Bank of America raising rates!!!
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Bank of America raising rates!!!
| Mon, 04-13-2009 - 8:13am |
My citicards cc was just transferred to Bank of America and of course I carry a balance on it. The balance is $6500 with 9.24% interest rate. They just said on the news that anyone who carries a balance come June 09 and has a current interest rate below 10%, their interest rate will go up. GREAT!!!
So if anyone read my previous post about me doing CCCS, I pretty much have no other option but to do it. One, because I will never get the balance paid by June, and two I can not get approved for a personal loan or lower interest rate cc!
WHy do they have to do this to people who are just trying to get ahead?
So if anyone read my previous post about me doing CCCS, I pretty much have no other option but to do it. One, because I will never get the balance paid by June, and two I can not get approved for a personal loan or lower interest rate cc!
WHy do they have to do this to people who are just trying to get ahead?



WHy do they have to do this to people who are just trying to get ahead?
Because BAC stock would not rise if they didn't do this to people trying to get ahead.
Others may have already mentioned this but have you thought about opt-ing out. The way I understand this to work is that if you call them and tell them you want to opt-out; you can pay off the balance at the interest rate you have now.
The catch is that if you use your card at all for anything at all then the interest rate goes up.
I have only heard about this and have not done it myself so make sure to research it if it is an option for you.
Well said, Marie. I am not confident with bank stocks - despite the enthusiasm, the fundamentals are still weak.
And by the way, BOFA is not only doing it to people just trying to get ahead, they are doing it to everyone. They raised my rates a couple months ago (except I don't carry a balance, so it is a moot point). I do believe it is a blanket thing, not directed at anyone in particular.