 Where is the Credit card number located on Visa Debit Card? |
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 Debt collection letter? |
| A letter from a debt collection agency was sent to an address I havent lived at for 15 years saying i owe money, the people there I am related to but not got same name . Nothing has come to my ... |
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I've never had a credit card before and don't really like the idea of them but I'm going travelling so it's really a necessity to have one, what's the best one to get?
A... |
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| I'm 18 and want to take out a cosmetic surgery loan. but it says you need to have at least decent credit. can i still do it if i dont have any credit at all? like ive never had a credit card or ... |
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| I recently lost my job and i can`t keep paying not even minimum balances. I have around $9.000 in debt and minimum balances add to almost $500 a month + i have the car payment with insurance $600 a ... |
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 How long can a credit card keep sending you bills? |
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| I'm 19 years old and I'm in credit card debt, apartment debt and school debt. I need around $8,000. I was called about a loan acouple of months ago that would give at least $5,000 loan with ... |
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| I have a credit score of 549. Seeking 100% home loan for 120,000. Already approved for 80k. Any suggestions? |
| The only negatives on me credit report are a 60 day late car loan that I cosigned for and my credit card debt is a little high. But all other payments have been made on time. I need to move and ... |
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floridaman39us | Why did Bank of America charge me 32.2 % interest? |
I was late on a credit card payment to Bank of America and went over the credit limit. The next months billing statement charged me 32.2 % interest. I called to see if they would lower it, they said they would charge me 32.2 % for 6 months. I paid off the bill and they asked why? I said because you charged me 32.2 %. Are they morons? |
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duoak
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Usually, when you miss a payment or go over your credit limit, the interest that you are charged goes up automatically, |
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Karen D
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Because you were late once and went over your credit limit they were within their legal rights. The only way to get around it is to transfer the balance to a lower rate card NEVER be late again and NEVER go over your limit. Read all the fine print on your credit app |
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Amanda H
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NO, they're not morons-- that's totally the norm. Almost ALL credit cards have a 'penalty APR". |
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echo
 |
I guess you did not read the fine print. Most people don't, unfortunately - even though it makes for dry reading, it is important to know what they can do if you make a mistake.
Suck it up for 6 months, keep your account in good standing and then request a lower rate.
As Vadalia mentioned, you may get hit on your other cards because of this. |
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jbowler
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You were hit with the bank's default rate - the highest rate they charge. It was likely due to you're going over the credit limit, but bank's also use what is called a "universal default clause" which does the same thing if the bank views your overall credit situation in a bad light. |
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DaMan
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You are gonna hate my answer but here is goes:
If you look at the terms and conditions of the credit card agreement that Bank of America provided you upon opening the credit card account AND amended peridiocally by including the "amended terms" in your billing statement, you will find the answer.
In the terms and conditions of the credit card agreement, it clearly states that should the cardholder default on his credit card agreement TWICE within a 12-month billing period, that Bank of America (BOA) may charge you a default rate for six months.
The terms and conditions further explain that trigger events for the default rate include, but are not limited to, the following:
(1) failing to make the minimum payment as required.
(2) failing to pay the minimum payment by the payment due date per the billing statement
(3) exceeding your established credit limit.
Let's see. Per your question above, you made a late payment AND exceeded your credit limit within a 12 month billing period, so per the credit agreement, you had two trigger events whereby you defaulted on the credit card agreement. As such, BOA may charge you the default rate which was about 22.9% ABOVE prime. Currently, prime rate is about 8.750%, so the grand total interest is about 32.2% interest.
No, BOA are not morons, they just penalize you when you fail to comply with the terms and conditions of the credit card agreement. I am shocked that BOA would inquire why you are paying your account in full. I would NOT, however, be surprised if BOA asked you why would want to close your credit card account.
If you don't want to pay, then do not play. If you don't have time to read the "fine print", then you will have to pay with "fresh mint". |
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CactusFlower
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In their eyes, you have become a bad credit risk.. usually due to overlimit, missing payments, late payments, etc
I've also heard of certain CC providers upping your interest rate even if you haven't wronged them in some way, but they see you getting in deeper & deeper in debt.....
Basically the CC companies hold all the cards; that's why a lot of people suggest keeping CC usage to a minimum. |
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Vadalia
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Unfortunately for you, not only is Bank of America within their right to charge you that for being late (that rate would be listed in the contract you have with them), any other credit card company you have a card with can see that late payment on your credit report and raise your interest rates on their cards as well. |
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Paula M
 |
Check your other credit cards....Universal Default comes into play....screw up w/ one credit card and the others find out...they will automatically raise your interest rate (they do periodic credit checks for that very reason).
You definitely don't want to be carrying balances on any of your cards for a long while. |
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itstimeforachance
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!BANK OF AMERICA AND ALL CREDIT CARD COMPANIES HAVE THE RIGHT TO CHANGER YOUR INITIAL AGGREMENT IF YOU ARE LATE OR DEFAULT ON A PAYMENT OR EVEN IF YOU OCCUR LARGE BALANCES ON YOUR OTHER CREDIT CARDS!!!!!
Yes it is true that Bank of America could have had an initial interest rate of 19.20% with you...but because of a simple late they increased that interest rate....it's a secrete of the credit card industry...watch this documentary from PBS's Frontline a TV new mag that has high acclaim:
http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/
watch the fourth clip this is about what you are complaining about....it explains the story of man who had a credit card for more the 5 yrs and never missed a payment...had a good int rate but because of ONE late payment lost his good interest rate
TRULY AN EYE OPENING SERIES
any more info please contact me nicktony12@yahoo.com
i'd be glad to explain more
SOLUTION:
JUST PAYOFF YOUR DEBT AT THE END OF THE MONTH AND YOU WON'T BE AFFECTED AT ALL FROM THE CREDIT CARD...this is also explained in the documentary
;) |
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Christian93
 |
I like your solution. They didn't get what they thought they would get from you. |
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swma76
|
All american banks are money grabbers......
They asked me to opena savings account and wow it gave me like 4% if I have over $250,000 if I didn't it was like 0.5%... are they that silly?
Try INGDIRECT.com they give 4% interest from $1 up...
Man thats what I used to in the UK ;op |
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Todd C
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you are a smart man for paying that off. most people cannot pay it like that then get charged as much as a loan shark charges. Chase did that to my friend. wait six months you credit will recover that late and over the limit. |
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momo2765
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if your in ny by law they can only charge 29.99% max |
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kvuo
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that's what you get when you borrow money... |
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Scotty
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Did they use vaseline when they screwed you? Was it good for you too? |
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