Shame on you Bank of America.
This month the credit card laws changed and I'm pretty sure Bank of America just broke one of the new laws.
The Chef & I have had a Bank of America card since we moved in together back in 2003. It has been our most used card mainly because of it's high credit limit. We have maxed it out 3 times and paid it off 3 times. It is was our go credit card.
Stressing the was...
I just opened up my credit card bill to find that Bank of America raised my interest rate almost 11%. I called and was told that I was sent a letter telling me of this increase back in October and I had the option to opt out. Well guess what? I never got a letter. The customer service representative, Mary informed me that if only I opened all my mail this wouldn't have happened. I informed Mary that I do in fact open ALL of my mail. I pay all my bills on time and guess what? I somehow even manage to go to work every now and then. Mary then let me know that I had been late on a payment in June (by 12 hours & because of an online baking error) and this is why my rate increased. I'm pretty sure that nay be a violation of this:
Issuers can't raise rates on an existing balance unless a promotional rate expired, the variable indexed rate increased or you paid late by 60 days or more. No longer will they be able to punish borrowers for late payments on unrelated accounts under the practice of universal default or due to "anytime, any reason" clauses.
Mary offered no apology and no ideas how to make this situation good. When I told her that this is exactly why the American public doesn't trust their credit card companies she hung up on me.
I am so pissed off right now. I bust my ass trying to get these bills down and then Bank of America does something like this. How shady can one business possibly be? Super shady it seems because it looks like their about to get another bailout billion (on top of the 25 billion they have already received). Corporate America wins again! I sure hope all their CEO's get their bonuses this year. Or maybe all the CEO's could go to a spa on separate private jets. I offer up my new finance charges for a massage!
Shame on you Bank of America. Shame on you, you, and you!