A few weeks ago I wrote a diary about Bank of America, where I wrote about how they decided to raise my interest rate from 7.99% to 13.65% even though I never used the card and was paying off the balance. I called and rejected the changes, telling them that, effectively immediately, I would stop using their card.
So today, when I get my mail, I get another letter from them. More beneath the fold.
So I open the letter. Apparently there are now offering me a promotional rate of .99% on balance transfers and purchases until 5/2010. So now I wonder why they would want to extend me more on another account that I have with them (I have no balance on that card) when they wanted to jack the rate up on the other card? I really think that they want me to transfer a balance there so that they can jack it up to a very high double-digit rate in 5/2010.
My credit score is well into the 700s. So I was angry when they raised the rate on the other card. Yet I don't get their contradictory behavior. If they deem me a credit risk and want me to get my balance off their books, as other posters suggested in the last diary that I wrote, why do they want me to transfer a balance to them?
Anyway I wanted to drop a line and get some insight on this issue.