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Bank of America Again...

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February 23, 2008 – Comments (12)

Wow, these guys are getting desperate. Just noticed that they got rid of all grace period for new purchases on the "motley Fool" credit card I had with them. (Used to be through MBNA, which they bought, right?)

Well, if you have a clean balance, zippo, and you buy some stuff -- they begin charging you interest on those purchases immediately, before the next billing cycle, unlike every other card I've ever had.

I just called and told them where they could stick their card. Unreal. And a bad deal. I hope we're still not peddling these ripoff cards for these shnooks.

Sj

12 Comments – Post Your Own

#1) On February 24, 2008 at 1:09 AM, SlowElectron (97.30) wrote:

Seriously?  I didn't even think that was legal.  Did they send you a change in account policy notice beforehand?  Of course, who has time to read the fine print on those things.

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#2) On February 24, 2008 at 1:17 AM, EScroogeJr (< 20) wrote:

Chase did the same thing a few months ago.

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#3) On February 24, 2008 at 1:32 AM, Tastylunch (29.40) wrote:

They didn't send you any notification at all that they were changing their policy? That's got to be illegal.

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#4) On February 24, 2008 at 2:45 AM, QualityPicks (22.32) wrote:

Thanks for the heads up. I just checked my February (BofA and Chase) statements and there were no finance charges (I always pay the whole balance). I'll check next month and if they ever charge me interests for not carrying a balance I'll close the account ASAP, you can be sure about that.

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#5) On February 24, 2008 at 3:49 AM, cluelessmorgan (73.29) wrote:

short em. LT.  2 years.  Countrywide deal stinks.  Can you say, Fraudulent conveyance?  Just wait till court fights over that debt.

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#6) On February 24, 2008 at 6:48 PM, FoolishChemist (97.38) wrote:

Also did you see this

Bank of America told thousands of its cardholders in recent weeks--even those with good payment histories--that they faced a rate hike from 9% to as high as 28% if they didn't pay off their balances at the old rate and stop using their cards. The bank, the largest credit card issuer, since its 2006 acquisition of MBNA, says it's all part of its "periodic" review of customer credit risk.

They need to find some way of paying for all their bad deals.

Naughty, naughty. 

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#7) On February 25, 2008 at 9:33 AM, TDRH (99.44) wrote:

Unreal, they spend untold dollars to try and secure customers, and in one stupid move customers will be running for the exits.   If Citi and BA are doing this you have to wonder where the customers will go, and who will benefit from this shortsightedness.   

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#8) On February 25, 2008 at 11:56 AM, amoldov (31.67) wrote:

I too closed my BA card with the Motley Fool insignia on it (and also a Citi card). They didn't ask me why, Seth's suggestion on what to do with the card must have inhibited their curiosity. Or maybe they just ran out of money to lend.

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#9) On February 25, 2008 at 2:24 PM, ByrneShill (78.29) wrote:

OT: Hey Bent, did you read this piece by one of your fellow fool? Any comment on it? Maybe a dueling fool on housing would b in order.

 http://www.fool.com/investing/general/2008/02/25/why-housing-prices-are-nearing-bottom.aspx

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#10) On February 25, 2008 at 8:40 PM, TMFBent (99.80) wrote:

Byrne Shill, thanks for the heads up.

Everyone else: yeah, they sent us some kind of account update, but it was filled with very small print which explained, in sneaky language that I didn't really catch at the time I read it (walking in the door, dog looking at me saying "dude, I really need to take a walk and take a leak) and it basically talked about changing the dates on when certain interest would begin accruing. I didn't make the connection until the statement that they weren't simply shifting dates, they were shafting all existing customers by getting rid of the usual one-billing-cycle grace period on new purchases.

These guys are awful. They have, with one quick attempt to bleed me for a couple bucks a month, guaranteed that I will never do business with them again.

So much for their net promoter score.

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#11) On February 25, 2008 at 8:42 PM, TMFBent (99.80) wrote:

Byrne Shill -- I disagree with Marko's assessment completely. No one cares about sturdiness of homes. Around here, falling-apart crapholes built 40 years ago ALSO went up 150%. They're selling for 2-3 times the amount they'd rent. They MUST come down. There's no other way, aside from a long, slow process of flat nominal pricing (but real drops, inflation considered). Given that even the NAR's recent, pie-in-the-sky median home price showed a 4% YoY drop (and those guys don't net out improvements or other fake price raisers), I'd say Marko's going to be wrong by about 10-20%.

We shall see.

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#12) On February 26, 2008 at 5:19 PM, clintspicks (92.06) wrote:

I just canceled my card, then called back to see if they had charged me any interest on my small balance (because I wasn't going to pay it). The rep said, no, that this is incorrect information. The grace period refers to the period beyond the due date. If that's accurate, I have no problem with it. I reinstated the card, but I'm going to be watching.

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