It’s evident the pendulum swung too far in terms of giving away too much credit, but now it seems to be swinging back in the opposite direction just as hard, with banks getting too tightfisted, even when it doesn’t make sense. For instance, the APR on James’s BoA credit card jumped from 9.32% to 13.99%, and shortly after he called to see about getting it back, they closed all three of his credit cards. One was a Gold account with a lifetime APR of 7.99%, the other had a 1.99% APR. Just last month, he received an offer to transfer $15,000 to the 1.99% card. Obviously at least one department in Bank of America thinks he’s a good credit risk. It appears some other expressionless faces of the massive dodecahedron that is the entity called Bank of America disagreed.
To get his cards reopened, James spoke with a rep and said he was perfectly capable of transferring his balances to another card with another company with a lower APR, but since he had been a customer since 1990, he wanted to work something out. She replied that “we are past that point” at Bank of America “wasn’t interested.” James then emailed Diane Morais, VP of National Customer Experience, but perhaps he should also try writing a letter to the CEO (it works!). Either that, or put his money where his mouth is and break up with BoA.