Robin sent me THIS ARTICLE written by Liz Moyer and Tatyana Shumsky of Forbes the other day.
It seems that Bank of America has decided to pull out the 0.5 font and crank the rates on their "valued" customers.
Here are the items that stood out to me:
- "Bank of America gives card holders the chance to opt out of the higher rate by paying the account off, but such a request must be made in writing."
"Millennium card also has no grace period, meaning a 19.5% interest rate on charges kicks in as soon as a charge is made. "That's unheard of," Arnold says. The account is secured with the borrower's own money. "There's no risk for the issuer.""
A spokeswoman for Chase says, "We pride ourselves on having an extensive array of products so customers can find one that fits their needs."
You know what the article reminded me of? The reasons that I do not use credit cards anymore. I played their game and lost multiple times. They were NOT my friends.
By the way, in one of my financial counseling appointments today, one of them had a Bank of America card that had more than DOUBLED the rate even though they have always paid their payment on time. I can't believe that these companies get away with selling these horrible products.
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