Just got a letter from Bank of America

[Lurks Often]

A couple of months ago the Bank of America sent a letter saying that they were changing my fixed rate credit card (11.99% I think) to a variable and that if that was not acceptable to me that I needed to opt and cancel the card. Since it will be a cold day in hell before I have a variable rate credit card, I called them and canceled the card (it had a zero balance anyway) and then I fed the card into the shredder.

Yesterday I get another letter from Bank of America saying that they have changed their mind and the card will remain a fixed APR.

I wonder how many other people told BoA where they could go with their variable rate card and canceled them? Maybe even BoA is getting the message that there is only so far they can push their customers?

[Buzz Clik]

1. The next time that BoA decides to change your interest, it will be with far less warning.

I hope you decided to remain out of their system.

[varelse]

2. Like the first poster to reply, I think you're the one getting the message

It's not the one BofA wants you to get, but if you're really thinking, it's the one you'll take away from this: they'll screw you any way they can - just keep walking away.

[FBaggins]

3. A couple observations

You said "a couple of months ago". It's possible that their first decision was before recent changes to how/when such changes could be made.

I would also ask what about a variable rate card worries you? It can often be the better way to go. The question is what does it index against and what is the margin above that index?

The other point is that the rate is irrelevant if you don't carry a balance. In that case you would pay more attention to fees and features (points/miles/whatever).

[BonnieJW]

4. I just paid that card off and that's the last business

I will have with that institution. When I got my car in April, we were arranging the financing and I happened to see the BOA logo on the top of the form the guy was completing. I stopped him and told him we would not be purchasing the car if it included any kind of business dealings with BOA. They used a different bank.

BOA is pure scum. My hope is that enough people stop using them and they just quietly fade away. I don't think there would be any kind of dramatic impact if they failed s-l-o-w-l-y, would there? I think we should take the opportunity to spread the word through the blogosphere to dump BOA. Maybe if these to-big-to-fail assholes see the power of all the little people, we'll finally get their attention and what used to be known as customer service.

[ChiciB1]

7. Another Little Tidbit... My Daughter Re-Financed Her Home With A Certain Company

that she shopped around for. She was very happy by NOT having to do business with BOA because she had filed a fraudulent claim that took her four years to get compensated for. BOA is just a curse word for her and me, I was part of the fraudulent claim! We jumped through so many hoops trying to get our money back!. Six months into her mortgage, guess who took over her mortgage? BOA!! She's livid, but their reply was, you can either pay us off or take the deal!

Not much of an option for her and her husband!!

[lpbk2713]

5. Good on you for calling their bluff.

Now it's their loss, not yours. BA is the worst of the worst.

[ChiciB1]

6. I Canceled My WaMu (Chase) Because Of The Very Same Thing!

I had a 6.5% interest rate and they decided (I was a very good customer) that they would raise my rate to 10.24%, JUST BECAUSE! I called and canceled, went to my Credit Union and got an 8.5% rate and that's where I'm staying.

Chase keeps sending me stuff and I have told them that I canceled and cut up their cards... they don't seem to get "my" message! I just told them again last week, and the rate had been hiked to 17.24% in the interim!

Who knows, but I don't care how much business they lose, the DUN ME WRONG!! I paid my bills on time, and many times had NO BALANCE, and they raised my rate! That was a SMACK DOWN to me!!!

[live love laugh]

8. I did also. nt

[swilton]

9. I told Citibank that they were Predatory Lenders

With dealing with a family crisis and payments for graduate school, I had faithfully made payments to citibank - more than the required amount but they kept raising my interest rates...I just couldn't deal with dealing with them and let it go until this particular year when they raised the rate to 29.9%. That's when I cancelled the card.

I'm buying less and eating out less and watching my grocery money. But guess what? I'm healthier.