Letter to BOA

[desertrat]

Dear bank of America:

Thank you for notifying me about the pending increase on the APR on my account. It certainly helps in times like these to know that banks are still trying to help their customers.

In a related matter, I have decided to follow your example and increase my rates. I currently have a balance in my favor of $90.00 on my account number ending in 0842. The APR on that will now be 16%. Since it wasn’t paid back at the end of the billing period there will be a late fee of $35.00 added. Please remit this to avoid incurring further charges.

Also please stop sending me blank checks. I don’t need a cash advance, especially not with an APR of 25.74%.

If I can be of any further assistance on this matter, I believe you know how to reach me.

Sincerely:


I just don't know if I acually want to waste a stamp and send it.

 

[ProfMoneyWise]

Please do send it and keep us posted. Should be interesting.

I believe the response you will get will be to point out language in the cardmember agreement where it states the relationship between debtor and creditor is only in favor of the creditor and conditions can only be changed by the latter.

But at least make them put pen to paper (theoretically) and answer you.

 

[Old Timer]

I got that notice this weekend along with the changes in their rewards program. I'll be closing that account.

 

[desertrat]

I got that notice this weekend along with the changes in their rewards program. I'll be closing that account.

I rarely use it and have paid it off when I did. I think I will call and tell them I am not accepting the change and see what they say. BRB.

They are experiencing a high volume of calls.

 

[kelb]

I rarely use it and have paid it off when I did. I think I will call and tell them I am not accepting the change and see what they say. BRB.

They are experiencing a high volume of calls.

 

[Old Timer]

I rarely use it and have paid it off when I did. I think I will call and tell them I am not accepting the change and see what they say. BRB.

They are experiencing a high volume of calls.

I guess I'll be writing to them then!

 

[Chasey_Lane]

Lots of complaints about BOA APR increases. CreditBloggers: Bank of America Credit Card APR Hikes Are Back Again

 

[desertrat]

Lots of complaints about BOA APR increases. CreditBloggers: Bank of America Credit Card APR Hikes Are Back Again

I thought it was bad to have a bunch of cards with or without balances.

Which is worse?

They say:

Remember: Closing your credit card account in retaliation can harm your credit score. Your score will be especially damaged if the account is the oldest on your credit report, if it's your only credit card, or if it has the highest credit limit. It's a better idea to get the card paid off and leave it open.

 

[ProfMoneyWise]

Personal opinion and choice. Having a credit card at all is bad. I am debit card only. Again, personal opinion and choice.

Yes, my FICO score continues to decrease. That is fine with me as I have no intention of ever borrowing money.

If you have a credit card you are agreeing to be manipulated as the creditor sees fit. Read a card member agreement. Really read it.

 

[desertrat]

Personal opinion and choice. Having a credit card at all is bad. I am debit card only. Again, personal opinion and choice.

Yes, my FICO score continues to decrease. That is fine with me as I have no intention of ever borrowing money.

If you have a credit card you are agreeing to be manipulated as the creditor sees fit. Read a card member agreement. Really read it.

Dad?

 

[millertc]

Dad?

I was thinking the same thing.

 

[ProfMoneyWise]

As I age I sound more and more like him every day.

 

[desertrat]

As I age I sound more and more like him every day.

As I age I find how many things he was right about.