More about Bank of America’s inexplicable rate hikes against good customers who never pay late: the Charlotte Observer talks to some recent recipients of BoA’s infamous rate-increase letters from the past few weeks. The first person they talk to is a 60-year-old woman who “had never been late on a credit card payment, just refinanced her home at a lower interest rate, and just been rewarded by her credit union with a lower rate on her credit card there.” Bank of America just raised her card from 13% to 24.99%.
Here’s another customer’s bizarre encounter with the bank’s customer service department when she called to ask why her rate was raised:
Holley Pridmore of San Antonio said she’s had a Bank of America credit card since 2002 and has never been late on a payment. But the bank recently increased her rate from 15.24 percent to 23.99 percent.
Pridmore, 49, pulled her credit history and called the bank. “If you can find a late payment in our entire history, I’ll pay you $100,” she told the customer service representative. “He said, `That’s not really the point,’ and I said, `Since when?’”
Here’s how to avoid the rate hike if you’re one of BoA’s unfortunate customers and missed this in their letter to you:
In letters, which were seen by or described to the Observer, Bank of America told customers that they could lock in their current rates if they sent the bank that request in writing and agreed to not use the card any more but to simply pay down the balance. If they wanted to keep using the card, they’d have to agree to the higher rates.
(Thanks to Stephen!)
“BofA rate hikes anger customers” [Charlotte Observer]
“Why Is Bank Of America Raising Interest Rates On Its Good Customers?”
(BoA executive eating gold: Getty)