I've just been owned by BoA

[sparky216]

http://articles.moneycentral.msn.com...iallyOver.aspx

Don't know if anyone else out there just got bamboozled by Bank of America. I have two Bank of America credit cards and a personal line of credit through them. I recently took a rather large loan out through Chase (1.9% for life) and this prompted BoA to jack my interest from 8% to 30%! 30%!! WTF. So I first checked my credit today low/mid 700, I have 0 late payments and all my accounts are current. I called BoA and they basically told me that my rates were raised because I was using my card.?.? Huh? Your raising your rates because I used my card? So Bank of America you screw over your good clients because your business is hurting. Wow.....perhaps a Real Banks of Genius Awards is coming. You guys suck. Unfortuately due to the business that I'm in and my wifes business we always carry a balance, but make large payments, so I have to have a credit card. I want to drop BoA, but I am addicted to Alaska Air miles.........FU*K!
Anyway just wanted to vent.....

[dogbert]

Man, that sucks. I'd drop them.

Citibank's pretty stupid also. My wife and I can get them to bid against themselves for better card terms.

[Jason B]

I drop 'em like hot potatos!!! F them. Are those Alaska air miles worth 28.1% of your monthly balance. Heck, even if you carry an average persons balance you'd be better off paying for your plane ticket than the interest.

Besides that, there is principalities involved here !! Drop 'em on the principal...they cain't treet you likes noo CHUMP!!

[sparky216]

I hear you guys, and yes the Alaska Air miles are important! I charge 10-15k a month and haven't paid for a flight for my family in years.......

More than anything it has really opened my eyes to the plight of the middle class. I always tended to be sympathetic to business in regards to taxes and policy. I/We have options, we are in the mid six figures in income and have assets and options. If they can do this to me, imagine how this affects people who are living on 60k a year!

I always assumed that people who could not pay their bills were irresponsible and poor with their money. I have always been in favor of bankruptcy reform, what I didn't realize is that credit card companies could just raise interest rates on cards a whooping 22% just because they feel like it. Now that I have been hit, I am seeing it in a whole new light. This is crazy because they just raise my credit limit on my BoA card from 25k to 34k last month, now they are raising my interest rates because I'm a risk.....HUH???

Sparky216 is pissed and is going to draft a letter to my Congressman. If we as taxpayers are to be expected to bail these banks out of their messes, then we also deserve representation when the banks decide that they want to screw us over.

I hope none on this board are feeling the pinch, and I hope that no one get's the dreaded interst rate hike letter that I just got.

What a load of crap..............god am I pissed off.......

[dogbert]

Well, if you stay with them, they will never get the message. I don't know why they're raising your rates when the fed is cutting them. I'd switch to something else. No amount of miles is worth that.

[sparky216]

Well, if you stay with them, they will never get the message. I don't know why they're raising your rates when the fed is cutting them. I'd switch to something else. No amount of miles is worth that.

I'm not going to, but I will miss my Alaska Air miles....

I've already talked with my Credit Union about a new credit card.

What a load of crap though......and there are millions out there that have no recourse, and the banks can do whatever they want. This on top of my huge tax bill is making me think that I should quit my job and start tending burgers at Jack n the Box................