BEWARE Bank of America!
I recently decided to pay down my balance on my Platinum Bank of America Visa credit card that I've had since 2007. My available credit line was $3,500 and I had carried a balance on it for years that I was slowly paying off. I decided to make a $1,500 payment reducing what was owed on the card down to less than $800.
Guess what happened?
The very next day Bank of America did a "Periodic review of my credit" and decided to reduce my credit line down to $800!!! What's worse is they didn't even notify me!
When I questioned it customer service and the supervisor said that my credit wasn't good enough for the credit line I had. But I have the best credit I've had in years! They spun lines of BS and tried to tell me that the "periodic review" had nothing to do with me paying my card down and that they had no intention of fixing the issue, ever.
So what's really happening?
Bank of America is doing something known as "chasing the balance" in order to increase their profits. Now if I don't make a large enough payment I'll be over my credit line and be subject to fees.
If I make to big of a payment they'll reduce my credit line even further!
If you want to be able to use your credit card and pay off the balance eventually, stay away from Bank of America!
-Unethical Business Practices.
-Lying Customer Service Center
-Terrible Treatment of Long Term Customers
BEWARE: Stay clear of Bank of America Credit Cards!