Bank of America Credit Cards Increase APR
by Mr Credit CardBank of American has just increased their APR on a few of their reward cards. Previously, cardholders will either get an APR of 7.90% (very low) or 13.99%. Right now, this rate has increased to 9.99% or 15.99% (depending on your credit). The following cards are affected :
Bank of America Rewards American Express Card
Bank of American Visa Signature Card WorldPoints Rewards
Bank of America World Mastercard with WorldPoints
Bank of America Platinum Plus Mastercard with WorldPoints
Cards not affected
However, the good news for those looking for a really low APR credit card is that there are a couple of BOA cards that are not affected (at for now anyway). The cards are :
There is no guarantee that Bank of America will not raise the APR on these cards very soon. Having said that 9.99% APR is still very low. If you have very good credit, Bank of America is the place to look for a low APR credit card.
September 17th, 2008 at 15:29
STAY AWAY FROM Bank of America / FIA CARD SERVICES!! My son who is in his early twenties received a credit card branded Harris Bank managed by FIA Card Services North America. He moved and missed a payment. My son and I have the same first and last name but different middle initial. FIA Card services uses a collection agency called ACT Collection Services in Kansas City. ACT Collection Services uses a third party service obviously from India. I received a phone call asking about a card that I did not own and after a few phone calls, established that it was not mine but my sons. I told them that I would contact my son and that they should no longer call me as he does not live here and is on his own. The phone calls continued – ACT continued to call my wife’s business line and any relatives who shared our same last name. This morning I received a call again from a person from India who told me “we are going to keep calling you until we hear from your son.” That was it for me – I called and spoke to people from ACT, FIA, Bank of America (who I believe owns FIA), and will contact Harris Bank. No relatives of a cardholder should be harassed that way. I am reporting them to the state’s attorney and will continue to spread the word about these practices. My advice is to stay away from any credit cards managed by FIA Card Services.
Search words: FIA CSNA ; FIA Card Services NA ; FIA Card Services ; ACT Collection Services ; Bank of America ; Harris Bank ; Harassment of cardholder’s relatives
December 2nd, 2008 at 23:52
Bank of American is horrible… I don’t know how they can respect themselves after what they’ve been doing to people.
I’ve had a card with them since 2004 which was at a 10.9% fixed rate, then they spiked it up to 23.99% from 10.9% fixed APR back in April this past year, now with the increased interest I can barely afford to pay even the minimum and finally this past month I paid a bill TWO days late, the result? They spiked it up yet again to 28.99% When I called demanding to know why they had even increased it to 23.99% to begin with they informed me of the nonsense letter that they supposedly sent. I kept asking if it was a certified letter, if they knew I actually got it, because I certainly never saw it. Suffice it to say, I’m stuck with this interest rate and looking for any sort of legal options and am just generally frustrated and upset. How are we supposed to deal with the economy as it is with increasing costs etc. when as per a manager at Bank of America “we’re a business” I’m frustrated and upset and I certainly hope they are happy with how much more difficult they’ve made people’s lives.
August 3rd, 2009 at 03:47
I’ve ended up on this website as I was hoping to get people opinion that are in the Financial Sector. What I really see is the regular people like me that suffered from the bank bail outs.
Let me post my opinion and hope this will get to some one that really know where we can source more information about this issue.
I believe this is all a great plan. What is the harm done. US economy is in worst shape ever, they bail out banks, auto, etc … industries. US deficit is increasing, they print out money to catch up with their running costs. Banks will collect lots and lots of money from the increase of interest rates from regular customers that depend on their credits. Many will fall behind but this is the way for them to seed out the best, the good ones. US at that moment does not need people that took advantage of the Real Estate Bubble. They will bring this people down from their easy leaving and make them go bankruptcy, take away their homes … or even life. This is not important at all for them. So, banks will collect a lot of fresh money to post good results and look as a good dogs to the government, doing them double favor … reducing the bad people and getting lots of fresh money in. Why US needs all these money on any price?? I do not know?! I hope some one here will read that and tell us. There are many books about that but I never read history that deep or being into financial world. I presume that with these money they will try to fight the inflation which is sooo close. Right now they eliminated so many possible candidates to buy homes, they put million people to foreclosures and bankruptcies, that no one will be able to get a home and save himself from the inflation and even if they think they are well off, they will loose all their savings. Because for regular people like me the only way to protect ourselves from inflation is by owning a property. If you are not an expert, you will loose a lot if there is inflation coming up. And at the end there will be two way upgrading and downgrading classes. Middle class get poor, rich people go middle class and the opposite middle class goes rich and poor people goes even more at the end.
One simple example for people that do not even know what is inflation:
I buy a house in 2006, the price is 600K. In 2008 bubble of real estate is popped, then my house is only worth 500K because it is in a good neighborhood. What happens to me? Well, I keep paying the mortgage with 100K more than what I need to pay and government TARP money do not do anything to help adjust my rate. I am middle class American Citizen, I can pay for my mistake still. Then, situation get even worst .. I might even loose my job … I am lucky one and I survive yeeeah! I can still pay my mortgage expenses etc, with a little help of my good credit cards which were so reliable. Then TAX payment times come and I owe 6 thousand dollars instead of 8K in TAX-es as government helps with adjusting my tax property in the tax assessor office locally. Great!!!! Then I put this on my credit card as it is not a big deal, little interest and some ideas of getting new sources of income later in the year…. And then as you can all follow me is the February 2009 bank TARP coming right at you with double APR on 7-8000$ balances. This is the ending … if you are lucky you can short sale or maybe foreclosure and bankruptcy and become one of those that will be hard to even get an apartment for rent?!