Credit-card users get rate shock

When Brenda Fishkin got the letter from Bank of America late last month, she thought it might be a joke.

[SteveMD2]

It is the unholy alliance of Big Business, combined with the Bush administration and their God of Greed that is causing this problem.

BTW, we haven't paid $1 in interest in decades, pay off our credit cards in full each month. Our interest rate, is about 8%.

Don't forget to vote your middle class pocketbook next fall.

[xyyyy]

well if the is what bank of america wants u had 2 of their cards, which were my AAA cards, and now thet are trashed.

[CreditCardHell]

http://creditcardsfromhell.blogspot.com/
New Endangered Species: The American Credit Card Customer
Many Americans are saying that when you get little pieces of plastic from Chase or Bank of America, you are stuck with Credit Cards from Hell. I agree. After thirty years of good credit scores and no late payments on any bills, They both have the gall to raise my interest rate to over 30%. PLEASE POST YOUR STORIES HERE OR EMAIL THEM TO [e-mail]. OUR VOICES MUST BE HEARD.Thanks to Chase and BOA, the American consumer may be the next endangered species. The DEVIL is not just in the fine print it is also in the lack of support and protection provided to us by Congress and the Whitehouse. They had no problem spending billions of our tax dollars to bail out rich people who put more than $100,000 into savings and loans even though the sign on the door told them that was all that was insured. But why can't they help the millions of hard working Americans that live from paycheck to paycheck and who are being taken to the cleaners by the Big Banks. You can also let Congress hear your stories or opinions please visit http://levin.senate.gov/senate/investigations...
The Permanent Subcommittee on Investigations initiated an investigation into unfair practices within the credit card industry. As part of this investigation, They commissioned a report by the Government Accountability Office (GAO) that was released in September 2006 and held a hearing in March 2007 that focused on three fundamental issues: grace periods, interest rates, and fees. The subcommittee plans to hold more hearings on other unfair credit card practices. If you would like to tell the subcommittee's investigative staff about an unfair credit card practice that you have experienced, please send an e-mail to mailto:[e-mail] e.gov
Are we just peasants living in a feudal society created by BIG Banks? Now we know how repressed coal miners felt when they lived in company houses and owed their souls to the company store. They have taken our jobs overseas, sucked the profits out of American corporations, gutted the bankruptcy laws, destroyed the mortgage markets, and are trying to squeeze the last drop of blood from hard-working Americans.Some Important Points We Need to Consider:
1 - When I went to check my credit scores and get my credit reports from the three CRA's Experian, TransUnion, and Equifax and found many discrepancies on my records. It is tedious work to even try to read them - not to mention try to get them corrected. Here they are selling false information about me and getting paid for it. What do I get? Higher interest rates and other problems.
4 - I am looking for an attorney that can help me copyright our family's personal financial information so I can permanently restrict access and charge a fee for its use. If the CRA's can make money off of my information why shouldn't I.
5 - Also in 2007, our auto insurance company said that they would now base our premiums on the use of credit scores also. How does my credit score affect my ability to drive? The federal government should regulate or ban this practice also.
7 - If Chase and BOA felt the need to raise my interest rates to what amount to usury fees, then why do I get offers in the mail almost everyday from my current credit card companies that want to increase my limit and from other companies including American Express that want to give us their cards? We have received over 70 offers in the last six months.
8 - Why is it when we loan money to corporations that they only pay us interest in the form of dividends and increased stock value based on what THEY can afford. Seems pretty lopsided to me.

[jeffro]

Back in the day my daddy called this loansharking. Corporations are now loansharkers, good money it, now they can do it legally, with out violence. They show you cool TV commercials where everyone is happy and running on the beach because they are paying the man 28% interest. Suuuuckers

[HoCo Resident]

I am a current Bank of America (formerly MBNA) customer and my rates have stayed low. The day they raise it, i'll just close the account and go with one of their dozen other competitors. Even if I carried a balance (which I don't) I would just transfer to a company offering 0% on balance transfers for 1 year and still be ahead of the game. But if you've got bad credit, then you can't really blame the bank for raising your rates!

[David]

If all Bank of American customer stop paying then what would B of A do? Get out of B of A and move to another bank. I did I moved to CITI with a 9% rate. Get out now send a message.

[Jeffrey Smith]

The reason that Bank of America is raising customer interest rates at the same time that the Fed rate is decreasing is so that they can recover some of what they lost due to the foreclosure crisis - that they are partially responsible for.
This isn't the only unethical credit card practice that Bank of America is taking part in, they are current using changing due dates (28 day billing cycle)- which is not an industry standard. The intent is to increase the number of borrowers that make payments past the due date - thus resulting in a late fee and justification for an increased interest rate.
I know this because I realized that Bank of America was doing this to me. I am now in the process of closing that account - eventually I will find one with a different bank but I suspect they are all playing this game right now

[JPMorgan Chase]

On 11-23-07 I by mistake made a payment of $11,857.29 instead of my credit card ********** balance of $1857.29.
It is 12-10-2007, 10:43 AM CST yet to receive the over payment.
11-25-07 at 8:17PM CST Ms. Erin took my 1st call and promised to get this issue resolved by sending me the credit balance right back in 2 to 3 days.
To date I have not received my money back. I have made numerous calls to Chase customer service 800-436-7927 and why my money has not been returned back?