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Old 08-28-2009, 11:10 AM
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Credit Card thieves...

This post is not about identity theft or some random thief "borrowing" your credit card; it's about the credit card companies! I feel that all of them have their shortcomings, but BANK OF AMERICA is the biggest thief!!! I understand the condition of the economy and that the contribution the credit card industry has made. I also understand that our government is taking steps to make corrections, but the damage has already been done!

My biggest problem is that when the SBA tightened their grips and stopped lending money to small businesses, everyone else followed suit and tightened their grip as well. It seemed that my only option was to finance my startup with credit cards...

Previously, I had outstanding credit with NO CREDIT CARD DEBT. I had an American Express Titanium card that I paid off every month. With my good credit, I was able to secure large amounts of cash at 0% (teaser rate) for the first year to start my business... I transferred balances to and from various cards during this time to capture the best rates. When 0% was no longer available to me I agreed on an 8.9% lifetime rate... which was fine. I did not accumulate additional debt on the cards and I continued to pay in excess of my monthly payment...on time, every time. Not a problem.

Then the letters came... "Important Changes to your Credit Card Agreement"

Despite the fact that I have been an excellent customer; paid on time and not accumulating additional debt, they informed me that my rate would default to 21.99% form 8.9% if I did not reject the rate increase within a certain time period. Well, by the time I got the "MEMO", it was too late. I placed several calls to BANK OF AMERICA, asked for supervisors, all to no avail. Eventhough I have been an excellent customer, they refused to re-instate my rate and tacked the 21.99% to my $17k+ balance! Fortunately, I had retained cash and I was able to pay the account off in full.

Several weeks later, another "MEMO" from BANK OF AMERICA came and went... This time the default rate was 14.99%; not 21.99%, but still not acceptable. I had $16400 on this one. To me this is the "BAIT and SWITCH" tactic. Credit card companies are required to send notifications of their intentions. Their hope is to catch someone off guard, then slap them with ridiculas rates... how many people has this affected!??

Because the CC industry has suffered losses from customers who have filed bankruptcy or otherwise defaulted on their accounts, honest people like me who are taking responsibility for their debts are being punished.... It almost seems as if they want you to default!?! This is certainly not helping our economy.

Once I pay off this account, I will NEVER, EVER do business with BANK OF AMERICA Again!!! (my apologies to thoes of you who unfortunately work for the biggest crook; BOA)


THIS MUST BE CORRECTED!

Is there any law firm out there who is smart enough to find holes in the credit card agreements and can figure out a way to file a class action suit on behalf of c/c consumers???
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Old 08-28-2009, 11:22 AM
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wow that must suck... good luck to you trying to sue them though.
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Old 08-28-2009, 12:03 PM
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I've always hated BofA and thought I would never ever be their customer again, but unfortunately they bought out my MBNA credit card so I now have them again. BofA recently cut my credit limit in half and jacked up the rates, although I've always paid my balance in full and charge more than $1k/month on that card for the past 10+ years. I plan to cancel them soon...
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Old 08-28-2009, 12:17 PM
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This may not help but it may explain some of what's going on.

Card Issuers Don't Care, And They're Proving It - FOXBusiness.com
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Old 08-28-2009, 04:15 PM
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Whoa...you financed a startup on CC????? Not exactly an outstanding business model. I had to walk away from Citibank because they tried a similar tact with my personal card. I had been with them since I was 18.
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Old 08-29-2009, 05:47 PM
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Startup on credit cards

Quote:
Originally Posted by Wagner View Post
Whoa...you financed a startup on CC????? Not exactly an outstanding business model. I had to walk away from Citibank because they tried a similar tact with my personal card. I had been with them since I was 18.
Yes I did. While I was unemployed, I conceived the idea of the startup and formulated a business plan... Unfortunately, the SBA and the banks would not loan a dime without an income statement, however, credit card companies were handing money out left and right at 0%! I was able to scrape together $50k to buy a new van, tools, computers and supplies, then I went to work!

I think it has paid off...

Yes, I suppose I could have leveraged my home, but with unsecured monies being offered at 0%?, Who wants to take that chance?

It is very inconvenient that I am having to pay the accounts off immediately (because of the ridiculas rate hikes) instead of having the option of paying the debt back over time at a reasonable interest rate ....like in the original agreement. Fortunately, I am in the position to pay them off.....but what if I wasn't?!?

I am simply stating that the unfair bait and switch tactics of BANK OF AMERICA is entirely wrong! Someone needs to slap them with a CLASS ACTION SUIT on behalf of all the folks they have intentionally screwed... I have even heard of rates as high as 39%!!!! How could someone ever pay that back over time... they would owe them forever!
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Old 08-29-2009, 05:54 PM
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Old 08-29-2009, 06:05 PM
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Gixxerboy,

I can understand why you're upset but I've been reading that all credit card companies are jacking up their rates and going to be reducing credit limits. So I don't think it would have made any difference if you'd been with Citibank, Chase, or anyone else.

The banks have to do something about credit card debt. It's the next huge thing for them to figure out how to take of and some consumers, like you, are going to get lumped in with the rest.

I've used credit cards from Citi, BofA and AmEx for years but I always pay off the balance so interest rates have never been an issue.
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