I guess it’s fair, after all, it’s their company… no wait, it’s us, the taxpayer who saved them. So after the bank accepted billions and billions of dollars in taxpayer stimulus, they have decided that credit card interest rates are too low, even though rates are much lower. That makes sense.
Not only are they cutting our credit limits (previous posts), which impact our credit score, but also are raising our rates, which is going to impact how much we can pay, which will also impact our credit score.
Bottom Line: If you get a notice of a your credit card raising its interest rate; call the bank and agree not to charge any more on the credit card, and they will keep your previous rate. Per my book, 7 Steps to a 720 Credit Score, make sure that your balance is under 30%, so your credit score won’t be negatively impacted.
Bank of America has got the worst Credit card pratices I have ever seen. I complaned to them about it and the said I am not charging on the card any more.
(Card is issued by F.I.A Card services)
Now my intrest is the the same BUT the lower my limit by what I pay if I pay $200.00 they drop my limit by $200.00
I have never been late with a payment on any card my ratio is about 33%. Bank of America says that they do not control their cards, I said FIA is giving your card a bad name. HE SAID THEIR IS NOTHING I CAN DO ABOUT IT. So I said I am paying the in full now. He said do you want to close the account I said no, Let them sent me stuff at their expence I own them nothing,