I just received the latest changes to my BoA cardholder agreement. The first page – and not part of the agreement – was a summary page intended to provide information on such things as how to minimize fees and finance charges as well as a list of benefits. You know, things like pay your account on time, don’t exceed credit limits, pay in full each month.
Great. That makes sense.
Now the fine print – or, how BoA is working to screw in the most lucrative of ways those of you who don’t pay in full every month. To wit, an APR of 32.24 per cent on unpaid balances. All this and more on legal-size paper that most won’t read.
Loan shark usury has never been more profitable for a legitimate business.
Well, there’s a bunch of gobbledygook about missing two consecutive payments, or some such, in any 12 rolling consecutive billing cycles, blah blah blah, but it all sounds to me like it’s not going to save a person any money.
But then, when did a bank save someone money?
Thankfully, I no longer use BofA for anything, but it’s nice of them to remind me that I’m not yet dumb enough to get screwed by a credit card.
Wow. I’d heard that they’d sent out a new cardholder agreement from an acquaintance, but hadn’t heard the details as I’m not a cardholder with them myself. However, my brother is a BoA customer – I’ll poke him to make sure that he knows about this if he has one of their cards.