Bank Of America Doubled the interest rate on credit card for no reason Ripoff Baltimore Maryland

If you truly have an excellent credit score, and havent been late with your payments to this bank you should send a copy of all of your statements to the office of the US Comptroller of Currency (who regulates banking) or go to their web site and file a complaint. ALL credit card companies are pulling this CON on their customers right now due to thier inability to maintain a budget. You have to fight for yoru rights, send a complaint to the US OCC and also to the Attorney General of your state. The credit card company will not give you your money back but should reinstate your old APR. Note that if you receive a message about an increase in interest rates from your credit card company, you must OPT out in writting via certified or return receipt mail so you have a paper trail and can use it as proof in a court of law. If you fail to OPT out they will sting you with a double or triple interest rate for at leat three months.

Contact OCC CAG

Toll Free: 1-800-613-6743
TDD Number 713-658-0340
E-mail: Customer.Assistance@occ.treas.gov
FAX: 713-336-4301
Hours: 8 a.m. - 8 p.m., Eastern, Monday-Friday

Mail: Customer Assistance Group,
1301 McKinney Street, Suite 3450
Houston, TX 77010

Hi,

I think it's shameful that a bank would do that to you without any kind of warning, notice, etc. But unfortunately, MBNA (and now Bank of America) do that kind of thing to people ALL THE TIME. If you read the fine print, it basically says that they can change your rate at any time - for any reason.

Since you mentioned that you have excellent credit, find a 0% offer that you can transfer the balance to. I get them in the mail constantly.

The funny (ironic) thing is, once you transfer the money from the 22% rate to the 0% rate, the balance transfer option on your 22% rate card will go to 0% - because they want the money back and will just hike the rate up again! Plus they get to charge you a balance transfer fee!

Best bet is to pay your debt down as quick as you can. If you pay half your credit card bill twice per month (on the due date and 2 weeks after the due date) you will reduce the Average Daily Balance that your interest charges are based on.

In other words, if you have a $100 balance and your monthly payment is $2 (credit cards usually charge 2% of the balance per month), if you wait until your due date to pay, the Average Daily Balance would have been $100 each day of the month. But if you pay half the bill 2 weeks into the month ($1) and then the other half on your due date ($1), then your Average Daily Balance would be $99.50. In this example, this doesn't equate to a lot of savings, but if you owe $10K or $20K at 22%, it will reduce the balance that you pay interest on by $50 or $100 per month.

Or you can just keep playing the 'shell game' and balance transfer to another 0% rate a couple months before the other 0% rate runs out. Balance transfer fees are nothing compared to paying interest. If it costs you $100 to transfer a balance, that might be just 1 month's interest at 22%, so it is definitely worth it to make the transfer. And don't forget - interest compounds - so you end up paying interest on the interest next month, and so on, and so on... what a nightmare.

So if you have good credit, put it to work for you. Best of luck! :)