No Rate Hikes On Existing Balances for Bank of America Business Cards
As a Bank of America business credit-card account holder (I actually have 2 business cards from BofA) I was very happy to read today's news: No rate hikes on existing credit-card balances. Here's a clip from a recent Charlotte Observer article:"...Bank of America Corp. won't raise interest rates on existing balances held by its 2 million small-business credit-card accounts, the bank said Thursday.
The bank also said that those customers will get 45 days' notice before rates change on future balances. It won't charge fees when customers go over their credit limit.
Small-business credit-card customers will also receive a one-page "Clarity Commitment," which is a summary of their rates, fees and payment information. The bank has already sent such statements to customers with mortgages, home equity loans and consumer credit cards..."
Labels: bank_of_america, business_credit_card
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posted by Steve Brown | 4/04/2010 10:04:00 PM
3 Comments:
Time and time again Bank of America proves to be one of the most, if not THE most, reputable banks in America. I think that this is through the fact that they want to ensure loyal, satisfied customers.
I am very happy to read this post i really like BOA that " No rate hikes on existing credit-card balances. "
Thanks posting in your blog ..
Bank of America is so sunk into so many pies it can't afford to lose even one customer. Because losing one banking customer really represents losing a lot of them.It wants to retain brand loyalty (at no cost) while they can. Why tempt existing customers to fly from bank to bank to bank?
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