BoA is a snake and I thought i was well rid of them when they did the rate increase to the MBNA customers and I transferred my balance to Chase to a low-interest life-of-the-balance payment plan. Unfortunately they took over Countrywide Mortgages and I am back in their clutches. Meanwhile, Chase Bank has raised their minimum monthly payment from 2% to 5% and I being financially drained every month just keeping up with the Chase bill. I didnt see their opt-out notice until after their cut off date because of out-of-town family responsibilities. I only used the low interest payment plans to repair Hurricane Katrina damage to my house. I have never been late on a payment and frequently paid more than their minimums as my budget allowed. I lowered a balance from $17,000 to $12,000 in two years time. I used to have the greatest regard for Chase Bank but now my only goal is to survive the financial disaster they have perpetrated on me and to rid myself of any association with their institution.

How would you get along if credit cards were suddenly discontinued? Cash buys more commodities for less money. Welfare and unemployment insurance were unheard of during the depression of the 1930s. What happened to " use it up, make do or do without" as our forefathers did.

I quit BofA a long time ago, when they claimed my automatic Social Security deposit had bounced. When I tried to reach the branch manager, I was told that this person was not available and her name was a "secret". Then I was told the public was not allowed to know the name and address of the BofA president; my new bank gave me all this info, and I received a letter from the local BofA manager begging me to come back.
Recently I had a home break-in and also lost my wallet. The overseas customer service people are still dunning me for charges in Uzbekistan on a credit card from a subsidiary of a bank in China, and for a loan I alegedly took out last year in North Dakota. I'v never had a card from the cited bank, nor have I ever been in either Uzbekistan or North Dakota.
The callers, who have info that could only have come from my birth certificate, passport, Social Security card and other stolen documents, are now demanding full payments with huge additional interest and late charges. I don't know how my unlisted phone number got into their hands, but they do have a wrong address. One of these crack of dawn callers threatened to attach my Social Security income, and ruin my credit rating. They also want certified copies of all police reports; the local police department charges $23 per page for an uncertified copy.

BOA (old MBNA) tried to raise me from 5.99 to 14.99 though my credit was great and payments were on time. I opted out after calling and was told - it's not me, it's them; they have been honoring the 5.99 ever since. Read your statements and act accordingly. What is the problem??

Not all credit card companies suck. I've been with Chase for years and my account has had no problems. Same with DiscoverCard even if the rate is awful (around 19%). AMEX however is the pits!! WIth a credit score in the 700's they cut my limit twice in the last year and just recently raised my rates. This with no late payments ever. I wish they had an opt out. I'd gladly burn my cards today for a lower interest rate tomorrow!

Irving, I follow your methods for the most part. I will pay an annual fee to earn airmiles and discounts. I love the use of elymosynary but it is spelled eleemosynary.

I too had a problem with BoA. I was talked into receiving a BoA credit card. They automatically put $5,000.00 into my checking account, which had $4,000.00 in it and very little activity (I did not request any funds to be placed into the account). When I tried to straighten out the account the interest rate continued to increase. After six months the account was closed, but the interest rate was 152.52%.

Folks, just quit using the cards period. We are like the people who complain about high sports ticket prices and concessions and then go in anyway and eat three hot dogs and high priced cokes and mumble about the prices.

Have you gotten the letter lately where if you buy and chage you get no intertest for say 6 months? Read the caveats...If you are late paying or fail to pay off all...God help you. I laughed. They send me checks...I tear them up....they seem to be begging me to charge again and I won't. I owe like $6 a month..and that is it. No credit card balances. As faar as my credit score? I have had the same job for 21 years, never defaulted, always paid off all bills, have a net of over one million. I owe $50,000 on my house only. But, I have been late paying many times. Now, I'll bet you that a person with a job for one year, negative net worth would get a better rate than me and you wonder why the lending institutions are in trouble.

Everyone needs a course in high school in basic finance to understand what a ridiculous idea it is to borrow on credit cards and to slide by paying minimum balances if you do. While there may be the rare occasion where it is the only option out of a desparate situation, I am sure that does not apply to 99% of credit card debt.

Pay off your balance every month, always look over your statement, and get the cards that work best for you - whether offering cash back, miles, points, etc. If you do this you can actually use your credit cards to save you money. Of course if everyone did this (as we do), the credit card companies would be out of business ... so I guess I have the ignorant masses to thank for my savings!

They did the same thing to me raising my rate from 9% to 29.99% and I called and reported the card missing so they changed the account number. I wasn't going to chance any stray charges.

I TRULY APPLAUD SOME OF THE COMMENTS ABOVE STRONGLY RECOMMENDING FELLOW AMERICANS TO RETURN TO POLICIES WHICH WERE SUCCESSFULLY FOLLOWED AND PRACTICED BY OUR GRANDPARENTS. CASH ONLY!!!!!!!!!! INSTANT GRATIFICATION IS A MAJOR CURSE OF OUR CURRENT SOCIETY. PART OF IT'S CAUSE IS MADISON AVENUE AND SLICK T.V. COMMERCIALS, WHICH ARE PAID FOR BY THOSE WHO KNOW THEY WORK. (IE; SUCKERS BELIEVE THE ADS) THE WORDS FRUGALITY, SELF-DENIAL, SELF-CONTROL AND OTHER SIMILAR WORDS ARE NOT POPULAR TODAY. BUT THEY ARE ABSOLUTELY ESSENTIAL TO A LIFE UNDER OUR CONTROL RATHER THAN ONE CONTROLLED BY OUR CREDITORS. AS AN ANCIENT WRITER, PAUL, STATED,"IN CONTENTMENT IS GREAT GAIN" ALSO, WORDS OF WISDOM FROM MY DECEASED MOTHER WHICH APPLY MORE NOW THAN WHEN SHE WAS YOUNG. SHE OFTEN TOLD ME; '"SON, REMEMBER THE BIG PRINT GIVES IT TO YOU AND THE FINE PRINT TAKES IT AWAY." AMEN TO THAT.

BoA are (things I cannot even print here)! My hubby had one but it's been long closed. They raised his rate about 1 year ago. They changed the date out of the blue for no reason. He had his automatically to draft from his checking account. Obviously it came two days too late. Therefore, they hiked his rate up (actually it nearly doubled). Hubby was furious. He phoned them and told them it was automatic draft and they nver notified him that the date changed. Yes, I agree with others, 99% of credit card companies are scum of the earth or lower. We had 4 between us and they are all closed and our credit is just fine. You can use cash for everything (even a car rental!)

I pay all my credit cards every month so I don't get charged interest. However, I have a couple of cards that have balances that were transferred years ago with very low interest rates (e.g., between 3 and 6%) which were guaranteed until the debt was paid assuming you make all your payments on time. These seemed like good deals because the banks were charging upwards of 10% to borrow money at the time. So I used these credit card balances to make major home improvements since it was cheaper than borrowing from the bank. I have made all my payments on time as stipulated, but I am not sure if these rates are protected with the new legislation from Congress. I have tried to read up on it, and some sites say that they cannot raise the rates on 'old' balances, only new ones. But other sites say that anything is subject to rate hikes as long as you get 45 days notice. Since I don't use these low interest cards, I suppose I could opt out and pay them off at the lower rates. But the whole thing is a bit scary. Can anyone tell me what's what?

All cards are no good,I have them and they are putting me in the whole,I will pay them off and not use them again.
The RATES keep going up and up.
SHAME on them.

Wow, I'm really saddened to hear such horrible abuses of Banking power. I use Amex to the limit and pay off my bills every month well ahead of time. I am receiving 1 to 3 percent payback on all my credit card purchases. I am laughing all the way to my credit union where I deposit the AMEX rebate check and get 2% interest on my no fee checking account. Wake up America, be smart and tell the greedy banks to get lost and go under. Credit Unions RULE

as someone who works with credit cards, i can tell you that i myself have to close hundreds of cards a week due to fraudulent activity. This includes all of those "free, but you pay for shipping" or "trial membership" deals. you have to watch what you do with your card, as well as what others may try to do.

No I will not post another one you win.

Autodrafts and online banking are the cause of a lot of banking headaches. Merchants tell you it is convenient to auto draft your payments--convenient for them, a loss of control for you. Unfortunately, the number of businesses that do things that way is increasing and some services you cannot get unless you agree to it. I have had instances where a company took a double payment by mistake. They only put it back if you call them on it and they do not refund any service, OD or over the limit fees you may encounter when they do.

Calling a credit card company to report a card lost to get a new card number to stop automatic payments will not work with American Express. They just let the people transfer over to your new card for a year as a "convenience". I did this when trying to stop a recurring payment seemed futile. I told the American Express clerk why I was getting a new card. A month after getting the new card with new number, there was the recurring charge again. I called American Express to ask how someone got my new card number when I didn't give it to them, and was then told that they would let recurring charges "roll over" to the new card for "convenience". Whose convenience? Certainly not mine. Seems it's the "account" that matters, not necessarily the card number, and I was the "account". I send the card back in pieces, said that anything Amex let go through from that day forward was their problem, not mine. If you are going to get a new number to stop unauthorized charges from places you have done business with before, be sure to check out your card issuer's policy. They will do anything to let a charge be put on your card.

Credit card companies are the single greatest scam taking place right now, no good ones to take your business to, no way to operate your life successfully using only cash. i recently paid off all my cards and while i will keep them open, i will not add any kind of balance onto them.

I got a similar notice from American Express - Blue. I wrote to them asking for an explination other than "Business Greed." I received a form letter as a response. I cut the card in half, sent it back to them with one of my "form" letters, paid off the balance and have moved to using my Schwab Card instead. Why bother with names like American Express when you can get so much more with another?

Good riddance Credit Card Companies. You've sealed your own death.

From today's on line news, here is some interesting data for those of you who see the "system" as mean, evil, demonic, and out to get you."

In the United States, 43% of families are spending more than they earn each year, according to MSNMoney. At the end of 2008, the average American household that had a credit card was holding nearly $11,000 worth of credit card debt.

Everyone has had, or may have, an occassional situation requiring you to spened/borrow more than you should. However, I suspect that would not reasonably be 43% of American families.

Live within your means and you will no longer be subject to the situations noted by the responders,

BOA did the same to me years ago, raised my interest for no reason, I immediately paid the bill, closed my account. I am very fortunate to have 2 extrememely great accounts who do not practice this type of credit card customer business.....I feel very bad for those who deal with BOA and the rest of those financial institutions who hold the customer hostage to their terms. Get rid of them as soon as possible.

I have solved this type of problem in my own dealings.
1. I never carry a balance to the following month. All charges are paid before the next billing period. Vampires like BOA have no opportunity to charge "vigorish" interest rates.
2. I never deal with a credit card company which charges an annual account fee. No fee, no money to them.
3. I never make transactions like cash advances which generate a fee. I am violently allergic to paying for the use of my own money.
4. I use an ATM card/machine as little as possible and never if a fee is involved. I hate paying fees.
5. I ALWAYS pay my bills ON TIME. No late fees.

Needless to say, my credit rating is superb, I don't much care what interest rate they charge as 50% of nothing is zero which is exactly what I feel they are entitled to.

Banks are NOT elymosynary organizations! They do business for their benefit, not yours. You should adopt the same philosophy in dealing with them. Negotiate hard and from a strong position.

You know what? All of this is our own fault for being such a consumer based society where we've learned much too well the practice of buying now & paying later instead of what our parents & grandparents did and save the money until you can pay cash.
It's a very hard lesson to learn, but all of this stuff with the credit card companies just reinforces the old values and confirms to me that I did well to dump all of my cards several years ago.

Debit cards can work just as well as a credit card except in some circumstances, like renting a car, where a hold is placed upon the account until the car is returned & inspected. But in the long run, we as consumers will save much more money and heartache by just paying as we go.
Imagine yourself debt free, work toward it, and then bank the interest you used to pay the credit card company & let the bank pay you interest instead.
It's not easy at first, but you soon find out that cash money really does talk, and you can even end up with some very hefty discounts on large ticket items if you let them know that you're paying, rather than financing!

Come on America, be observant! I am a proud Amazon music customer. I had an old debit card on Amazon that I REMOVED. I just bought a new song and it charged my current debit card that I had ON FILE. I am also a proud BofA customer. BofA did nothing wrong here at all. It was all a case of the customer being a typical customer and not looking into the details for a purchase. As they tell you in traffic court: "Be more careful next time"!

The next thing congress could do is get rid of the credit score system or at the least not let it be used by anyone except those offering credit. Why should your insurance rate be higher because you don't use credit? And why should we all be making life decisions based on how it will affect our credit score? To get a good credit score, you have to use credit and who does this benefit, after all?

Amazon once used a card that I didn't authorize the use of during that transaction. When something is wrong with the payment method you choose Amazon's system default's to the first card on file without notifying you. Amazon needs to be taken to task.

It's a conspiracy, I say! Truly. Knowing that regulation is coming, banks are upping the rates and limiting the amount of available credit before regulation hits because they fear it will hurt the bottom line. Chase put a "hold" on one of our accounts, not because there were payment issues, but because the card hadn't been used for three months and had no balance. It took there calls before my wife could get her purchases approved. Embarrassing. And it means that the days of keeping a card in your pocket if you need credit or to rent a car are now history.

The feds gave banks billions of dollars to increase available credit. Obviously that didn't work--the banks pocketed the money, increased rates, cut spending limits, and de-linked most cards from a percentage of the prime rate, even though the prime rate is at historic lows. Yes they look for excuses to bump your rate or cut your limit, failing to realize that this only extends the recession. Look how BofA took federal money, until they took a close look at the strings that were attached, and then suddenly, within twelve months, decided to pay off the loans to keep the government out of their boardroom. Anyone want to guess where this failing giant got the money to pay off the laond early?

Capital One tried to raise my rate from 9.90% to 17.90%. Thats almost a 50% increase. I had the card for years and alway paid on time too. I asked them what they could do for a good customer like me and they said give me an APR of 15.90%. I laughed and said no thank you and opt'ed out and closed the card and kept the rate at 9.90%. Just gotta keep paying it ontime till it's paid off.

I hate to say it, but this may actually be a good thing. As a nation, we should be saving more and not relying on credit so much. I personally pay everything with cash (actual cash, checks, and debit) - including cars and houses. Does it mean that I have to wait to buy things instead of getting things that I want right now? Yes. I spent years at laundromats, for example, while saving up the cash to buy my first washing machine and dryer. I took the bus or drove clunkers for years and years until I finally saved up enough money to buy my first new car. But I also wind up with more money in the end - I never pay interest. I even worked my way through college, and with scholarships, got out after a bachelors and a masters owing nothing. I think that I had an advantage coming from a poor family. I was used to not having things, setting priorities, and making sacrifices.

Sometimes good things do come to those of us who wait. Maybe if we start to recognize how terrible credit actually is for us, then we won't have to worry about rate hikes, repossessions, foreclosures, etc. Also - if you own everything you have, it's not as big a deal if you lose your job. You still have your house and car an stuff.

credit cards are the mark of the beast. What bad luck we have with them. I have one. One that i can manage. they uped my limit without even sending me a letter. I declined. Then a higher rate. I paid the card off, cut the card up, called and tried to cancel
the account, the lady did everything, but offer me sex, to keep me as a customer. I tried for an hour to cancel the card, finally had to talk to a supervisor, who talked another hour. I told her to cancel the account. i still receive statements from the creditor. I called and told them to close the account or I would write to the State Attorney Generals Office and report them. She told me "we have
lawyers on staff that will fight them. i gave up. I still get notices the account remains open. What does
anyone recommend? Thanks for you assistance

The credit card companies had been allowed to abuse their customers for many years - during the Bush years their abuses skyrocketed and new legislation was needed to reduce the ways in which they steal the money from their customers. Unfortunately, being companies that are run by criminals and crooks, they are always looking for new ways to get more money from the card holders - CONSUMERS NEED TO STOP USING CREDIT CARDS OR THOSE COMPANIES WILL KEEP STEALING THEIR MONEY. NO MATTER WHAT YOU DO, THEY WILL FIND A WAY TO STEAL MONEY FROM YOU.

I always ask for a letter that clearly states my card is closed from the big evil banks. You should all know better then doing business with the devil. Close your account, pay it off, get written confirmation and be done with them. Get a Credit Union.

In response to Jay - really you are going to blame Obama because he is trying to protect consumers by passing laws that constrain what credit card companies can do? You need to get a life.

I could care less how much my interests rates are, I don't spend money I don't have. The only reason I use credit cards is to get the 3% back per transaction. I pay the bills off every month.

I really do not see the issue here.....why carry a balance in the first place. If you carry a balance larger than you can afford to pay off, then this is no different than those shady "payday" loans.Its not like this is the first shady thing credit card companies have done and they will keep doing them. Why deal with a company that can changes the terms of a contract at will???

Free market reform at it's finest. Much more benign than health insurance industry proposals, but still very costly to consumers.

To the person who wrote this (among other things about Chase):
Let's be crystal-clear about one thing: CHASE SUCKS!

I second every nasty thing you wrote about Chase! They offered to help me with my CC and lower the interest, but failed to tell me they were closing my account when they did! I can't pay my bills now, thanks to them. This economy is rough, and they are ruining people's lives. Talk about adding insult to injury! I also have 3 disputed charges, but they refuse to investigate until I CLOSE my debit card out - the one I use to pay everything with. So, I'm closing it. Since I have to be MAJORLY INCONVENIENCED by this, I figured I'd give everyone my new debit card number for Wells Fargo, where I just setup all my accounts. I am very pleased with their customer service over the last year, and couldn't be happier about this switch! As soon as all transactions clear my Chase accounts, I will close them out say ADIOS MF's!!!! Let's all get Chase back by doing the following:

Write to your Congressman and ask for a cease and assist, as I'm doing... and close out all your accounts and tell them to F-off!

Gosh, I feel better now. Thanks for listening!

CHASE SUCKS! CHASE SUCKS! CHASE SUCKS! CHASE SUCKS!!!!!!!!!!!!!!!!!!!

i think there are two sides to this story...perhaps banks do charge sometimes outlandish aprs and aren't flexible to those who make mistakes such as "paying late one time"//but the bank did not hold you down and force you to accumulate debts...if you keep a manageable debt level for your income level, spend what you can afford, and are attentive to due dates IE make sure to pay your bill BEFORE the due date (not the day before, hoping it will arrive, etc), you won't find yourself in a terrible predicament.

fyi to the individual above, paying the minimum or even 3x the minimum will not help you pay your debts down...a minimum payment is not what is going to help you pay anything off, it's the BARE MINIMUM required to keep the account current and typically 1-5%of the total balance...

Why does your credit score take a hit when you close a credit card account? This is something that Congress and the FTC should look into. I a credit card company raises my interest rates to an obscene amount and I vote with my feet, other lenders (cars, other big ticket items) punish me with higher rates because of a decline in my score that occurred because I closed an account.

Why is anyone surprised???? The brain trust in Washington DC was really, really really going to crackdown on credit card companies abuse. Of course they give them months to find ways around it. I don’t use credit cards but my sister’s was just changed to prime + 29.9 percent. Of course they will do anything they can now. Now the morons in DC want to play with healthcare. PLEASE!!!!!!

Glad to see all those Mother Jones-esque responses to this story but I don't really blame BoA for this. They told him not to use the account to keep the lower rate and he (accidentally) did otherwise. They fulfilled their side of the bargain. His sense of outrage really doesn't fly with me.

In response to Denise, from WA about credit unions. I've always been a member, and I did get my mortgage through one, and guess what they did...sold it!
Also to all of you who think cash is king, I don’t know how you expect to buy a house unless you have a hundred thousand laying around, and in that case, where do you live? You can’t get financing unless you have credit, and you can’t get credit unless you have credit cards.

All credit card companies are doing this horrible rate hike. Read any application or terms, they specifically state that your "fixed" or "lifetime" low interest rates can be raised if you don't keep up with the card, OR if they decide to change their minds. Don't get suckered.
Chase is one of the worst banking giants. No respect or concern for their Clientel. For example, I had a Wamu Free Checking and Savings plan. Once Chase pinned their name on the account, I started recieving monthly fees. I called and the only response the "customer service" bozo could give me was "Chase does not offer a free account of this type". Repeated over and over throughout the conversation. I just wanted to know what "type" of account they thought I had. Whatever. I killed my credit cards, closed my bank accounts, and now keep my cash under my mattress. I do, sadly, now purchase alot of money orders.

I think this is the last hurrah for credit card companies. It seems similar to the oil conflict in that they abuse their customers to such a crazy extent that people quit using them and start paying for things the way they are supposed to. My husband and I had two cards each. Each one of them told us they were raising our interest rate even though, like everyone else on here, we were never late. To each one of them I said, "Do it and we're done." They did it and now we're done, no cards for us and it's the best thing ever!!!

To stop automatic or unauthorized charges to a card where you have "opted out", call the credit card issuer and report the card as stolen. The account number will be canceled, and nobody (including automatic payments) will be able to charge anything to it.

To avoid the situation described above, before opting out, you should call in that your card has been lost and they will cancel that number and send you a new card (with a new account number).

Then, you opt out and know there will be no forgotten Amazon or other monthly charges you may have set up and forgot about - as the old number that had been used in the past is no longer valid.

BOA is a demonic institution that consumers should avoid at all costs. The Federal Government should have let them fail. Currently, they have the strictest rules and regulations. There are other options for your financial needs. BOA is the Wal-Mart of Banking with little regard for their customers or employees.

You know why issuers are raising rates? Thank Obama! With the Credit Card Act and the new Reg Z UDAP changes Obama passed, he took quite a bit of money away from the banks. So in order to make that money back up, the banks have decided to change terms on customers and raise rates. You think Obama is doing good, but he is costing the avg American a lot of money. Thanks BO!

Credit Unions are the way to go! I have AMEX which I pay in full every month. They jacked my APR up also, but I watch my spending so I don't get trapped into paying the outlandish interest rate.
I kept my other cards, but don't charge anything on them, as advised by my accountant, to keep my credit score up. Go Credit Union!

There is a right way of doing business and a wrong way of doing business. The banks are are totally dishonest with the way they are doing things.

Yeah, now i am really motivated to use my credit card online.
"but it's so easy..."
wake up people, life is not supposed to be easy. history shows that when it is, we go downhill.
i worked damn hard to get out of over $80K in credit card debt, and just in time it appears.

I love all you people whining about how the banks screwed you. Maybe you shouldn't have racked up huge balances that you can no longer pay for. Stop blaming others for your actions and grow up!!!

I have just one question... shouldn't charging interest of 24.9%, 26.9% and 29.9% be illegal? And if you look at some of the fees as "interest" you could be looking at 1000% interest and up!

Who is foolish enough to store credt card info on a retailer's website? Are you f-ing kidding me?

Um, well, B of A isn't exactly my choice for corporation of the year, but they're better than the greedy, nasty, evil, disgusting, filthy, lawbreaking, thieving, horribly rude, unhelpful thugs at Chase.

Let's be crystal-clear about one thing: CHASE SUCKS!

Let me repeat that: CHASE SUCKS. HARD.

There is no corporation on earth that treats "customers" as badly, as rudely, or as unfairly as Chase does. They are, quite simply, the scum of the financial world. They do not deserve to be in business, and Chase, if you're listening, get the #$&%* out of California. Your kind are NOT welcome here in the Golden State. We've got enough financial trouble without companies like you stealing from the already-desperate people of our state.

If Chase's Chief Executive Scumbag Jamie Dimon put a bullet in his head tomorrow, the world would be a far better place for everyone.

Let's Chase 'em out of business. Scumbags.

One last time - everybody sing along: CHASE SUUUUUUCKS!!!

HSBC increased my purchase rate two years ago & I closed the balance. I had a $16,000 line thar has been opened since 1983 & never late. I took a cash advance for $2,000 And they reducesd my line to $2100. I know I have a high credit score and they will not even discuss the line decease with me. I will ckose out in a month or two & mail them back my card schdreded in as many ways as I can. So much for there ad t("they value there cistomers.")

And what about those of whose credit has been destroyed, and are up to our eyeballs in debt because of the practices previous to these new laws. I just stopped paying because I could not keep up with the changes in due dates, the increase in interest, the hiking of minimum payments, and the piling on of service fees. Over 60% of the balances on my credit cards are made up from interest and service fees, for which I got nothing.

I received notice from Capital One that they have raised my interest rate from 5.5% to 15.99% on a card which was to have carried a fixed rate of 5.5%. I have always paid off monthly balances on time and have never gone over credit limit. How can Capital One justify raising interest rate?

I wish I could find out how many customers Chase and other banking snakes have lost due to their perfidy. I hope it was alot - I wish it was all! Next week it is my turn and I will be celebrating. No more credit cards for me. I played by the rules, always paid, never late, and both my cards screwed me over after 8 years. So long Chase! So long Capital One! Yippee!!!

I had a MBNA card that was sold to B of A.

I transferred an $18,000 balance to my card because of the low rate, and had payed my bill online. I knew something was wrong when my minimum balance almost tripled, they raised my interest rate to 22%. I called customer service and they claim I was sent an opt-out in my monthly bill, but since I get my bill online, I never saw it. They said that was my problem, and they weren't going to lower my rate. I canceled the card, but a few months later, they raised it to 29%!!!! It was very difficult to make a dent in the principal even while paying $600/mo. In the last year, I started throwing thousands at my balance, and as of this month my balance is now $4k. Over the last four years I've probably paid well over $30k, paying down that $18k balance.

Just last month they lowered my rate to 23%. Thanks for nothing. The funny thing is while B of A, has been lowering everyone's credit limit, mine is still at $25k, even though my account is closed.

I carried a 30% to 40% balance on a few credit cards which is what is supposed to increase your credit score. Over the last few months, BofA and Chase either cut the credit limit in half or lowered my credit limit to the remaining balance which basically ruined my credit score by dropping it over 100 points. Now I can't get a good interest rate on a car loan or mortgage. Since my credit score dropped I also have to pay more for insurance. Yes, banks are evil. I don't care what anyone says about taking ownership of your problems, this was done to me and my wife for no reason other than the bank's contempt for their long time customers.

I agree with those who have said that amazon.com is not responsible for this person's problems. Every single order states which card will be charged for the purchase, and has for years. It is the account holder's responsiblity to read the order screen and determine which card will be used for the purchase. Directly under the notice for which card is on file to be used, they give the option to edit payment options. What more do you need, except to actually pay attention and read the order information? You can't blame them if you don't. Amazon is not your parent.

Also, someone said amazon holds old cards on file and doesn't give the option to edit them. Not so. Besides the order screen at time of purchase, at any time you can just go to "my account", "manage payment options", log in and delete cards to your heart's content. It's simple. I just did it.

Let's see how all the self-righteous responsible consumers in this forum feel when you are targeted by an identity thief or make a human error and get gouged by your bank or credit card company.

Actually it does matter "who's fault it was". The man opted out and agreed not to use his card. He then made a charge at Amazon and didn't carefully check what account he was using (its an easy mistake with Amazon, I've done it myself). The credit card company didn't tell him the account couldn't be used at all, but that *if he used the account*, he would lose his opt out status.

He used his account and whined about how the charge was "unauthorized" when he freely admits he went to Amazon and made a purchase. He made a mistake and whined like a child and blamed everyone but himself. Keep in mind, if this adult had simply checked his "unauthorized" purchase before he hit enter, he would have seen he was using the account that he had agreed NOT to use. But he's playing the "I'm an baby and my mistakes should have no consequences"game so suddenly a purchase he fully intended to make (and likely recieved goods on) is suddenly something he never authorized. Come on.

Bank of America CEO: Kenneth D. Lewis
Total Compensation in 2008:
Salary: $1,500,000.00
Restricted stock awards: $4,255,012.00
All other compensation: $275,125.00
Option awards $: $3,074,683.00
Change in pension value and nonqualified deferred compensation earnings: $854,256.00
Total Compensation: $9,959,076.00
http://people.forbes.com/profile/kenneth-d-lewis/10037

In 2008 this guy made more than I'll make in my entire life. And I'll be he has never had a hard days work in his life. And no, gardening does not count. I hope you get what's coming Kenny

Bank of America put charges through on an old account of mine that was paid off and closed. Because I got a subscription to "this Old House" through one of their authorized vendors they posted the renewal to my closed account and charged me a overlimit fee and because I moved the statement was not forwarded to me (past the forwarding period) I was late too. I found out about it when they called me at work asking where their money was. I paid them only for the subscription and when I asked them why they allowed a charge to post to a closed account they said it was "a favor to me" and that I couldn't request that the account be completely closed. I asked them again to stop any future charges and I called the authorized vendor and cancelled the subscription. The same scenario, except moving, happened two more times when I sent a letter of protest in to the credit agency and B of A they finally closed my account for good. I vowed never to deal with BOA again, guess who bought my mortgage?

The rich few, would never let it happen. But we need Socialized Credit Cards. Interest rates tied closely to prime, and fees that are closely tied to costs.
Loan Sharks used to have to spend hard time, if caught.

If you do not use credit cards you will not have this problem. Close and payoff all credit cards asap. Use cash and you will not have any problems with the credit card companies. Try something different use cash, you buy less stuff and not have to deal with the card companies. Listen to the Dave Ramsey show to learn how to improve yur financial life.

There is no reason for anyone who needs financial services to go to anyone other than a non profit credit union (which all credit unions are). All accounts are insured to the same rates as with banks, all services, including credit/debit/checking, mortgage, car loans, etc are available. They are the best quiet little deal on the planet, and come in all sizes. Some are workplace related, but many are now geographically related. Google and find yourself one. Move your accounts and watch the madness evaporate.

Just closed my AMEX account with BOA over a late charge of 39.00. The money was transfered out of my account on the due date and credited two days later. I got the " I worked in a bank before and that it take days to process an electronic transfer". Would not reverse and lost a customer for life......

I went through an extended period of unemployment which ended up w/ my family going through bankruptcy. I hate to say it because it sounds like I might be directing folks to bankruptcy, but going through it and getting those evil bloodsuckers out of my life is the best thing that ever happened. All of the big banks, the ones too big to fail are evil places. Then the economy happened and look what is happening to so many people with CCs after these banks took billions if not into the trillions of tax payers money.

This is a no-brainer and I can't believe that we'll have to pass another law to get the banks to do the right thing: When a consumer opts out, the card should be put on hold such that any further charges are immediately denied. That would keep inadvertent, overlooked and fraudulent charges from being made in the first place. Of course, it would also mean that the consumer better be on his toes with those automatic charges--diverting them to another card. But, you know we won't get the banks to do this until we force them. They're all money grubbing tricksters. --mark d.

"I find it highly unlikely Amazon caused this."
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I agree. I've submitted the wrong card number on Amazaon purchases at least half a dozen times in the past. In every single case the fault was mine, for not paying close enough attention at the payment screen. Also in each case, however, I was able to immediately correct the order to apply it to the right card.

The only problem I find with Amazon's system is that they provide you with no option to delete old card information from your profile. It would be a lot harder to make this mistake if you could maintain your card list yourself.

It does not matter whose "fault" this was. It was a mistake, acknowledged by all to be a mistake. Mistakes happen. There is no reason for every single mistake to be paid for by the consumer. The bank should reverse its course, but of course the problem is that this guy's balance is so large, they have him over a barrel. Oy.

Raising someone's interest rate from 12% to 29% for making an error in the process of making an online purchase is right up there with a 1000 dollar un-appealable garnishment against your wages for jaywalking. The Stanford experiment proved conclusively that when a person/entity is given unbridled power over another person it will be abused without fail.

Look, everyone, we were duped. We're not the first people to be fooled by golden promises like "loyalty rewards" and "customer appreciation". I know it is a major sting to the ego to be told "if you don't like it, leave", but those are the options open to us.

Shred your cards, watch your account like a hawk, and pay those balances off. The only interaction you should ever have with a bank-sponsored credit card is a single payment.

The only reason Bank of America lowered this guy's rate back to the original rate was because of publicity. Without msnbc's intervention this would have been swept under the rug. Bank Of America answers to no one, except maybe Congress, and they've been bought off. The only way to make them 'reasonable' again is to hit them where they hurt. Close your accounts and move elsewhere.

Honestly, it's the only way. If 60% of their customer base can leave in the next six months the corporation can be brought to a standstill. It starts with you and me. I've already left.

I have Chase for checking/Savings but would not use them for a loan because of their reputation on interest rates. I have had at least two credit card companies in the past raise my interest. I did not complain since I had less than $10,000 in charges and make six digits. I just paid the account off and shredded the cards. One had an annual fee so I canceled it. Not something for most to do but I have enough cash flow that the few points it cost me on my rating won't affect my other cards.

I had a notice for American Express also about our rate going to 17% or higher...they said it was the cost of doing business in these hard times. I called and asked for the opt out and they replied "We don't offer one but you can cancel the card but the rate will still go up on Oct 2. We went to our local bank and paid off A/E and told them our prediction for them is bankruptcy. No more credit for us. As many others have said keep your money and business local.

be free, default....and youll never feel better!

Chase Visa last year had my payment due date which I phoned my payment in that day and the next statement interest rate had jumped to 28.99% from 7.99% because they said I was 1 day late because the due date was a Holiday I was never late and paid way over minimum due but they wouldn't budge so I closed the card then called back insisting they lower the rate back but they said no because it was closed well now they have raised it to 29.99% so I complained to my State's Attorney General who will go after them like they did with Bank of America visa recently and they backed down 5% so check with your State Attorney for results in your favor.

I read and I understand the Ts&Cs of my credit lines. I abide by them. I have two credit cards that I use exclusively, and pay off the balances in full each month. I pay attention to the due dates. I don't live beyond my means. I don't pay interest on any bank card. I own my car. I own my house free and clear. I have money in a savings account. I am not a millionaire, just a working stiff like so many others. Why so much whining about 'evil banks'? I don't have an issue with the banks or credit cards because I am responsible about my money. If I can do it, why (barring emergencies, catastrophes and unforseen situations) is it so hard for all the whiners?

Simple solution - ban credit cards from your life. Period. No exceptions.

Here's the only way I feel I can get any revenge on the banks. Use the credit card to charge anything and everything you NEED each month; groceries, gas, haircut, etc. Pay off the balance in full every month...the best bet is online banking. As soon as I get the bill, I go online and set up the bill to be paid in full ON the Due Date. This way you are using their money for 25 to 30 days, at no cost. For those unusual expenses that cannot be paid off each month, they go on a Home Equity Line of Credit from a Credit Union at 2.75%. Just don't go wild and buy those things you don't need.

I've had that happen with Amazon before, luckily it wasn't a huge problem at the time, it simply picked up the last number I used rather than using the one I had input for that particular order. I wasn't on the hook like that guy was, fortunately. Probably a glitch in the system that flares every so often. I wouldn't blame them. I've never had a credit card, and never plan to take one out. I have enough debt right now to last me a while thanks to college, and no way to pay it back thanks to the economy, so I see no need to add to my burden. Thank the Lord for credit unions! That's who I bank through, and they are great.

Tried to pay my BoA CC bill online last night, which is due Sunday, and was told that it now takes 3 business days process online payments, but I could pay a fee to have my payment expedited. WTF.

This guy was blaming the wrong person here. It was not BoA's fault that Amazon.com used his old credit card for the transaction when he intended to use a new credit card. If he wants to blame someone he should be blaming Amazon.

I have $123 left on my Citi card, I plan on paying that off and paying cash for everything from now on except my home and car. That is about all I'll finance from here on out. Chase has ripped me off for years...I recently opened a joint account at a local credit union and they are AWESOME! Byebye Chase checking account!

It's simple... If no more charges will be made with the card, close the account while opt'n out of the increased interest rate. Pay down the card and then no more...

I love these articles about the "evil banks" - I haven't used a bank in almost 3 years. I LOVE my credit union!!! I don't know why people are still suckers for banks.

I, too, was a former MBNA credit card account holder prior to the switch over to Bank of America. I had a 4.9% interest rate for the life of the card. The "life" was up earlier this year when BoA notified me that the rate was going up to 14.95%. I was able to opt-out over the phone, and when I did, my account was immediately closed. I still have to pay off the balance, but any attempts at new purchases would be rejected by BoA due to it being a closed account. I'm not sure why the same didn't happen with Mr. Abshagen, but by using the telephone option for opting out (a confirmation letter was mailed to my home address) instead of mailing in his opt-out may have closed the account quicker and resulted in the Amazon charge being denied so that his opt-out would never have been overridden.

Target National Bank raised my interest rate from 11.99% to 16.99% even though I am a dream customer - I carry a high balance and pay on time every month. I missed the notice in the mail because I pay online. I fought them, and they refused to lower my rate back to what I'd agreed upon. I would never put such a high balance on a card with that rate, so I got forced into a bad financial move I would not have made on my own.

Target told me it was a "business decision" to raise the rate. It was a bad business decision because I will never use that card again, and am paying it down as fast as I can.

Next year, what the CreditCard companies are doing will be illegal. Raising interest rates for no reason. I have been a good customer at Citibank for many years, with no missed payments, great credit rating and high card levels.

Just recently though, I received notices that both my credit card rates were being raised to 29.99%. I thought that this had to be a mistake. I call their customer service number and was told that “Because of the current economy, adjustments had to be made.” I was not being singled out for the rate change, that whole sections of people were being raised.

How does a company that is receiving millions (billions?) of taxpayer dollars in a bailout justify driving their customer base into financial hardship or bankruptcy with what should be usury?

They will make as little more money from me as I can possibly help. I refused the rate increase and closed my accounts. I would rather take a hit to my credit rating than ever do business with Citibank again. And I would urge everyone else to stop doing business with them also until they publicly apologize for their greed and poor management and stop doing business that way.

Who is the thief here? Id theft or the credit card company???

People should never trust the banks or anyone they previously have given the card to for automatic payments. Whenever you choose to sstop using a card for any reason, after you notify all auto payments to stop and after you notify the bank you are opting out by not using the card (even though the account is still open and you could use it later) you should call the bank back and report your card lost/stolen. this will cause the bank to void the numbers and issue a new card. No charge will ever be able to go through using the old numbers. Then if an autopayment or electronic deduct trys to come through because, they had the old number it will not work. Just rember to activate the new card when it arrives and then put it away. Since you never use it or never give out the number a charge will never appear.

At least the card holder in the story was given an opt out by BOA. AmEx is converting all their fixed rate card holders to variable rate - with a starting higher interest rate - with no opt out. Canceling the card does not stop the higher rate on the unpaid balance.

I also love tripping the higher rate for returning an item for credit to a store.

Needless to say, my family is learning to live without credit cards - permanently. Not so good for the US economy, but great for us. I can't wait to see the financial institutions - BOA, Citi, AmEx, etc., - laid low by their greed and excess. In the meantime, we are transferring all our financial affairs to the local credit union and on-line banks.

credit cards are evil. once i got my house paid off i paid off all my credit cards - i pay only by cash or on my debit card. I don't give a *&^% about my credit rating anymore since i own my house outright now..

A simple solution, after you reject the terms, call in the card lost or stolen, They will reissue you a new card and account number and just simply never activate the new card and put it away.

I notice that Amazon.com is given a pass on this situation. Certainly the bank is bigger culprit but Amazon.com and a number of other sites should be forced to provide a bold indicator that they will keep your card number on file for future orders AND an opt-out option should be provided to Stop that from happening. Every company that holds your credit card number is putting you the consumer at greater risk and is accepting a responsibility/liability in the event that information is ever compromised.

My interpretation of this is that the B of A simply reinstituted Steve's former pay-off interest rate, but still recorded his "opt-out" whereby he cannot use that card unless he accepts the new interest rate. B of A is betting he'll eventually reuse the card.

Everyone needs to join a credit union and only use that credit card. The solution is easy. It would send a powerful message to the banks. I have done this for over 5 years now. I cut up all my bank credit cards but one only use the bank debit card for cash withdrawals since the credit union cash machines are harder to find. The credit union rates are good and the grace periods are generous.