but Home Equity rates are under 5% and you can use the interest expense as a tax write off. So muc for Mr Finance 101. Ha Ha.
It appears that BAC got what they wanted............their money.
Mr. MBA/Finance expert didn't learn in credit 101 that continuously making minimum payments on an $18,000 balance lowers his credit score and increases the risk to the bank. You play that game with any bank and they'll increase their interest rate and possibly close down your credit line. Especially in today's financial environment.
Most credit cards have two types of payments........minimum and contractual. You made the minimum, got pissed, and payed off the account. Good for you. Most consumers with your credit payment history end up in collections.
And you're making better than an 8.9 percent return on your money? You're funny.