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Bank of America Credit Cards

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Debbie of Houston, TX August 27, 2009

I made an over the phone payment because it was due that day. I had closed out the account to lock in the 4.9% interest. I received my statement and they put the 15 fee as a new charge and charging 11.24% interest everymonth. The complaint is that you are not advised of this over the phone when you make the payment. You are only advised of how much the fee is. This is very misleading. I would have never of done this. Is this common practice and legal?

kit of phoenix, AZ August 26, 2009

Credit card linked to checking a/c. an amount is transferred to checking a/c to cover o/d. balance of credit card hits maximum. service fee of 5.00 is added to credit card. credit card limit goes up by 5.00 Overlimit fee of 35.00 dollars added to credit card.

Marla of Marysville, WA August 24, 2009

I have been getting Alaska Airlines Signature VISA offers in the mail for several years. This card is issued by BANK OF AMERICA. I wasn't interested until we decided to take a trip to HAwaii and thought it might be a good way to earn airmiles plus get the 20,000 bonus airmiles they tease you with. After about 31/2 weeks of "reviewing" my application, I got a VISA that is their lowest level card with a 500 credit limit. Oh yes, and NO BONUS AIRMILES included.....ticked me off and I immediately closed the account. We (both my husband and I) have very good credit---never a problem and always complimented on our score when we do have a credit check done for a purchase.

The same day, I logged on to my Bank of America VISA account to make a payment and happened to notice that I had 168 worth of credit available. It shocked me because I was certain we were not even close to maxing out the card. Upon looking further at my account I noticed my credit line was 4000. I seemed to remember it was much higher than that....looked it up on my past statements and confirmed that my credit limit had been 11,000. I received a letter in the mail that very day notifying me that they had reviewed my account and reduced the credit line taking this action because "you currently have sufficient debt considering your income". WOW!

This after we have made payments ONTIME and more than the minimum amount owed. We have had car loans through this bank that we have paid off without any problems. What really upset me is what this mustlook like on my credit report...at the time we were waiting for loan approval for a loan for our daughter's college tuition. I was almost physically sick thinking that some stupid, DIRTY action like this would prevent us from getting loan approval...but hey!! We DID get loan approval for 18,000--and they approved us in less than one day. Seems pretty odd when Bank of American thinks we are too dumb and poor to handle our credit.

Furthermore, they cut the credit limit just BARELY above the balance on the card (like others have mentioned) which I figure is their way forcing you over the limit (since you most likely are unaware of the change yet) so that they can reap the "over limit" fee too. NASTY NASTY NASTY! I, like others on this forum, will be closing my account at Bank of America ASAP. I am very very disgusted with Bank of America treating GOOD, LOYAL customers like they are.

I appreciate having a site like this where I can vent and also see that others are experiencing the same thing. Too bad there aren't enough of us that will pull out of BofA to hurt them....

Bertha of Faytteville, PA August 22, 2009

I've experienced financial hardship and these past three months I've had to make an extra Bank of America payment each month to cover the interest that accrues on my balance so that I wouldn't become overdrawn. My two problems with BoA: 1) The statements are never printed on the same day each month. 2) Their online bill pay system defaults to the bill due date rather than the day you made your payment and for me it reset to that date even after I corrected the date.

As a result of the first problem, I thought that my statment would print on 08/20 and that I could make my payment on 08/19 as I was waiting for a paycheque so that I would have enough money to pay the bill. Instead, BoA printed the statement on the 18th and this resulted in my account going over its limit and a 39 charge. I discovered this on the 19th and called BoA immediately. I decided to go ahead and accept the 39 late charge and made the payment to bring my account back into good standing at 11:42am that morning after confirming with the agent that my interest wouldn't go up and that my account would become active again without any problems. Well, today, 08/22, I go to check bank statement only to discover that the money hadn't been withdrawn. I then check the BoA website to discover that the payment date was reset to the 09/14 - the bill due date - although I originally made certain that it was for 08/19. So, although I have been assured by an agent today that I won't be negatively impacted by any of this (except for the 39 charge), I now have to wait for the bill payment to go through on Monday (as this is a weekend and they don't accept payments on weekends) and for the next two bills to make sure that my interest will in fact no change.

Paola of Venice, CA August 21, 2009

I have had a BofA credit card for over 6 years and have not been late with payments (I do online banking). About a month ago I processed my payments and my payment was posted 1 DAY LATE! and now they have DOUBLED my interest rate & montly payment for the next SIX MONTHS casusing tremendous hardship.

When I spoke to a representative to see if there is anything they can do and maybe just charge me a late fee for being ONE DAY LATE. NOT helpful at all. I will be closing my account as soon as possible and will NEVER do ANY BUSINESS with Bank of AMERICA again!

Berthy of San Juan, United States August 20, 2009

I called in ( First-Bank ) regarding my Visa card to ask for a reduction in the interest rates (something like a heratship ? program ) the lady started asking many personal questions ( house payments, salaries, monthly expenses, schools, etc) to which I asked if my answers could harm me in any way and she responded NOT AT ALL, kept on asking more questions now about my husbands work, salary, etc and throughout the conversation and detailed questions I started feeling a bit uncomfortable and asked 2 MORE TIMES if all this info could be in any way negative to which AGAIN she answered NOT AT ALL.

End of story.... she said I did not qualify because our incomes were less than we could pay ( of course I knew that and wanted to avoid getting behind, it is getting tougher to maintain our payments now - have NEVER had a late payment)and was "sorry" to tell me that with the info given by me they would automatically lower our credit limit to what is owed !!! and on top of that, I have a credit line with them ( Bank of America-which I really didn't know were "tied" ) -the same-NEVER paid late... had between the 2 (Visa and credit line) approx. 4,500 credit available still and she did the same thing ...was "sorry" to haver to lower my limit to what was owed !!!! When I responded to the three times I asked about the info I was giving she only said "sorry" can I help you with anything else???

Chris of raleigh, NC August 19, 2009

I am writing to let people know exactly how I feel about Bank Of America and there services. I have never in my 43 yrs seen such dirty banking and will difinetly be contacting the Attorney Generals office as soon as possible. I can not believe that the law is allowing Bank of America to intentionally cause hardship on any household the way they did mine, and I intend to find out from the Attorney Generals office to make sure. I have never been late the entire time I have had this credit line.

I decide to start paying it off and all of sudden they blocked the line of credit with no warning whatsoever. Then they tell me that my property value has been re-evaluated at an amount I have not doubt is completely at their own choice. This bank is using this excuse to block peoples credit line without any warning at all.

Bank of America remove 5200.00 with no warning at all. They did not care that by doing this it has caused major hardship in my household. I just refuse to beleive that there is nothing we can do to avoid being put into a hardship situation by Banks that are using our money to stay afloat.

These banks are suppose to be helping people get on their feet, instead they have started focusing their time on taking money from the custumer using false appraisals to remove peoples equity line. I truely hate that banks have resorted to such dirty business and I hope that a class action lawsuit is in the making. They left us with less than 200.00 in our account. No warning and their appraisal is a fraud.

bart of irmo, SC August 19, 2009

I have had a Bank of America for many years, with a fixed 9.9% interest rate (which is not bad). While I was once financially irresponsible (as a college student), I have since matured and been paying my bill on time for several years, and always about double the minimum payment. Last month I paid it one day late, and they immediately increased my rate to 25%. Two lengthy conversations with "senior" account consultants did nothing. They are like the mob. First they throw money at you, then they start breaking knuckles if you don't have it back on time. The punishment needs to fit the crime. a 150% interest rate hike for 1 one-day-late payment?

Richard of Richmond, VA August 18, 2009

Earlier this year I used my BofA VISA for the first time (after carrying it for nearly 2 years w/out charging a thing.) My credit limit was 6200; I charged approximately 3000 via a balance transfer. Within a week I received a letter from BofA stating that my credit limit had been reduced to 3300. Angry, I paid the card in its entirety immediately and didn't touch it again until 2 days ago. Deciding to take advantage of a 1.9% balance transfer offer, I initiated a 2900 b/t online. Today, I received a call from BofA politely asking if I'd mind "updating" my information. (You can see this one coming, right?) After two minutes on hold, the rep came back on the line to tell me that my card was being cancelled. My credit rating this morning was 739; I'm dreading seeing the next update, but no doubt BofA has screwed me for the foreseeable future. It makes no difference to them, but I stopped at a local branch this afternoon and closed my checking and money market accounts.

Michael of Syracuse, NY August 18, 2009

I have been a Bank of America customer for over 10 years. I have never had a late payment and have always paid at least %25 over the min. payment. I have never utilized more then 41% of my available credit. My credit score and history are both excellent as I have NEVER had a late payment on anything form revolving accounts to utility bills.

On 8/10/09 I inquired about a slight credit line increase. My credit line at that time was 40,000 and had been for over a year. The only reason I was inquiring about the increase was because I was planning on getting married in approx. a year and wanted to make sure that the credit was available IF needed. After applying for the increase online an automated message said that I would have to speak with someone over the phone. I concluded that this was due to the fact that I had reached the limit of what was appropriate for my income level and decided not to pursue the issues further. Well this is where Bank of America began to show their true colors and dishonest practices.

On 8/17/09 I recieved two letters from Bank of America. The first letter I opened mentioned my inquiry regarding the credit line increase and the reason is was denied. As I thought they felt that my credit line was sufficent related to my income, no big deal. Well the next letter I opened from them stated that they had reviewed my credit and decided to modify it to 17,000! I was outraged beyond belief.

When I contaced the number provided on the letter and spoke to the represenative I was informed that the change had been made due to the current market conditions. Are you kidding me? I asked if the market conditions had changed that dramatically in the last week? I asked how and why my credit line had been cut by almost 40% in a matter of a week with no warnig!

To make matters worse my balance at that time was 16,400 or 41% of my available credit it is now 96% of my available credit! This will most certainly decrease my credit score as it looks like I am now a huge risk. Further more they have put me withing 600 of my limit. This could have left me in a situation where I was not able to pay for a needed service and I would not have been aware of it until it was to late as I was NEVER notified of the decrease until after it had occured.

It is a shame that a company based in AMERICA with AMERICA in its name would put soemone who has done evrything right and by the rules in a situation where they are now not able to have a wedding!

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