Steve Posted February 21, 2008 Report Share Posted February 21, 2008 Bank of America told thousands of its cardholders in recent weeks â?? even those with good payment histories â?? that they faced a rate hike from 9 percent to as high as 28 percent if they didn't pay off their balances at the old rate and stop using their cards. The bank, the largest credit card issuer, since its 2006 acquisition of MBNA, says it's all part of its "periodic" review of customer credit risk... Is this an American thing or is the same happening in other countries? Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted February 22, 2008 Report Share Posted February 22, 2008 Sounds like an easy scam to make more money. Link to comment Share on other sites More sharing options...
Torneyboy Posted February 22, 2008 Report Share Posted February 22, 2008 Yes ..and kick you while you are down ... They wont people to strop spending ...but that is a bit harsh ..imo Link to comment Share on other sites More sharing options...
Old Hippie Posted February 22, 2008 Report Share Posted February 22, 2008 I thought they wanted us to spend more? stimulate the economy etc...? And if fewer people use the cards, due to higher rates, wouldn't that mean they would lose money in the long run? Link to comment Share on other sites More sharing options...
Torneyboy Posted February 22, 2008 Report Share Posted February 22, 2008 This is what they are trying down here ..stop us spending so they can get inflation under control.. The banks are "not" telling us they will up the rates ..just slow down shopping...so they will not miss any dollars .. Link to comment Share on other sites More sharing options...
Julian2 Posted February 22, 2008 Report Share Posted February 22, 2008 Works well actually; make people cut spending so that there is a decline in retailing and manufacturing which causes job losses and the newly unemployed stop spending because they haven't got any money. Link to comment Share on other sites More sharing options...
Old Hippie Posted February 22, 2008 Report Share Posted February 22, 2008 But if they have no cash, they might be likely to use credit cards no? Link to comment Share on other sites More sharing options...
dean Posted February 22, 2008 Report Share Posted February 22, 2008 Unfortunately, B of A is one of the two banks in the U.S. that I use. Fortunastely, I don't use their credit card, only ATM card when there are no charges (in other words, only at a B of A ATM). B of A does no favors for its custosmers. After being charges $40 for use of my ATM card at B of A ATM, it took me 12 e-mails and finally the intervention of the one nice B of A bank officer that I know, to have the charges taken off. Link to comment Share on other sites More sharing options...
Julian2 Posted February 22, 2008 Report Share Posted February 22, 2008 They'd squander the credit on unnecessary luxuries like food and rent until it ran out for sure. But the inability to pay back even the interest would soon put a stop to that. Link to comment Share on other sites More sharing options...
Torneyboy Posted February 22, 2008 Report Share Posted February 22, 2008 Yes it would ... I blame the Rudd government Link to comment Share on other sites More sharing options...
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