Opionion: Bank of America Rejection of Default Pricing Ammendment

Banks have to be held accountable to some degree for their tenacity in quitely changing credit card terms right underneath consumer's feet, and then tacking on impossibly high default rates and fees associated with "services". Further, the fox has to stop guarding the hen house and an impartial third part that does not appeal to credit grantors in how credit scores are calculated. For example, if my credit card agreement is ammended to unfavorable terms and I close the account with a 0 balance, no late payments, and no over-the-limit occurances, my credit score should not be damaged in any way, shape or form. Catching consumer credit card companies when they make ammendments can offer consumers little hope but to begrudgingly accept the terms becase they are carrying a high balance and cannot pay it off in order to close the account, or they do not want to pay a 5% charge for a balance transfer to another card. Recently Bank of America sent me an ammendment with terms that were so insane, I felt that a letter of rejection was the least that I could do in response. Here's what I had to say:

September 19, 2007
FIA Card Services, NA
P.O. Box 17151
Wilmington, DE 19850


To Whom It May Concern:
The purpose of this letter is to reject the proposed amendment of the Default Pricing portion of my credit card agreement for card number #### #### #### ####.

Specifically, I find the proposed changes to be outright offensive in that the amendment gives carte blanche to adjust my APR to a default rate with NO FURTHER NOTICE. Worse yet, is the ludicrous default rate currently set at 32.24% , which can only be lowered at 2% intervals over consecutive 6 month spans of on-time payments. This is not consumer credit, it is highway robbery, and I will have no part of it.

This kind of surreptitious act is what will ultimately result in the demise of the US economy if the banking institutions’ insidious offers of sub-prime loans and credit offers to illegal aliens doesn’t deal the ultimate deathblow first.