I agree with you about Bank of America. I, too, have been paying off my Visa bill with them. Paying extra each month. A few days ago, I looked to see if my new statement was on the internet. Almost fell out of my chair to see that my payment went up $60 dollars, all of it finance charges. They doubled my finance interest rate. I am so furious. I have not missed a payment, ever, nor even waited until the due date, I pay it at least two weeks before it is due, each and every month.
I phoned them and complained. There reason was that I have high balances. What kind of reason is that, how can I ever make any headway if the interest rate just gets doubled. I have been managing, but now with this $60 jump in the monthly payment, it will be tough. Looks like there is not a darn thing I can do about it to get them to put it back to what it was on the last statement. I even called a second time, both times on the phone for an hour. They wouldn’t budge, I wasn’t even asking for a lower finance rate, just back to what it has been for the past three years.
Why is it that they can give a very low rate to a new customer, but here they have customers who pay their bills every month and on time and they treat us like dirt.
There should be something that can be done about this, but can’t figure out what. I told both guys I talked with that their logic of raising the interest rate, because ( and only because ) I have high balances made absolutely no sense. Why couldn’t they be helpful and just leave it as it was, I was paying $25 a month above the minium, now that will all go for more finance charges.
Personally, I would close the account, and pay it off, then you know for sure that you cannot charge anymore. Also, I would look for a card that offers a low % rate to balance transfer, and tell BofA where to stick their card.
Also, CALL YOUR CONGRESSMAN!! Not that he/she can get it lowered or anything, but they need to be well aware of situations like yours and many others just like you. The CC companies have just “run amuck” (sp) with this type of thing. Seems Congress may be the only ones willing to get this stuff stopped.