I purchased a hot tub during one of their “no interest for a year” offerings last year and also transferred $3,500 from a higher interest rate card to this card (from another offer). The purchase rate on this card was a lifetime 7.00%. I’d planned to pay a majority of this off with proceeds from my Mother’s estate only to find that Nursing home and legal fees burned up most of the estate. I paid @$2,500 one month and invested the rest.

I have been paying by phone since December and paying the $15 pay by phone fee except when I get to a library and pay on line. Last month I called and found my minimum amount due had gone from @$525 to $810. Thinking this was the result of the previous offers, I just paid it without question.
This month I called and found the due date was again changed to the 4th and the amount due was $840. I asked to speak to a rep and found out they had changed my interest rate to 19.99%. They stated they’d sent me a letter about this. I did not rewceive any letter. I have a Capital One card that did the same. As long as I don’t use the card, the rate on my balance stays the same.
Since I was unaware of this ripoff, I used the BofA card once in the last few months to pay for a $45 psychiatrist office visit. Now, after this $45 charge, my entire $30,000+ balance is being charged 19.99%!
And to make matters worse, my discussions with them took long enough that it put me past 5:00pm, and would be “processed the following day”. Making for another late payment and again a $15 pay b y phone fee.

I thought President Obama was enacting a law against all of this. On top of the $30,000,000,000 we gave this bank, they’re going to be allowed to rob the consumers until this law passes? The rep I spoke with told me they did this to 6,000,000 customers.

I would like to be included in any class action suit against Bank of America and Capital One. If you are not involved in this please forward this to whoever is and kindly provide me their name and email.

too many active bankcard accounts
too few accounts paid as agreed – compared to total accounts
total available credit on bankcards is too low.
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We have not been late on any payment to any of our cards since our bankruptcy 5 years ago – which – ironically was brought on by Chase doubling our minimum payment to $400.00 a month. At that time we have never been late on a payment to them either – they said “we’re doing you a favor – getting your balance down.”

Yeah right – is there an arrogance and greed these bankers don’t enjoy?

I hope to see a big class action suit against this greedy company.

John Hansen Follow me on Twitter http://twitter.com/JackHester

John Hansen

We did some research and discovered that we’re not alone, and found many instances of people, all with good credit history, that were being victimized by BoA in this way. The bank somehow doesn’t see us as a value to them and in fact was quite hostile, even though we’ve been a good customer for over 20 years.

Chase Raised our Interest Rate to 29% and then closed our never late, never delinquint, always paid in full account.

I tried to work with them and explained my situation. For over 20 years I’ve had excellent credit and never missed a single payment. When the housing market crashed it took my home improvement business with it.

I asked Advanta if we could somehow work this out with smaller payments, temporarily, because I’m confident that when the economy springs back, I will be able to make great strides towards paying this debt off in full.

My other credit card issuer accepted this agreement based on my past credit history. As long as I continue to make the smaller payments… They would continue to work with me to get through this tough economic time.

Advanta, instead chose to conduct business as usual. They jacked my interest rates up to the maximum (over 27%) raised my minimum amount due each month, and started adding late fees for the unpaid amount.

To make matters worse, they lowered my available credit to less than my current balance, and started slamming me with over the limit fees. I never went over my limit, they put me over the limit by lowering my available credit limit.

I guess they’re within their legal right to do so, because they tell me it was clearly written in one of their change of terms amendments. You know, one of those 10 page, multi folded inserts, typed in a tiny # 4 font, with about 5000 words of legalese, that they slip into your bill every couple of months…

Somewhere in th middle of one of those inserts, it said they could change my rates at any time, for any reason, without notice. And by not paying my entire balance off in full, and closing the account, it meant I agreed to the change in terms.

This bank it the prime example of predatory lending, that has in no small part, led to the financial meltdown in this country, and in the world.

I don’t know if my situation makes me eligible to be a part of any class action lawsiut, but I will absolutely give my full support to anyone who has the legal means to bring this company down.

In a similar situation to Eric above.

Now I’m not the best with revolving debt, but it’s really the only hit to my credit rate. Otherwise am in great standing – in terms of paying off (at very least) minimums well before they’re due.

Been with Bank of America for years – and in the past 6 months they’ve lowered my limits (on 2 cards) several times. Seems like every other month, my new limit is just a hundred or so above my balance.