From About.com
BoA Increasing Interest Rates For Good Customers
Several Bank of America customers recently received notices of an interest rate hike, reports BusinessWeek. It isn't unusual for creditors to increase interest rates when you've been late on a payment, even on another company's credit card. What's unusual about these notices is that they were sent to good customers with no clear explanation. Cardholders were given the option to close their card and pay at the old rate, but there's a tight time frame for this opt-out process, which has to be done by mail. Read the full article at
BusinessWeek.com.
Is it a coincidence that these rate increases come just a month after Bank of America's decision to purchase Countrywide, the nation's largest mortgage lender who was on the brink of bankruptcy after the mortgage meltdown? Even if the bank is attempting to field financial difficulty, taking it out on good paying customers with good credit scores is just bad business.
