I've had a credit card with BofA as well as three accounts (checking, savings, business) for about five years now. I get promotions from them pretty often for new cards or do a balance transfer, but I decline since I have a pretty low interest rate with them, like 8% or so.
Until today...
I get a letter in the mail from them last week saying that they have reviewed my "status" and have decided to close my credit card account. No big deal, I never use the card and only did a balance transfer and used it for some expenses last year. Still no clue what would of caused my "status" to change to anything even negative.
I go on yesterday to pay my bill and notice its a LOT more than it was before. Sure enough those mother fuckers raised my rate from 8% to 29.95%. Im furious and I call the bank... after over an hour on the phone with them, there is nothing they can do since the account is now closed. I can't even open a new account to do a balance transfer because you are not allowed to do that between banks. DAMNIT!
You have to be fucking kidding me. They can just close an account and jack up the interest with no notice? After some digging around, seems like the reason is because of all the new credit card rules coming out today and in November, banks are trying to rape as much as they can before they have strict guidelines to follow.
So, if you have a BofA card with a balance, be careful
