32.5% APR? Is BoA serious?

I have a Bank of America Visa card with a moderate balance (mostly wedding-related costs).

Recently, I got a letter stating unless I protested - in writing - my default interest rate would go up to 32.5% - obviously I protested in writing, which meant I could no longer use my card (not an issue since I stopped using it a while ago).

This past month, I made a late payment (thanks to that wonderful roaming due date - obviously my fault - but is it my fault for not checking my invoice, or for assuming my payment date should always be relatively the same?), and they kicked my interest rate up from 18% to 32.5%, their %26quot;Prime%26quot; rate.

My minimum payment went from $100 to $210 - PLUS a $39 late fee. They said the rate stays that way for six months of on-time payments.

Total late fee: $709 over the six month period.

I%26#039;m leining my car%26#039;s title to a credit union for 8% interest and 10-day grace periods.

Do they really expect people to put up with this crap?

32.5% APR? Is BoA serious?va loan

There are many that do that because he Congress and Senate (both sides) are in their pocket, which is also the reason the bankruptcy laws where changed. They lobbied and bribed (sorry campaign contributions) for the laws to allow them to do that, so they do. I remember a time when you had a 5 day grace period. That is gone, became legalized loan sharking.

32.5% APR? Is BoA serious? loan

Some people stay away from credit for this very reason. It%26#039;s not a new scam. It%26#039;s been happening ever since credit cards been around. Another scam is on the other end of the deal. If you go to a store and use your credit card. That store has to pay a 3% fee for the priveledge of allowing you to use your card.|||Geez, that%26#039;s a high rate! Read what you signed when you applied for the card, it probably had a clause that they could change rates on a certain length of advance notice. Find a way to pay it off, and cut up the card. Not too customer-friendly, are they? Yes, it was your fault, but still........|||Can they? Yes. It%26#039;s in the contract. When you made a late payment it triggered the increased interest rate.

BTW, most credit card contracts allow them to increase the rate if you pay any card late. So be aware.

Consider this a %26quot;life lesson%26quot;. Credit cards should be used for convenience only ... not as a substitute for a savings account. Not as a means of financing anything.

Pay off your credit cards as fast as possible ... then use a limited number of cards and keep them paid off.

BTW, the interest on the credit cards ... is non deductible for tax purposes.|||you%26#039;ve see gary coleman commercials for cash ------ if you have a big screen tv you can read the fine print, 99.9 % interest rate|||I don%26#039;t know which is more absurd, Bank of America%26#039;s default rate (APR) or your decision to put wedding expenses on a credit card!

In terms of getting married, if you can%26#039;t pay -- then don%26#039;t play!

You made a choice to put this %26quot;expenditure%26quot; on a credit card. Along with this choice, you also assumed certain risks, including the risk that the interest associated with said charge would cost you way more than you ever bargained for.

BOA does what it must to make money. They are not your family, your friend, your confidante -- they are a faceless bank.

But let%26#039;s be clear -- it is your responsibility to open the mail and pay the bills ON TIME, without exception.

Since you decided to leave your mail unopened and subsequently made a wrong assumption about your payment due date, you are the %26quot;victim%26quot; of an insidious game.

The best lesson is a bought one. And your lesson has a couture price point!

Yes, Bank of America is usurious, but if you don%26#039;t like the rules then I suggest you either change banks or don%26#039;t play a game you can%26#039;t afford to lose.