Credit Card thieves...

[Gixxerboy63]

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???