Comments on: Bank of America Raises Credit Card Rates http://www.creditcardwatcher.com/bank-of-america-raises-credit-card-rates-0904/ Keeping an eye on the best credit card offers Tue, 07 Feb 2012 07:43:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ken S http://www.creditcardwatcher.com/bank-of-america-raises-credit-card-rates-0904/#comment-6325 Ken S Wed, 26 Aug 2009 16:26:34 +0000 http://www.creditcardwatcher.com/?p=502#comment-6325 B of A hits you with the "double whammy": "Please note the finance charges are added to your monthly payment, and are also deducted from your credit limit because they are part of your account balance." They're pretty slick, no wonder they're making "billions". B of A hits you with the “double whammy”: “Please note the finance charges are added to your monthly
payment, and are also deducted from your credit limit because they are part of your account balance.” They’re pretty slick, no wonder they’re making “billions”.

]]> By: Tim M http://www.creditcardwatcher.com/bank-of-america-raises-credit-card-rates-0904/#comment-5392 Tim M Mon, 18 May 2009 01:39:41 +0000 http://www.creditcardwatcher.com/?p=502#comment-5392 Interestingly, I found out that Bank of America will settle your full debt with you for 60% of the balance. You need to close your card when you're paid off, and you need to have the cash on hand, but that's one way to go. I read about this possibility the other day in Bankruptcy 301 --worth checking out. Interestingly, I found out that Bank of America will settle your full debt with you for 60% of the balance. You need to close your card when you’re paid off, and you need to have the cash on hand, but that’s one way to go. I read about this possibility the other day in Bankruptcy 301 –worth checking out.

]]> By: DoKC http://www.creditcardwatcher.com/bank-of-america-raises-credit-card-rates-0904/#comment-5299 DoKC Sun, 03 May 2009 01:57:30 +0000 http://www.creditcardwatcher.com/?p=502#comment-5299 The banking industry has no fear and acts on the principle that there is no saturation point for raising fees and rates on consumers. Your choice, pay the higher rate or don't use the card. Pay off the card and stop using it is the nightmare no bank wants to face. That would force the banks to become more competitive and lower rates. In other words benefit the consumer and not the share holder. Radical idea, no. It is more of a practical idea. Try it. The banking industry has no fear and acts on the principle that there is no saturation point for raising fees and rates on consumers. Your choice, pay the higher rate or don’t use the card.

Pay off the card and stop using it is the nightmare no bank wants to face. That would force the banks to become more competitive and lower rates. In other words benefit the consumer and not the share holder.

Radical idea, no. It is more of a practical idea.

Try it.

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