Bank of America recently sent a small piece of paper in my statement that said my rate was changing?

Question

Has Bank of America pulled this stunt on anyone else?? I do all my banking online, never even look at the paper statements. Luckily I saw this when I was throwing the statement away. They were going from 9.9 to 24.25. I was at 50% of the card limit, never been late a single day, have automatic payments made from my checking account and have a 720 credit score. What a bunch of scammers!! Stay away from Bank of America, they will ruin you financially.

Why wasn't something posted to my online account stating this was happening?? When I called about this, they were very casual about trying to rip me off....everyone, call and make sure that Bank of America isn't doing this same trick to you!!! Just a word of warning from someone that was almost ripped of by Bank of America.

Answer 1

ok

Answer 2

ALL credit card companies will change the terms of your agreement by inserting a pamphlet with your statement.  

Credit card companies are re-evaluating credit worthiness and you can expect to see more situations where rates are increased and limits lowered.  If you are carrying balances of 50%, you are hurting your score.  

Pay off the card, even if you have to transfer the balance to another credit card.  Don't close the BOA account.  In a year or so you'll get letters talking about what a great customer you are and here's a special low interest rate.  By the way, it ain't just BOA. Capital One and Chase are very quick on the trigger to jump interest rates for no apparent reason.

Answer 3

That's what happens when you play with snakes. You get bit. All credit cards are snakes. They make their own rules and can change the rules in the middle of the game.

Don't play the credit card game.

Don't worship the great fico and you will win with money.

Answer 4

Yea, and think about how many people out there won't notice the change.  

Answer 5

it just mean u are about to get f*** in the rear

Answer 6

they have to notify you in writing if there are any changes to their terms most likely a pamplet not a small scrap of paper i have been with b of a 17 years never been a banking issue