I have debated over this issue for a long while and thought the front runner was Chase, or whatever they are called today. However, I think a new winner has risen, and it is Bank of America !
I have been a loyal customer of theirs since 1992, never missing a payment on my mastercard and over the years have used it as a business card and had built a credit line of around $27,000-pretty good. I have financed rental property repairs, gone to conventions, paid for my advertising, etc. Had a pretty good rate and made all my payments on time.
Last week my statement came and they raised my interest rate to 27.99% and my payment doubled! I didn't even know that was legal ! When I called them they said it was due to risk-based pricing, and because my percentage of debt to my credit line was around 70% I was a bad risk! Unreal! They lead me to believe that I could use the credit limit as long as I paid it on time, and I have been on time since 1992!!
I never worried about the credit card as when times were good I would pay big chunks on it when I had closings, but not so many big chunks this year, due to no fault of my own. I also haven't used the card much this year and I was steadily paying it down. I asked them if a person who was a good paying customer since 1992 was a credit risk, what do they call people who don't pay on time? What do they get-water boarding?
They gave me the option of lowering my interest to 17.99 if I give up the card, in essence firing me! What has happened to loyalty among those that were once considered good customers? How many people have they squeezed like me and are not able to make the payments now, forcing them into bad credit situations.
There will come a day when Bank of America needs good paying customers like me when the economy turns. In the meantime I will search for a bank to take my debt to. If you are a customer of theirs, you better check the fine print as they are the biggest crook on the planet!
New title- Bank of America: Worst Bank Ever! All Hail the new king!
Comments(2)