I had a MBNA card for years and after they began charging over limit fees and late fees. Yes I have had the card so long over limit fees and late fees had NOT been invented yet, I am that old.
To get the card under control of a 36% variable interest rate and $78 in late fees and over limit fees monthly. I cut the card up never to be used again, and reached a settlement with MBNA that I would close the account and they would lower the interest to FIXED 19% with never paying an over limit fee nor late payment fee again no matter what.
Well the evil took over thru Bank of America everything stayed the same for a few months. Then suddenly they raised the interest rate to 38% variable for no reason. I am very upset, because I had an agreement they would hold back their evil 36% interest rate in exchange for me closing and paying off the account. I have been paying faithfully since then, but Bank of America did NOT keep the interest rate at a FIXED 19% per our settlement agreement.
I have filed a complaint with the BBB of Delaware, and hope for a good outcome, but I am not holding my breath. Bank of America is ripping me off big time with the 38% variable interest rate and late fees.
I am old school so I have never believed in online payments, but the technology in 2007 has improved so much. I have been making online payments and have my balance under the credit limit and making all payment on time for the last two years with no problems. Until I was hit the 38% interest rate from the 19% interest rate I was promised, now making payments are not so easy.
I wonder is it against the law for Bank of America to charge me 38% interest on my closed settled credit card? I feel taken advantage of because we had a written agreement and they have violated it and me.
If someone finds grounds to seek recovery I'll join your suit!