Posts Tagged 'universal default'

Three days late on your Visa? BoA jacks rate up to 30%

Talk about the punishment not fitting the crime.

The Consumerist tells the story of some poor chap who was one and three days late on his Bank of America Visa payment. He’s a good customer, has a mortgage with the giant bank, and has a great credit score. His punishment? An interest rate of almost 30%. This is a common practice with big banks, as we’ve outlined on our Top Secret Visa web site.

The guy’s brother tells it like it is:

Bottom line: Don’t take those warm and fuzzy bank commercials—where they show the loving banker taking care of their customers—seriously. The bank doesn’t care about the customer.




American 1 Federal Credit Union