Dear Money Helps: In August 2005, I signed up for a Bank of America credit card with a great fixed rate of 6.9%. Last year I got married and put a lot of wedding expenses on the card, figuring to pay it off in a year or so. I opened my bill last month, and my rate had shot up to 19.99%! I called the bank and was told that I’d been mailed a notification. But I never received it. Can the issuer really triple my rate even though I always pay on time? And is there anything I can do to get my 6.9% back? - Eric Jones, Denver
Answer: Unfortunately, even diligent customers like you can get slammed with out-of-nowhere rate hikes. That’s because some credit-card issuers, including Bank of America, have a policy - buried in the fine print of your contract - which says your rate can [...]
Original post by and software by
