I have been a cardholder since 2001 with MBNA. Bank of America purchased MBNA and since then the customer service level has declined for many reasons. Most recently I received a change in terms to my account because I went over the limit in March of 2007. I chose to reject the change to the account that would take place that would change the 11.99% interest rate that I have had on the account since 2001 to a new rate of around 26%. In the amendment it stated that if I used the card, went over the limit again, or made a late payment, the default rate would apply.This month I went to make a payment today at 8:00 and was told there was no possible way that the payment could be credited today. They told me the default rate would be applied to my account for the payment being 3 hours after the posting time frame even though it was the same day. Has anyone else had this problem when they treat you like a dead-beat customer when you have great credit?
Additional Details
I took the card out of my wallet and made payments well above the minimum payment each month. I paid around 2,500 dollars off the total balance from April-November. During this time I did not use the card and BOA raised my limit an additional 2,000 dollars (a strong indication of good credit). The customer service representative informed me that this is standard policy to issue a default rate on a card member even if the payment is one day late. He said that he understood I have been a customer in good standing for seven years and they might be able to take that under consideration in 3-6 months to lower my interest rate back to the original rate but there was nothing he could do right now. I do not understand how this could be legal, I made the payment when it was due.