The Wall Street Journal is reporting today that Bank of America is increasing its credit card rates on 4 million of its customers who carry a balance beginning in June. This comes as several other credit card issuers including Citibank, AmEx, and Chase have hiked their rates in recent months to shore up their ugly balance sheets and get customers to pay down their debts. Chase recently retreated on its $10 monthly surcharge for customers carrying a balance after public outcry and a spate of lawsuits.
BofA wouldn’t confirm for us that this action will affect 4 million customers, but spokesperson Betty Riess said that it would hit fewer than 10 percent of its customers who are “underpriced relative to market conditions.” The customers chosen for this rate hike are ones who both carry a balance and have low APRs—averaging 8.5 percent currently. Their rates will now rise into the low-to-mid teens.
BofA customers who are impacted will be allowed to opt out of the changes and continue paying down their balances at the old interest rate, provided they make no new purchases and continue to pay at least the minimum monthly payment by the payment due date. The changes go into effect on customers' June statements.—Chris Fichera
Nice. We give them our tax dollars to bail them out of a hole they dug for themselves, and then the penalize us with added charges to our credit cards. And we don't even know if the bail out is going to work.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
so dont use there cards and dont bank at BOA. they are getting rich on the poor people. the bank execs shoud have there salaries capped at $100G. bank credit cards should be free to the poor people. the filthy rich shoud have to pay more because they use the cards to buy more mostly stuff they dont need but want to have to make others look bad
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Bank of America raises the interest rates on their credit cards to 16+ percent to make us pay more money to borrow money and if you open a CD with them for a year they will pay you 2.25% interest on $100,000. Some how I think the banks are shafting all of us.
Sears credit card did this over a year ago......they were ahead of the curve.....I guess we have learned our lesson......let the rich keep borrowing from themselves....we can put together a 'Madoff' they wont be able to resist.......I really dont care what the 'rich' do....they are owned by their peers,,,based on what they wear, talk, own, walk etc......THEY ARE NEVER THEMSELVES----THEY ARE ALWAYS WHAT THEIR PEERS WANT THEM TO BE...... folks like Michael Jackson, Elvis, Spitzer, Paris Hilton etc etc can quickly loose themselves......envy and jealousy and couvetousness destroy just as much as greed......
however, they dont get to take TARP and raise rates......the whole world is watching our capitalism......be very careful.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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