How to Lose a Good Credit Card Customer

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Sunday, April 12, 2009

Regarding the March 22 Business story "Accelerating Debt":

I have been a Bank of America credit card customer in good standing for 16 years. My current interest rate on standard card purchases is very low (6.99 percent) and reflects that good standing.

I received a letter recently stating that the interest rate on my existing balance and new purchases would nearly double, to 12.99 percent, on May 1; the letter cited "a change in our business practices and due to the pattern of payments and Annual Percentage Rates on the account."

Thanks to Congress, which recently forced much-needed changes to credit card lending practices, I am being given an opportunity to reject the rate increase, which will freeze the rate on my balance (a good thing) but prohibit future purchases, effectively canceling the card. I called customer service and was told that the change was not a result of my "pattern of payments" but was solely a response to tough economic times.

I was also told that the bank had received "thousands of calls" about this. The agent apologized, verified that I'd been a good customer, then thanked me for my business, telling me that nothing could be done.

So Bank of America is going through tough times because it made bad decisions, and "thousands" of good customers will have to pay for it. Well, Bank of America just lost a good customer.

TED TROSCIANECKI

Centreville