Complaint #1784351 submitted on 02/11/2016 relating to Bank of America. Complaint relates to Credit card - APR or interest rate .
Complaint was submitted via Web and sent to the company on Thursday 11th February 2016.
I first obtained this credit card in approximately XXXX, as a XXXX XXXX branded credit card. I do not recall the bank who serviced the card at that time. I obtained the card because it was marketed as a FIXED RATE 9.99 % card. The marketing promised that this rate would not change. And for the last thirteen years it has not. Other than occasional 0 % balance transfer promotions, I have been paying 9.99 % APR since the inception of the card. On my XXXX bill, I noticed that the rate has been raised to 10.24 %, for no apparent reason. When I inquired about this, I was told that the federal funds rate increased on XXXX XXXX, XXXX, and so, in turn, did my rate. But this makes no sense. At the time I obtained the card, the fed funds rate was XXXX higher than it is now. So, why then over the last eight years when the fed funds rate was XXXX have I not been paying less? The card was specifically marketed as having a fixed rate for the life of the card. When I pressed the issue the agent said she could not help me and directed me to call " retention services, '' which is, as I understand it, their sales unit. Why on earth would I buy a new product ( and allow a new hard inquiry on my report ) from a company that is behaving in such an underhanded way?
| Company | Bank of America |
| Complaint ID | 1784351 |
| Date Received | 02/11/2016 |
| Product | Credit card |
| Issue | APR or interest rate |
| State/ZIP Code | SC 294XX |
| Consumer Consent | Consent provided |
| Company Public Response | Company chooses not to provide a public response |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 02/11/2016 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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