• Report: #246275

Complaint Review: Bank Of America

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  • Submitted: Mon, April 30, 2007
  • Updated: Tue, May 01, 2007

  • Reported By:Apopka Florida
Bank Of America
P.O. Box 15026 Willmington, Delaware U.S.A.

MBNA - Bank Of America Upped my Fixed Rate from 9.99 to 18.99 without warning No luck getting it lowered ripoff Willmington Delaware

*Consumer Comment: ''The Devil Is In The Details'' - Still True

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I am not a high earning person and use this card as a revolving cash account when I had the ability to get more credit for getting all my accounts transfered they offered a wonderful rate of 10.90 fixed! This means to me that no matter what it's fixed and won't be changed.

I received no letter and truly don't know why they try and make it harder for me to pay my bills.

I have spent 6 months trying to get it in good standing again and then voila - I'm in good standing again until 2 months later they spring something else on me and I almost expecting it now. No warning this time at all and no reason except that I didn't pay down my balance in the time allotted to me for the fixed transfer rate "what does that mean?"

At close to $4000.00 as my limit 18.99% is just damaging to my pocket book. With the price of gas and my wages staying the same - it's almost making me not be able to pay it anymore.

I'm a statistic I guess I shouldn't live on credit but times are tough and I have a wonderful credit score 640 (now after 6mths of trying to get my credit back) still but who cares when the rates keep going up. They won't even allow me to change to a different card like they used to be able to do. What gives?

Beryl
Apopka, Florida
U.S.A.

This report was posted on Ripoff Report on 04/30/2007 07:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America/Willmington-Delaware-19850-5026/MBNA-Bank-Of-America-Upped-my-Fixed-Rate-from-999-to-1899-without-warning-No-luck-gett-246275. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

''The Devil Is In The Details'' - Still True

AUTHOR: Juliet - (U.S.A.)

I HATE to venture a 'guess', Beryl, but I do have a guess about one thing you wrote.

You stated:
'No warning this time at all and no reason except that I didn't pay down my balance in the time allotted to me for the fixed transfer rate "what does that mean?"'

..didn't pay down the balance in the time allotted for the fixed transfer rate.. That leads me to think there may have been a stated period of time that the fixed rate was in effect for, such as one year.

I know that I have read offers that do have that condition on the length of time the Fixed Rate is good for, and it's buried DEEP WITHIN the 'fine print'.

They will print the FIXED RATE offer in huge type, but not the 'for one year only' or 'six months only' disclosure.

There are so many traps in credit card disclosures, and while the size of the print IS mandated by law - it has to be VISIBLE, I guess! - it is absolutely necessary for every consumer to READ THE TINY TYPE.

If the type truly is too tiny for you to read, even with a magnifying glass, and this has happened to me, and I'm a whole 41 years old, then find someone who CAN read it all for you.

If you don't understand whole parts, or specific terms, CALL THE CREDIT CARD COMPANY and get someone to help you understand. If you have to go through four customer service reps to reach someone who will DO THEIR JOB, and HELP A CUSTOMER, it is so worth the time and aggravation of making those phone calls.

I don't know all the reasons it does seem harder to switch from one card to another, or get another in addition to one you currently have, but that sure does seem to be the way it's working now.

I know there has been the new regulation requiring credit cards to 'help' consumers not spend 40 years paying off the interest on charges made for groceries and gas, etc., that traditionally never got paid off due to laughable minimum payment amounts due while the interest piled up. Hence the law requiring credit card companies to increase the minimum amount due to an amount that would conceivably enable a customer to pay off in less than 2 or more decades.

Then, there is the standard 'universal default' punishment whereby if you are reported as paying late on one bill that gets reported to the credit bureaus, then the credit card companies have THAT in fine print, that the NOT PAID LATE credit card can now increase your interest rate to sky-high levels.

If all your credit cards have this universal default' clause, and you are late on a payment to one creditor that is reported as late', ALL interest rates on ALL your credit cards will be increased.

None of this explains, TO ME, why it's harder to switch or gain additional new cards, though. I can't figure that out. Perhaps they are taking on less customers in order to reduce their risk, and/or making it harder for current customers to leave, and then working to get every red cent they can out of the customers they have.

I really am sorry this has happened to you, Beryl, and you feel so in the dark about WHY. Consumer Education is the responsibility of each consumer to do for themselves, but it really would be another world, I guess, if banks and other similar institutions would do more to help us FIND OUT HOW TO GET EDUCATED.

Good luck, and I hope this might give you an answer for the moment, even if it's not the actual answer. I suggest calling the credit card company till you do find out why, but if you DON'T do that, cause it is so frustrating to end a 2 hour call with NO more information than you started out with - I can't blame you.

But if you can bear it, give it a shot! You do deserve answers!
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