Have a Bank of America Credit Card? Watch Out!
February 7th, 2008 EST in Credit, Debt Help | Comments (4)
Even as the prime interest rate tumbles, Business Week reports that Bank of America is jacking up its credit card interest rates. Bank of America recently notified millions of credit card customers that their interest rates would be going up –to as high as 28% – for no apparent reason. If you carry a Bank of America credit card, it might be high time to find a new credit card.
Credit card companies are notorious for finding any excuse to raise customer interest rates – even customers who pay on time, if their overall credit score declines for any reason. But this time, Bank of America doesn’t even have one of those reasons. Apparently they just need the money.
This letter from Bank of America (.pdf) to an anonymous Visa card holder (thankfully not me!) explains how their interest rate is being raised to 28%. Yes, 28%. Continued
