What can I do about Bank of America apr hike?

R

Rob

New member
I found out this week that my Bank of America credit card had its annual percentage rate raised to 29%. I've never been late on my payments. I called them and it was reduced to the original rate but I was told that I couldn't use the card for any purchase or the rate would be raised again to 29%. What can I do? Where can I complain?
 
When you sign up for a credit card, the terms of agreement state that they can change your interest rates at any time for any reason. So, unfortunately, you don't really have any options. My suggestion, however, would be to pay off your balance as soon as possible and keep it paid off. If you *must* use a credit card, then I would look for something with a lower interest rate and use that.

Ofcourse, the best thing to do is make sure you have the cash on hand to pay for the purchase of the desired item, and as soon as you get the bill, pay off your balance. This way, you're improving your credit score and you don't have to worry about what your APR is.
 
Back
Top