Last spring we obtained a bofa card with a $5000 credit line. We used this card to go on vacation, and for misc. Purchases. We have other cards and none of them have ever been late, nor have any payments on this card. We paid more than minimum every month, but didn't pay down the 0% interest balance in favor of paying larger amounts on the cards that were charging interest.
Our bofa card started charging interest this month, so this month we made a substantial payment on the account, and were reward by
bofa reducing our credit line by the amount of payment. They could give no reason other than we were subject to a credit review by their committee - no more explanation than that. My spouse is a disabled veteran, and we pay all our bills on time. I think this speaks quite loudly of just how little any of us mean to this conglomerate. I can't wait to pay off the card, and close this account.
I went to a Bank of America branch to purchase Mexican pesos for an upcoming trip. When the teller gave me the receipt for the transaction, I saw that they were giving me a little over 7 pesos to the US dollar. At home, looked up the exchange rate for that day and it was over 14 pesos to the dollar. I called the bank and cancelled the purchase. The manager said he had already put the order in but that he would send the pesos back. When the pesos arrived, the manager called to confirm my desire to cancel. He told me that Bank of America would refund my money at a lower rate. In the end, I was charged $80.00 for this cancellation. Never use Bank of America for foreign currency purchase. Their rates are unfair and the process is rediculous