Brandon, the same thing happened to me with the same company – Bank of America. I was late with a payment and was charged the late fee and then my interest rate was jacked up to 24.9%. Apparently, if you read the very very fine print in your agreement, it says they have the right to do this. In the news lately, there has been talk of a law being made to make this practice of credit card companies illegal. I hope something is done soon. What I did was transfer my balance from my Bank of America credit on to a card with a lower interest rate. I am not closing my credit card account with Bank of America. I feel that what this company did is inexcusable no matter what their credit card agreement says. I do hope the legislation can change things. Everyone should be very careful to pay their credit card bills on time and to keep track of their interest rates with each statement!