Tuesday, May 17, 2011

Bank Of America Credit Card Holders - Beware

I just received a good news/bad news notice from Bank of America regarding my credit card (a card with a zero balance that I keep for emergencies only).  The good news in big bold print: We are not increasing your APR!  The bad news in not so bold print: We are adding a penalty APR to your account.  If you pay late we MAY (translation: we WILL) charge a penalty APR on new transactions.  Flip to the next page find out that the penalty APR if I'm late on a payment is UP TO (translation: WILL BE) 29.99%!!  Oh, and that can go up even higher if the Prime Rate rises.  Sweet deal B of A!  I'd love to see how you treat clients who AREN'T in good standing. 

Needless to say, my B of A card will be gathering moss from now on.  If you're a B of A credit card holder, I'd strongly suggest you review your credit card terms. 


jbelmont said...

I have a credit card with B of A. Maybe they have higher costs, but their idea of service far surpasses any other company I have ever heard of. I was purchasing gifts for my loyal programmers. I got four Starbucks cards -- all separate so I could get separate receipts with the passcodes for their cards (just in case). Exactly 10 minutes later, Bank of America security called me to make sure that I had made those purchases and that my card had not been compromised. Two months later, they caught someone who made a fake copy of my card and tried to ring up $510 worth of supplies in Austin, Tx.

Jeremy Belmont is the author of the 123notary.com Blog at

Alex Y. said...

I've had just the opposite experience. I used to bank with Michigan National. They were bought out by Standard Federal. Then they were bought out by ABN Amro, which then became LaSalle. Never a problem with any of them. Then, B of A bought them out, and it's been nothing but trouble. Several screw ups and talking reason with them has been impossible.

And according to MSN Money, the number one worst company for customer service in the U.S. in any industry - Bank of America.