It starts with:
Bank of America said it will not raise credit card interest rates before February, when a law restricting industry practices takes effect, unless a cardholder is in default.
Yes because the SOBs have already raised rates. What a load of crap from this company. My interest rate went up 50% in April. They make it sound like they are so magnanimous. When they are anything but.
Unfortunately for the time being I’m stuck with the one Bank of America credit card I have. It is in fact the only I have but I’m taking steps to change that. I will keep the card but the only thing I’ll charge on it will be Netflix. My car loan is also unfortunately with them too. But that will be paid off in the next six months or so. After that I plan on not having anything to do with Bank of America at all.
The thing that annoys me about the story is that there is little context. There is no mention in this story or the one in USA Today that many people's rates have already been raised. And some raised even more than the 50% that I was socked with. Rather sloppy reporting I'd say.