Bank of America Informative - Bank of America- Credit Card
DELAWARE -- After having the Platinum MasterCard for 7 years, Bank of America sent me a letter in the mail in June 2008 for a pre-approval upgrade to the World Points Mastercard. My current credit limit was 15,000, I took the offer, and they maintained my APR which was 12.99%. February 2009, I got increased automatically due to periodic reviews of my credit history, to $16500.
April 2009 of this year, I got a letter indicating my APR would go up to 24.99%. Told by customer service that over 4-6 Million card holders were affected with the increase due to recent laws and changes in the markets. At the time I had about $3900 as a balance that I paid off using my savings account. I got a letter in August stating that my Credit Line was reduced to $1000. Told my FICO score had dropped 21pts & my revolving debt on 2 other card was high. I decided to just close the account at that point.
Loyalty and good payment histories really don’t guarantee protection from common business tactics that banks take, to keep their bottom lines in place; it’s how they stay afloat. If this has happened to anyone else, don’t be angry about it; just try to pay the rest of your debt off with a realistic plan. Once your scores increase, apply with credit unions or other financial institutions.
This is just an informational review to advise everyone, we are truly seeing the "Signs of the Time" here. Banks are cutting risks wherever possible. I guess to be safe, (if you can) pay your debt off monthly and try not to carry balances, it will land you in trouble. I know for some it’s difficult to avoid using them though, so I can certainly empathize, especially with all the layoffs in the US.
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