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Credit Card Abuse, Fees and Rate Hikes

Despite recent laws passed to protect consumers from credit card abuse, abusive practices reportedly continue to pose a problem. Some abusive credit card practices include credit card rate hikes, credit card fraud, credit card late fees, credit card overlimit fees and credit card annual fees. Some credit card companies are also accused of illegal marketing practices.

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Credit CARD Act

In 2010, the Credit CARD (Card Accountability, Responsibility and Disclosure) Act went into effect. The act was designed to limit the amount of credit card abuse customers faced, but some companies are accused of continuing with abusive practices.

Under the Credit CARD Act, companies cannot automatically allow a card to go overlimit and cannot raise interest rates for one year after an account is opened. Once the year is up, lenders must give the cardholder 45 days' notice before issuing a rate hike.

Credit Card Abuse Practices

credit card fraud, abuse, rate hikesBecause the credit card companies could lose some of the revenue once generated by fees or interest rate hikes prior to the new laws taking effect, they are looking for other ways to increase their profits. Some companies are accused of illegally marketing optional products associated with credit cards. For example, Discover Financial Services faces a lawsuit alleging customer service representatives phoned Discover clients under the guise of alerting them to optional credit card products but then signed the customers up for those products—and charged them related fees—without the customer's knowledge or consent.

Other companies have taken to increasing balance transfer fees, charging cardholders if their accounts are not used frequently enough and eliminating grace periods on purchases.

Historically, credit card abuse lawsuits involved predatory practices such as unannounced rate increases, unannounced credit reductions, overlimit fees triggered solely by annual fees, and pre-approved and other special offers that are not honored. Some of these predatory practices are prohibited under the Credit CARD Act, but consumers should be aware of their rights to ensure credit card companies follow the CARD Act.

Credit Card Antitrust Lawsuit

Some states, including Utah, filed a lawsuit against Visa, MasterCard and American Express, alleging those companies violated antitrust laws by preventing merchants from encouraging customers to pay for their purchases with credit cards that have lower merchant fees. If the allegations are true, the companies could be guilty of restricting competition among credit card companies. Visa and MasterCard have reportedly agreed to settle the lawsuit, without admitting wrongdoing. American Express, however, is reportedly fighting the lawsuit.

Having the option of using credit cards that offer lower merchant fees could result in lower prices for consumers.

Credit Card Abuse Legal Help

If you have been a victim of any unfair practices by your credit card company, including substantial rate increases, unfair penalties or broken promises, and would like to take a stand by participating in an action against them, please click the link below to submit your credit card complaint to a concerned lawyer who will review your claim at no charge. There is also a special need for certain matters for California residents who can act as class representatives.
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CREDIT CARD ABUSE LEGAL ARTICLES AND INTERVIEWS

Credit Card Abuse Comes in All Shapes and Sizes
Credit Card Abuse Comes in All Shapes and Sizes
January 1, 2013
Brooklyn, NY While the settlement may be worth CDN $8 million, the value to credit card holders affected by the agreement is worth about five bucks. On the other side of the credit card abuse ledger is a case that may easily translate to the largest antitrust case in US history [READ MORE]

Studies: Credit Card Rate Hikes Down after Passage of Legislation
Studies: Credit Card Rate Hikes Down after Passage of Legislation
March 8, 2011
Washington, DC Two new surveys released recently by the government indicated that reforms have led to the near elimination of credit card rate hikes and over-limit charges as well as a reduction in penalty fees, the Washington Post reports [READ MORE]

Supreme Court Rules in Favor of Chase in Credit Card Rate Hikes Case
Supreme Court Rules in Favor of Chase in Credit Card Rate Hikes Case
February 10, 2011
Washington, DC The Supreme Court recently ruled that Chase Bank USA could legally implement credit card rate hikes on a man's card without notifying him, The Associated Press reports [READ MORE]



READER COMMENTS

Posted by
Gerhard Kron
on
Attn : I HAVE A SITUATION that started at American Express ,I had a contact JT that advised we escalate our situation to executive services So she internally emailed individual BG and notified him of our situation on 4/9/15 ,he never call after 1 month so I again contacted JT ,to email BG. He called he said it would take quite some time ,he would call ,I said OK ,This went on for 10-11 months all the while we found AMX was charging interest and penalties on my account the entire time my account should have been frozen ACCOUNTING VIA WELLS FARGO BANK ,seems illegal ,maybe that why BG probable yelled at me saying do not contact JT I said why she is my LIFELINE if it was not for her YOU WOULD HAVE NEVER CALLED ME ,WHY WAS THIS taking so long ???? JT STATE THIS is so weird ,she has never witnessed this her entire 30 yr career at AMX and she is on the supeona unit , SHOCKING ,is this something we can go after ,let me know I have filed a consumer financial .gov complaint ,NEVER HAD A ISSUE MY ENTIRE LIFE ,CLEAN RECORD for 62 years ,seems illegal

Posted by
Colorado
on
I had an existing credit card account with Chase Bank. I applied for a lower credit card interest program due to a hardship. In order to apply for this program, I was told that I would be removed from the terms of the program I was with. I was then declined for the payment program and put on another terms that doubled my payment and interest.

Posted by
Illinois
on
My credit card company increased the interest rate on my card to remain competitive. I have not been late with payments or gone over the limit.

Posted by
California
on
-Countless hours on phone with AMEX
-Unexpectedly declined
-Treated rudely by AMEX Account Reps and hung up on

Posted by
Florida
on
When I didn't get my bill one month, I called them to ask about it. They said that the post office sent my bill back to them instead of delivering it to me... I got all of my other bills and was not on vacation! I suspect that they didn't send it at all so that they could raise my rates when I was late paying.

Posted by
Illinois
on
I have contacted the credit card company and was advised that the increase is due to the fact that I did not ask them to stop the increased rate from applying. They stated that I could not use the credit card that I did call to freeze the interest but had not offered to issue me a card that could be used.

Posted by
Utah
on
As a precaution I transferred the entire balance of that card to a new loan at my credit union. I kept the card open, if I close it, it would severely ruin my debt to income ratio and my credit score.

Posted by
New York
on
Financial damages resulting in rate increase. Option to refuse rate increase prohibits use of credit card until current balance is paid off.

This increase breaks terms of credit agreement agreement by the credit card company. If card holder breaks terms of agreement (late payments) card holder is penalized financially. In this case, credit card company breaks terms of agreement and profits financially.

Posted by
Arizona
on
BofA states they sent me a notice that without my opt-out my interest would increase. My monthly finance charge went from $80 to over $200.

Posted by
Delaware
on
I missed one payment and was charged a penalty, plus the interest rate increased which put my account balance over the limit. I had to make a payment of $781 (missed payment of 236, plus new payment of over 400, plus account overage). My interest is now over $314 per month, much more than my original monthly payment.

Posted by
Tennessee
on
My payment was received at the bank one day after the due date (due to the labor day holiday my bank scheduled e-payment for the day after the holiday) and Chase charged me a $39 late fee for 2 months (Sep. and Oct.), which increased my payment due, reversed one of the late charges and then assigned me the default APR of 29.99% which they pro-rated to October.

Posted by
New Jersey
on
I always make my payments over the internet. In August of 2007 my payment was late for 1 day past the due date. They jacked my rate up from 10% to 17%. I stopped using the card and had most of the balanced transferred. I haven't been late on any payment since then but they jacked up the rate again this past September to 31%. This is absolutely crazy. I have 5 other cards that charge me only 10%.

Posted by
South Carolina
on
Unable to meet minimum payment due to illness from cancer, I tried to make arangement to pay my balance. I was told that nothing could be done until the account becomes deliquent and is turned over to their collection department. I will incur late payment fees and additional high interest.

Posted by
California
on
I was forced to pay more than the minimum payment in order to bring the outstanding balance below the newly-imposed reduced credit limit. Had I been unable to do so, I would have been charged an overlimit fee. I was never late, never missed a payment. I'm afraid that if the credit card issuer does this again, I might not be able to pay the difference and this would ruin my credit rating.

Posted by
Oklahoma
on
While the $35 penalty was waived, and my interest rate reinstated, an estimated $330 in extra interest paid for the missed month was neither waived nor applied to principal reduction. The penalty in effect was $330.

Posted by
Anonymous
on
I made the mistake of getting a Capital One Credit Card. I was using there online Bill Pay to pay my bill and it had a error saying payment didn't go through,So then i tried again and i got the same error. So i went ahead and sent a check so my payment would not be late. Next thing you know i checked my balance 2 days later and both the payments that were errors online went through overdrawing my bank account and i had a check on the way to them too.

So obviously i called them to explain the situation and they said they couldn't reverse the charges and i needed to wait a month and a half while i'm receiving multiple NSF fees to get a check from them!!!!

So then the agent i talked also suggested talking to my bank to see if they could reverse it, So i did and my bank reversed it.. All's well that ends well? Not quite.

About 2 weeks later i receive a check from Capitol One Bank, So obviously i call them and tell them the money had already been returned and to cancel the check and so they reversed the check. Everythings ok,

No not exactly. Then a month later i receive a bill stating i owe them the amount of the check they sent me that they reversed,So then i call them again and they said they would fix it but i needed to pay the late fees on there money that they reversed?? So i paid the fees and sent them a notice to close my account,All's well that end's well,No!!! Then i receive another bill saying i still owe them that money and fees!!!!

Posted by
California
on
I have had my Amex for around 10 years, a blue card and a gold card. My gold card has a revolving sign and travel plan. I have accumulated $35,000 in debt on that card and even though I always pay on time they have raised my interest rates to 29%. Then in April while doing my usual online payments I mistakenly missed paying my Blue card payment. I remember logging on and clicking the pay button but somehow it didn't go through. Amex immediately (within two weeks) sent both of my accounts to their debt collector who has demanded I pay $50,000 in full right now. I was never even late on my gold card at all. I am now receiving many threatening phone calls each week. They have threatened to put a lein on my home, told me I have 24 hours to pay it off and demanded to know how I was going to pay it off. Amex claims I have too much outstanding debt and that's why they turned me into their debt collectors. The calls are so disturbing and harrassing it is making me physically ill. Previous to this one missed payment my credit was perfect.

Posted by
Mississippi
on
I have a credit score of 715 and my credit card rate has doubled. It is now 23.99%. It was 12.99%. I am being charged $48 worth of finance charges, onto my min. monthly balance. I am trying to do a balance transfer to avoid this 23.99apr.

Posted by
Florida
on
Increased payments and no explanation or breakdown of charges on the bills.When I called them to ask them to lower the payments and explain what they did to my account, they refused and told me to go to a debt management agency.

Posted by
Florida
on
Capital One sent a credit card under my name without my knowledge, charged the anual fee and late fees after that. Now I have a balance of 96$ overdue, damaging my credit, for a credit card I did not ask for and did not activate.

Posted by
Oregon
on
Capitol One is holding my auto-transferred payments from my bank and freezing my account for 10 working days, even though the payment has been posted by my bank. I have been repeatedly put on hold for 25 minutes or more until I give up and hang up, or am misdirected and shunted off to dead-end lines when attempting to speak with a supervisor of the accounts specialists. I have suffered inconvenience and embarassment from card denial, significant loss of flyer miles, loss of income from my $11,000 not earning interest in the bank, and several hours of my time wasted on hold on the phone, and anger and frustration at not being able to lodge a valid complaint with a supervisor for this inexcusable treatment of a customer in good standing.

Posted by
California
on
Its in the very small print of the original terms but not on statements: that if I make a late payment on any one statement I not only am charged a finance charge on the unpaid balance (that's understandable), but I am also charged a finance charge on the next statement balance, even though it's paid on time!!!!!! Is that legal?

Posted by
California
on
Chase approved transactions that raised my account balance over the credit limit. I assumed that because the transactions were approved I was BELOW the credit limit. They then assessed me a $39 penalty AND multiplied my APR. My minimum required payment shot from about $350 to over $1000 per month. The explanation I was given was that for the "benefit" of being able to make those purchases, Chase had the "right" to "change" the terms of the agreement. As if that's a benefit! I didn't need to use THAT form of payment. Had the transactions been declined, I would have used another form of payment.

Posted by
Illinois
on
We were promised a year of 0% financing in Sept. 2007, in Jan. 2008 we got a bill with a 22.24% rate. Chase told us that we were notified via mail about the increase, we never got a letter. Our bills were ALWAYS on time and we opened this credit card in order to buy ourselves time to pay down the bill at 0% interest, so it was never used for purchases. The balance on the credit card is $8193.08 and our minimum payment is $237.00, the interest ALONE is $155.08, so we'd NEVER be able to pay this card off. When we contacted the company we were told that there's nothing they can do, no offers to lower the rate, NOTHING. Our mortgage is though the same company (also ALWAYS paid on time) so there is NO reason that we should be subjected to such a bait and switch. We are LIVID at this situation and we need to stand up and fight back these companies. This is why people are losing their homes!!!!!

Posted by
Massachusetts
on
I cannot pay $650.00 to $1,000 a month in interest only. Once my card got up to $25,000, they opted to hike the interest rate. I have paid down over $6,000 in the past two to three months and my interest rate is still $650.00 a month, plus $400, so my payment is over $1,000 a month and I cannot pay it. I will suffer bad credit now and if it was at a reasonable interest rate, even if it is 18 percent, I might have a chance but I will never pay this off or be able to pay this off and my credit will suffer.

Posted by
Massachusetts
on
I work in real estate. This last year was very bad for me and I fell behind on my credit cards. As soon as this happened the rates jumped, some to 30% plus. I told them I would pay when I could do so. I know I owe them and them telling me this is not going to make my ability to pay increase so I have been avoiding the calls. Now they are calling my work, mother, grandmother, father-in-law, neighbors. Is this legal?

Posted by
Nevada
on
Premier Recovery states the I have a credit card debt from 1998. I asked for a statement and signatures and no one is willing to oblige me. I am being harrassed daily. My daughter was in prison and jail for fraud and for forgery. I want proof of this account.

Posted by
Utah
on
I lost my job about two months ago. I called the credit card companies to activate my credit protector, while I am unemployed. I am currently receiving unemployment checks and looking for a new job. Both companies are giving me the “run around” I have proof of payment of credit protector and some of the companies tell me they cancelled or I sent paperwork to activate it and the customer service persons don’t know where my paper work is or what they are doing or trying I am assuming, under false pretenses “we don’t see a claim or the insurance company did not notify us” etc…. I think the insurance companies and the credit card companies are trying to give me the run around and falsify my claim so they can rack up late fees and interest rate, therefore, to keep me paying them off for the rest of my life.

Posted by
Anonymous
on
The Grinches in this story are many. You probably have one in your life, perhaps many all working insidiously while you sleep to rob you of every penny you make if they can. They don't care you have family, or want to buy gifts for them, "Go ahead!" they'll say. "Go get some, get more if you want, take advantage of those sales...Here...takes these introductory offer 'checks' with you while you're at it...hee hee hee", they will say.

Who?

Your credit card companies! You see, while you sleep all snug in your beds at night they have the rights and do this on a continual basis, to jack up your rates, lower your credit limit, change their minds on any past or future promises they made and do ALL sorts of damage.

You will probably be unaware at first, but when you find out, good luck in actually reaching a REAL LIVE person!

At best, you'll get on a wheel of sorts going round and round with various different structured layers of delay. Meanwhile, back at the shop...there is something called "compounded interest daily", so remember that promise when they supposedly lowered your interest to just 19.99%? You just received that letter!

Oops what happened? You had a death in the family and forgot when they didn't send your next statement to put a check in the mail? "That will cost you my deary!" Try this on for size...now you can't have ANY of that previous offer we just sent you in the mail (courtesy checks) and your interest rate just went up to 31.24% in less than 40 days PLUS we just lowered the credit line so that you’re maxed out on your card. You’ll probably see that on your credit reports later when we can deduct up to 60 pts. EVERY month.

P.S. If you don't like it...try again soon to do anything about it, we're "open" M-F Pacific Standard Time

Sound Familiar? You better watch out, it WILL happen if you're not ultra aware.

Posted by
Massachusetts
on
Claims that they included in my July statement that unless I closed my account they would raise my rate to 23.99. I pay all my bills online and there was never a message about this. There was no notice of this in their message center online. I only had 30 days to respond and now they can't do anything about it.

Posted by
Virginia
on
Paying too much for interest rate, it's equivalent to a luxury car payment. I had to borrow money from friends and relatives to pay down the balance. Try to find other companies to transfer some of the balance. It has been a nightmare. I am still trying to find a way out of this mess, with the interest rate they are charging I would never be able to pay the balance off. The payments that I make will only cover the interest rates payment.

Posted by
Iowa
on
I called card company and they had reviewed my credit in July and determined I'm a high risk because of amount of cards in use. I've never had late payments and cards went from 13% to 24% and up. Now I am at risk as I cannot afford this interest increase. I'm afraid I'm going to have to file bankruptcy. My son committed suicide during all this and I have been forced to miss work and miss overtime.

Posted by
California
on
I paid the minimum amount due on the due date as shown in the companies on-line bill paying application. After the payment is made the company adds finance charges or yearly membership fees and then assesses me over limit fees. I have documented this happening for some months now.

Posted by
New York
on
When interest was suddenly doubled, which I was told was across the board decision and had nothing to do with our account, we were carrying a $10,000 balance on the account. The interest due amount went from nominal to astronomical in one month. I phoned Cap One and was told that there was a mass mailing done informing about the change and since we did not choose to opt out of the change, we were automatically put into the interest rate hike group. I protested and was basically told - so sad, too bad. We had to take a lump sum from our life insurance dividends that were used to buy additional life insurance, so that we could pay down on this debt. The life insurance that would have paid off our equity loan if something should happen to my husband is now less than the loan principal. We have lost a sense of security. Not to mention the fact that Cap One stated in advertisments and brochures that the fixed rate would never go up for good payers. They are very unethical. They keep offering 6.5% loans to us, but they refused to lower the high interest rate on our credit card. They have increased out credit card line because of our good payment record, but are unyielding about the interest rate on the card. I complained to Sen. Schumer a couple of months ago. No response from him other than an acknowledgement that the inquiry was received by his office and I would hear something soon. How long is soon?

Posted by
Pennsylvania
on
I have not been able to keep my head above the water with this company for a long time. I have made several attempts to call and speak with representatives in order to make arrangements to pay the debt, or at least put the account in good standing and they have not been willing to work with me. The only result I have been able to achieve on my own is having them lower my interest rate for 3 months, however if I am unable to make the minimum payments, the interest rate does not matter. My interest rate is currently almost 30% which is RIDICULOUS!

Posted by
California
on
I opened an account with Continental Finance in January. Received the card, made a few purchases and lost the card, when we had a flood in our home in February. I reported the card stolen and paid for my charges in the begining of April.
I have been calling to cancel the card and reissue for the last 5 months. I never received a new card and have been charged late fees as well as maintenance fees for services I have not received. I have also had deliquencies reported to the credit bureau. This is just wrong. I need help with this matter.
A similar situation happened to my boyfriend, but he went ahead and paid the fees so that he could get the card back. I am too angry and disgusted to do this. I want to fight this.

Posted by
California
on
Both of these companies screwed us with jumping our interest rates without our knowledge or consent.
When we tried to opt out of their increase's we were sent to collection agencies within their business, then sent to outside collections who call constantly demanding a settlement of this and that. We contacted each credit card when husband was laid off and requested them to help us with our past due balances. Now we are threatened by CreditmaxLLC that if we don't pay the settlement amounts by August 30, 2007 we will be sued for the amounts owed. Can you help us with this?

Posted by
New York
on
Currently, Capitol One is starting legal proceedings against me in the amount somewhere in the neighborhood of $1,200-1,400 dollars. I am disputing the fact that the majority of the charges ($965) is from retroactive interest rate charges that were placed on my MEDICAL account at 20%. When I originally signed up for the card, I was told that it was an interest-free program because it was through the Doctor's office.

Then, after my 1 year period was over, they slappedon %20 interest and the only warning I received was 2 VERY SMALL PRINT lines on 3 statements telling me that my interest free period was ending.

Posted by
New Hampshire
on
I called got a payoffthrough thier automated system they even askedwhat day it will be paid. I paid the complete balance $9200, on the day I said I would, and the next month they charged me $200 more for not speaking to a representative for a payoff instead of using the automated system? They said its legal to charge me finance charge on top of the 32% They said they charge me finace charge on top of my balance for 20 days between my last statement and my payoff? Why wouldnt they included that in my payoff? This will neverend if I pay them another 200 they will send another bill next month for the interest from the last statment abd now. This oractice must be illigle? The damage I suffered was paying 32% interest which cost be about $5,000. and then the $200 + 32% interest they are still chagrging me after I closed the account and paid it off.

Posted by
Texas
on
Wasted my time to accept the card and then had to spend the time cancelling the card. The deceptive letter with the possible high credit limit was my deciding factor in ordering the card. In fact, the limit was much, much lower than what I had expected.

Posted by
Arizona
on
Last month my Capital One card was $41.66 overlimit. The minimum payment due was $41.66, which I paid. I just received this month's statement. There are no additional purchases or charges on my behalf. They assessed a $10.18 finance charge, and another $$39.00 overlimit fee. I was under the impression that they cannot assess an overlimit fee on their own internal charge (the interest).

Posted by
Wisconsin
on
Capitol One gave me a card with a credit limit of $3000.00. I went to use my card one day and it was declined. I called Capitol One, they said I was over my credit limit. I said there was no way possible. I knew I still had a few hundred dollars before I was maxed out. They told me Capitol One made an error and gave me a higher credit limit than they should have, so they dropped it down, resulting in me being over the limit by approximately $600. They said I had 3 months to pay the difference and get below my credit limit.

Posted by
Missouri
on
Bank of America claims that they decided to raise the interest rate because there has been a high balance carried for a long period of time despite never having a late payment and an almost 700 credit score. Also have been a cardholder since 2000 and have never had an increase. As a result, unable to make the minimum payment which went from $258 to $509/mth.

Posted by
Minnesota
on
In working with a credit card settlement company it was agreed that the debt be paid off in payments. Starting with a down payment and then monthly payments thereafter. After 180 days the account was to be reviewed for possible payment increase or balance in full. After 7 months of making payments on time the company has decided it will charge off my account unless I remit a payment which is a smaller amount than my agreed payment each month. They are now saying the payments I've been making are interest only payments and the down payment of $2000 was only to bring the account to current. This was never stated in the letter that was sent by their attorney. It stated that I agreed to pay the above referenced debt off in payments as follows. Then listing my payment schedule. Do I have a case? Also they have hiked interest rates and my credit is ruined even though this is the only problem that I've ever had. I'm now trying to refinance my home and can't because my credit score is near 500!!!!

Posted by
New Jersey
on
This has been happening for years and I don't know where else to turn. This company seems to withhold all my payments until they can post additional fees and interest to my account. I pay them $100 dollars every other Friday. They never seem to get my payment within the normal 5 to 10 business days. All my other creditors are paid within 7 business days. Here is a typical example. I made a payment on June 1st, today is June 21st and they claim to still not have received my payment. When I call their standard answer is that they do not control the US Postal Service. To please use their online payment system so that my account will be credited within two business days. I have absolutely no confidence with this company so I refuse to use their site for this purpose. So in the meantime, Compounded interest is added to my account, when they should have received a payment by no later than June 10th. This happens with every single one of my payments. As I said, I pay them every two weeks because I want to get rid of this high interest, horrible billing practices credit card, but it doesn’t seem to matter what I do. I filed complaints with the FCC and Better Business Bureau and got back letters months later claiming they didn’t see a problem. Didn't see a Problem?????? I have found hundreds of complaints about this company on multiple websites complaining about the same exact issue. They are worse than loan sharks. I have paid them thousands of dollars and still can not get rid of my initial debt.

Posted by
Hawaii
on
I was planning to pay the entire balance which was due on a Saturday, but I made the payment online via their website on Friday afternoon (I'm in Hawaii, thus a major time difference). As I was submitting the payment a warning came up telling me that the payment would be considered late since it was after hours and coming into the weekend, so I could either pay an extortion fee of about $13 and they would accept it as "on time" or I would end up with a $30 late charge. Since I was paying online and they would still have their money right away, I cannot see any reason for this to have been considered "late" when it was paid the day before the due date. Also, if they can accept it as "on time" for $13, they can accept it for free. In my opinion, that is classic extortion. Pay us now, or pay us more later. I have not paid the $30 late fee they charged, and they are now charging interest and another $30 late charge for the following month. So now they are charging me $60+ interest for making what I consider to be an on time payment.

Posted by
California
on
The story with Bank of America is that they took over MBNA, my previous credit card company, in December 2006, and in the process lost the January 2007 online payment I made to them of $202. This was the same online address I had always used. After BOA started harassing me with phone calls in February, I had Citibank send proof of payment both by mail and fax. I also faxed over a copy of the letter Citibank sent to me. I then called them to verify that they had received the info, and it turns out they had “lost” the faxes too, so I had to re-fax it.

After many weeks, then months, and dozens of phone calls on my part, they still had/have not cleared my account as of June 2007 and claim to be still working on it. In the meantime, they dinged my credit score (though they appeared to have removed that), charged me late fees, and jacked up my interest rate from 9.9 to 19.99!!! – despite my having a clean record with no late payments during the several years I had an account with them.

After they jacked my interest rate, I closed my account and opened a new one with Chase/AAA, but Chase saw the January “late payment” that BOA reported to Equifax, and kept me with a restricted account balance as a result. In the meantime, I am held hostage to BOA, and still must continue paying interest payment on the $202 I do not owe. Basically, my outstanding balance with BOA should be around $0, not $261.84. And now it looks like my credit score is going to be dinged again because my lastest BOA “interest payment” was due 6/7.


Posted by
Arkansas
on
I never charged my credit card over the limit and I have never been late but somehow Bank of America found a way to charge me over the limit fees every month from February to June without my knowledge and raised my interest rate to 32.24%

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