Bank of America Stupidity

I got one of those periodic statements from my credit card company. You know the ones that say there's been a change in the condition of the account. As it said at the bottom of the envelope:

Important Customer Notices and Other Changes to Your Bank of America Credit Card Account

I have to say I don't always read these things as closely as I should. But I did open this one. Actually I have two because I have two accounts with Bank of America. Inside it said that they were raising my interest rate. They were raising it 50%. That's right 50%.

I think to myself we've given this Bank billions of dollars. We've been screwed by them once and now their customers are getting screwed again.

The one account I won't cancel because the credit limit is incredibly high and I've also have it since 1994. Two very good reason not to cancel the account.

The other one I have through AAA. It was canceled as fast as I could get through to an operator. So I ask why exactly the rate is being raised. Oh it's the economy. I said back that seems to be rather counter intuitive to me. Let's make it harder for people to pay back they money they owe.

I had sizable tax returns. I was going to divide them up between the two accounts. But now it's going to the AAA account. The goal is to pay it off as quickly as possible. I also think I'm going to be writing to Bank of America (I don't expect any sort of response but it will make me feel better). But I'll also be writing to AAA saying they should partner with another bank in issuing a credit card in its name.

I must say I have to scratch my head at this one. How does this help Bank of America? Just another example of how banks are totally out of touch with what is going on.