Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @

Sunday, April 04, 2010

No Rate Hikes On Existing Balances for Bank of America Business Cards

Bank of AmericaAs 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: ,

--> Privacy Policy <--



Anonymous blackMARKER1 said...

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.

Friday, August 06, 2010 3:59:00 PM  
Anonymous keerthi143 said...

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 ..

Saturday, August 07, 2010 3:28:00 AM  
Anonymous Anonymous said...

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?

Friday, September 17, 2010 8:00:00 PM  

Post a Comment

<< Home


Entire Website © 2024 FedPrimeRate.comSM

This website is neither affiliated nor associated with The United States Federal Reserve
in any way. Information in this website is provided for educational purposes only. The owners
of this website make no warranties with respect to any and all content contained within this
website. Consult a financial professional before making important decisions related to any
investment or loan product, including, but not limited to, business loans, personal loans,
education loans, first or second mortgages, credit cards, car loans or any type of insurance.