Bank of America Tries to Pull a Fast One

Up to this point, I have always had a good working relationship with Bank of America. I had a Visa card with them, with a reasonable interest rate, and also had another unsecured loan from them, that I used to buy my truck. I have made all required payments on time. And now get a load of how these ungrateful bastards have repaid me. I received a letter from them a few days ago. Here are the highlights:

IMPORTANT AMENDMENT TO YOUR CREDIT CARD AGREEMENT

Below is an amendment to your Credit Card Agreement that increases your Annual Percentage Rates (APRs). Please read it carefully. You do not have to accept this amendment. The steps you must take to describe this amendment are described below. You must act promptly to reject this amendment, so please read it now.

Summary: Your account will have variable APRs which are higher than your current APRs. We calculate variable APRs by adding a margin to an index, as described in the variable rate formula set forth in your Credit Card Agreement as amended. As of November 30, 2007 the index was 8.25 percentage points.

Your margin for new and existing Category C balances will be 15.74 percentage points. This currently results in a variable corresponding ANNUAL PERCENTAGE RATE of 23.99% (Daily Periodic Rate of 0.065726%). Prior to this amendment, the non-promotional APR for Category C was not a variable APR.

Rejection Instructions for Annual Percentage Rate Amendment:
If you do not wish to accept this APR increase, you must meet all of the following requirements:

1. Write to us at FIA Card Services, N.A,, P.O. Box 15565, Wilmington, DE 19850. Clearly print or type your name and full credit card account number and state that you reject this change. You must give notice in writing; it is not sufficient to telephone us. Send this notice only to the address in this paragraph; do not send it with a payment or any other type of customer service request. This mailbox is ONLY for rejection of the Annual Percentage Rate Amendment.

2. Write to us immediately. We must receive your letter by February 19, 2008, or your rejection of this change will not be effective.

3. You must not use your account after February 19, 2008. If you account is used at any time after this date, the above changes will apply to your account even if you sent us timely notice rejecting the change.

Bank of America wants me to switch from a 9.99% fixed rate to a 23.99% variable rate! And this during a time when market interest rates are falling. Needless to say, I immediately wrote the bank and rejected the amendment, and destroyed my Visa card.

But that's not all, folks. If the bank can propose an amendment to our agreement, then so can I.

BWAHAHAHAHAHA!!!!!