BoA Credit Card - Here’s One You Can Cut Up

Time to cut up BoA cards? (Photo: On The Bandwagon)

I find this very disturbing. If any of your Financial Institutions like the bank or any of your credit card companies raises their interest rates (not in a subtle manner) without giving explanations, you can quickly source and look for another bank for your business, unless you’re tied with them with debts or mortgages.

Bank of America has jacked up their interest rates based on no grounds.

The major credit-card lender in mid-January sent letters notifying some responsible cardholders that it would more than double their rates to as high as 28%, without giving an explanation for the increase, according to copies of five letters obtained by BusinessWeek. Fine print at the end of the letter—headed “Important Amendment to Your Credit Card Agreement”—advised calling an 800-number for the reason, but consumers who called say they were unable to get a clear answer. “No one could give me an explanation,” says Eric Fresch, a Huron (Ohio) engineer who is on time with his Bank of America card payments and knows of no decline in the status of his overall credit. - (Source: Business Week)

I’m not even sure if there’s any reason more to continue to use their credit cards if this is the case. It’s like hurling a rock to people who owes them credit card debts (Oh so now we have to be even in debt with your unreasonable hike)

Whether if the Bank is in trouble or trying to increase its profit, both aren’t reasons for justification. So are you cutting your BoA credit card yet?

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