Dear Liz: I’ve had a Bank of America Visa card for years. My interest rate was lowered from 7.9% to 5.4% a few months ago, but I recently got a letter saying that if I did not agree to a 12% rate, I could “opt out” but no longer use the card. I never carry a balance but use the card extensively. It just seems unfair that they can do this. Can I report them to some agency?
Answer: Like other issuers, Bank of America has been raising interest rates across the board, but what’s mystifying is why you care. If you never carry a balance, you don’t pay interest, so the rate is irrelevant.
If you object to card issuers raising rates on principle, contact your congressional representatives, who are contemplating changes that would make it tougher for credit card companies to alter rates and terms.
Otherwise, simply accept the new rate and use the card as you always have.
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