Please share your experience with Bank of America Credit Card and provide your review and feedback, in the comments section below.

The goal of this page is to allow people to share information that may be important to help others wo have used Bank of America Credit Card in order to make a more informed decision regarding their experience with Bank of America Credit Card. Here are some potential questions you might be able to provide feedback about.

• How did you feel about the customer service experience you received from Bank of America Credit Card?
• Was Bank of America Credit Card easy to communicate with before or after you became a customer?
• Did Bank of America Credit Card respond to your communications promptly?
• What were the fees charged by Bank of America Credit Card?
• Did Bank of America Credit Card give you the terms and conditions for the credit you were interested in before you gave them any personal information?
• Was Bank of America Credit Card helpful in assisting you with your financial needs?
• Did you have a really good experience with Bank of America Credit Card you can share?
• Did you have a bad experience with Bank of America Credit Card you want to share?
• Is there any other information you’d like people to know that might be considering using credit fromBank of America Credit Card?

It is important to understand when reading comments below that they are the opinions of the individual posters and may not be representative of the overall impression of all consumers that may have or have not used the services of Bank of America Credit Card. But everyone does deserve to have an opportunity to express their opinion, even Bank of America Credit Card itself, be it good, bad, or indifferent.

Other Related Articles to Read

• I Called Bank of America About My Reduced Credit Limit. They Reduced it More. – Charles
• What Are My Options Other Than Filing Bankruptcy to Help Me Reduce the 25% APR on My Bank of America Credit Card? – Bobby
• Bank of America Hit With Class Action Suit Over Credit Card Fees And Charges

Read the full article at GetOutOfDebt.org, click here: Bank of America Credit Card – Scam, Complaint, Review, or Praise?

Charles

“Dear Steve,

Bank of America has lowered my credit line from 23000 to 16 and when I called to complain the dropped it down to the current level of 13500. I use my card in business and know they have the right to do this but what about the negative effect on my credit score. I always paid them on time and as requested but their one sided action will impact my credit score.

Is there a class action lawsuit that I can join to force FairIsaac and BOA to properly account for my good credit? I know they have the right to do this just as I have the right to close my account and negotiate a payment plan but why should that action hurt my credit score. I cant take them on myself but is their someone else I can join with?

Charles”

The Answer:

Dear Charles,

I hear what you are saying. You feel you are being treated unfairly, and I agree. But this isn’t just a Bank of America problem, this is an issue that every consumer faces with every credit card issuing company.

What makes this problem tough is that it is a situation that all cardholders agree to in their agreement with the credit card company. The right for the credit card banks to adjust limits and interest rates is usually very clearly spelled out in the terms and conditions.

It basically falls into the problem of it’s their ball and they don’t want you to play with it anymore, so they are taking it away from you and home with them.

You have no right to the credit card, you use it only at the pleasure of the credit card company. And as far as the credit score goes, you can’t forget that the score is calculated to identify potential profitable customers, not people that might be personal finance wizards. The credit score and the access to the credit card are not available to serve you, but the creditor.

If you want to close your card, that it your option. You would then need to make the minimum payment as specified by Bank of America to minimize credit report damage.

Big Hug!

@GetOutOfDebtGuy

Other Related Articles to Read

• Is Bank Of America Taking Advantage Of The Unemployed With Debit Card Fees?
• What Are My Options For Getting Bank of America to Lower my 27.99% Credit Card Interest Rate? – Chris
• I Am Married With Five Children and Struggling to Get By. Ken
• I Want Bank of America to Leave My Interest Rates Alone. – Debbie
• Is It Legal For Bank of America to Raise My Interest Rates? – Lucy
• I’m 60, Unemployed, and Bank of America is Charging Me 27.99%. – Yvonne
• Should I Quit Paying Bank of America For My American Express? – Becky
• I Was Making Payments to Bank of America and The Charged Off My Debt – Michelle
• Bank of America Charged Off My Debt By Mistake. – Jennifer
• “Bank of America’s Message to Me Was Tough Shit!”

Read the full article at GetOutOfDebt.org, click here: I Called Bank of America About My Reduced Credit Limit. They Reduced it More. – Charles

Bobby

“Dear Steve,

I’m a college student, age 22, and have trouble reducing my credit card debt due to the high interest rates. I have nearly reached my credit limit of $5,000 with my Bank of America Credit Card due to the apr of 25%. My credit score has been reduced to poor due to a few late payments (3) and have had overlimit fees charged thus increasing my rate.

I’ve since been paying on time with at least 20% more than the minimum amount (i.e. paid $200 for a $153 BofA bill), but I can’t continue to pay like this through 2009.

What are my options other than filing bankruptcy to help me reduce the 25% apr on my credit card and/or my debt level?

Thanks for your consideration.

Bobby”

The Answer:

Dear Bobby,

It would be a shame to see you go bankrupt over just one card. My suggestion would be to first try a debt management plan and work out a new payment plan. If you enroll in a debt management plan Bank of America will probably reduce your interest rate to 7% after a few payments. Click here for debt management information.

The downsides of this approach is that it will close your card, but it is maxed out anyway. And a comment could be made on your credit report that you are working with a credit counseling or debt management company, but your credit report is dinged anyway from the late pays.

The debt management approach will eliminate any more overlimit fees as well so that sounds like the most logical place to start.

Steve

Other Related Articles to Read

• I Would Like to Consolidate My Debt, However I’m Having a Difficult Time Finding Someone Who Will – Laurie
• Bank Of America Backs Off $5 Debit Card Fees After Anti-Fee Petition Skyrockets
• I Have Accounts With AMEX and B of A That Are About to go to Collections. – Edward
• How to Shop for a Good Debt Management Program
• I Really Screwed Up And Need Some Direction. – Chris
• I Called Bank of America About My Reduced Credit Limit. They Reduced it More. – Charles
• Deepu’s Wife is Unemployed And is Looking for a Debt Consolidation Loan
• Are Debt Management Programs For Real? – Kim
• Bank of America Hit With Class Action Suit Over Credit Card Fees And Charges
• Credit Card Companies Are Coming For You. Protect the Wife and Children.

Read the full article at GetOutOfDebt.org, click here: What Are My Options Other Than Filing Bankruptcy to Help Me Reduce the 25% APR on My Bank of America Credit Card? – Bobby

On November 24, 2008 a class action lawsuit was filed against Bank of America, for deliberately engaging in a course of action that led to credit card customers to be intentionally penalized even though payments were made by the due date.

The suit cites, as an example, the case of Bruce Trombley who received a credit card statement with a closing date of October 2, 2007 that indicated that a minimum payment of $248.00 was due by Saturday, October 27, 2007. Mr. Trombley went into a Bank of America branch on Saturday, October 27, 2007 at 11:44 am and made a payment of $250. Bank of America subsequently notified Mr. Trombley on his November 2007 credit card statement that he was to be charged a late fee of $39.00 and his promotional interest rate would no longer apply even though Mr. Trombley made his payment by the due date.

The second example in the suit involves the case of Ryan Sukaskas who was charged a $15 pay-by-phone fee for making his payment on the due date. He had attempted to make the payment via the Bank of America website but the site indicated that since it was the date due that a payment could not be made via the site.

It is alleged that consumers have been made to pay fees, charges and higher interest rates due to breaches of MBNA, FIA Card Services, and Bank of America credit card agreement and violation of the Truth in Lending Act. The plaintiffs in this case state that Bank of America has profited from the charging of fees, other fees, charges and/or additional finance charges for payments on accounts received on the due date.

The primary issue here is if Bank of America failed to apply payments made on the day made without the imposition of additional fees and charges. Additionally it is stated that Bank of America is intentionally taken actions that are designed to increase the amount of finance charges, late fees, and other charges that customers must pay.

The other issue is that Bank of America appears to be out of compliance with the Truth in Lending act and Regulation Z of the Consumer Protection Act of 1968 that says that “A creditor shall credit a payment to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge…”

If you feel that you have been unfairly charged a late fee, a fee to make your payment on the due date, or have received an increase in the interest rate, even though you made your payment on the due date, you might want to contact the attorney in this case:

Peter N. Wasylyk
1307 Chalkstone Avenue
Providence, Rhode Island 02908
Telephone: (401) 831-7730
Facsimile: (401) 861-6064
E-Mail: pnwlaw@aol.com

Photo: James Callan

Other Related Articles to Read

• What Are My Options For Getting Bank of America to Lower my 27.99% Credit Card Interest Rate? – Chris
• Jairo Wants to Stop Paying His Bank of America Clean Sweep Debt Consolidation Loan
• I Called Bank of America About My Reduced Credit Limit. They Reduced it More. – Charles
• WaMu Will Not Let Me Change My Due Date. – Robert
• Is It Legal For Bank of America to Raise My Interest Rates? – Lucy
• Pam Asks “Does a Deferred Student Loan Lower Your Credit Score”
• One in Three Consumers Spanked By Their Credit Card Companies
• What Are My Options Other Than Filing Bankruptcy to Help Me Reduce the 25% APR on My Bank of America Credit Card? – Bobby
• Credit Card Companies Are Coming For You. Protect the Wife and Children.
• Bank of America to Credit Counseling Agencies – It’s Not Me, It’s You

Read the full article at GetOutOfDebt.org, click here: Bank of America Hit With Class Action Suit Over Credit Card Fees And Charges