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!
Home » Miscellaneous » Predatory Lending Issues »