Reader Todd decided to call Bank of America up to test whether our story “BoA Closes Your Credit Cards If You Ask Why They Increased Your APR” was really true or not. Turns out, it is.
I called today, asked if I could know my current interest rate, was put on hold for a “supervisor”. Within 5 minutes I was on the phone with the next person. She informed me that I would have to speak with a specialist, and gave me the direct number in case I was disconnected. After waiting on hold for 40 minutes, the third person in the chain comes online. He asks me several questions such as, “Do you have a job?” and so on. Then tells me to hold while he “looks into my account”. 20 minutes later, he comes back. Informs me that both of my accounts are now being closed because of a “perceived risk” and there is nothing they can do for me.
What gives with this? This makes ZERO sense to me. I have had my accounts for nearly ten years, been late once on one of the accounts, otherwise always paid on time and extra. I typically run $30k balances and have no problem paying them. But I ask for my interest rate and I am suddenly too risky to even remain an active customer?
Considering the way things are going over there, maybe they did you a favor.