Boycott Bank of America?

I ran across this video from a woman upset with the credit card policy of Bank of America.  Evidently her interest rate was raised to 30% on her credit card.  She indicates that she has had this card for many years.

Here’s my advise to this woman:

  • Stop keeping a balance on your credit card.  If you don’t want to pay interest on your credit card pay off the balance and live within our means.

 

  • Change credit cards.  If you want a change of credit card, move your balance to another credit card.  Surely you could find a better interest rate somewhere else.

 

  • Pay your bill.  If you are dumb enough to not pay your credit card (on a balance you created – not Bank of America) then maybe you should be tagged with a high rate.  Yes, the rate is exorbitant, but that is really beside the point.

Personal responsiblity is a virture that is sorely lacking in our country.  If you are going to boycott something, start with the high taxes and march toward socialism. 

Of course, this is just my opinion.

Rob’s Rant

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4 Responses

  1. Apparently 25 to 30% interest on a credit card is an acceptable business practice to you. Your obvious solutions are less than helpful when a bank that has received 45 BILLION in taxpayer money decides it would be best to collect the money back from its customers in a highly unreasonable manner. JUST charge 10 or 15 or even 18%, there is NO NEED to charge 30% and force the same people who just bailed out your business up against a wall. In case you are unaware, the FED loans bank money at 0% right now. Banks make money for almost every dollar on there books. Lastly, BANKS GOT US INTO THIS MESS and now they want 30% for a credit card???

    • Joey,

      Thanks for commenting on the Rant. Glad to have you here.

      Apparently 25 to 30% interest on a credit card is an acceptable business practice to you.

      Yes, 25-30% is exorbitant, but there are solutions to take away their business. I’ll list my solutions set forth in the post below:

      • Stop keeping a balance on your credit card. If you don’t want to pay interest on your credit card pay off the balance and live within our means.
      • Change credit cards. If you want a change of credit card, move your balance to another credit card. Surely you could find a better interest rate somewhere else.
      • Pay your bill. If you are dumb enough to not pay your credit card (on a balance you created – not Bank of America) then maybe you should be tagged with a high rate. Yes, the rate is exorbitant, but that is really beside the point.

      I think that pretty well covers it.

      Your obvious solutions are less than helpful when a bank that has received 45 BILLION in taxpayer money decides it would be best to collect the money back from its customers in a highly unreasonable manner.

      I think the solutions are more than helpful. The fact that BOA and many other banks received tons of cash is irrelevant to this post. While I abhor the money given to the banks the credit card divisions would be paralyzed without people using the cards.

      In case you are unaware, the FED loans bank money at 0% right now.

      The rate is very low, not quite at 0%, but very low. Again, this has nothing to do with this post and everything to do with bank lending.

      Lastly, BANKS GOT US INTO THIS MESS and now they want 30% for a credit card???

      While this is true, this has nothing to do with this post. There are ways to get rid of the 30% – fire the bank. Move your money. Don’t charge in the first place. With no balance you have no interest payment.

  2. When an agreement is made between two parties what the terms will be and one of the parties changes those terms for no good reason, all contracts should be null and void. Credit companies chased us down to open accounts and jacked up everyone’s fees to cover their losses. How these institutions making so much money could even have a loss is beyond belief.

  3. Rita,

    Thanks for commenting on the Rant. Hope to see you back.

    I would agree with your assessment, but most of the time this type of thing is in the fine print that no one reads. Credit card companies are in the drivers seat because they hold all the cards (the money on credit) and many Americans gladly accept that borrowed money.

    A great way to change their outlook on business is to fire them or better yet, pay off the card and cut them up. I’m not a proponet of using credit cards for much of anything other than very specific things that are easier than using cash or debit (hotel rooms, rental cars, etc.)

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