Image by seiuhealthcare775nw via Flickr

The past two years have been difficult for our economy and our country. We’re working hard to fulfill our responsibility to the financial health of families, businesses, and communities. Explore this site and learn more about what we’re doing to give momentum to the nation’s recovery.

In this rapidly changing environment, Bank of America continually evaluates its credit card offers in order to best meet customer needs and to reflect the overall value of their product.

Bank of America will continue to honor its decision not to increase annual percentage rates by amendment on consumer credit card accounts prior to February 2010, when the CARD Act goes into effect.

In a letter to me, BOFA wrote: ANY AMOUNTS YOU PAY OVER THE MINIMUM PAYMENT WILL NOW BE USED TO PAY DOWN YOUR BALANCES WITH THE HIGHEST ANNUAL PERCENTAGE RATE.

Potential Buyers: Call the number on the back of your credit cards and ask for this same provision. Verify. It will make the timing perfect to pay down any of those higher APR weighted balaces.

Read more here.

Related articles:

• Capital One settles litigation over card disputes (seattletimes.nwsource.com)
• Debt Settlement “800-213-9968 Reduce Weight on Credit Card Debt Campaign” Rivals Bankruptcy With New Debt Negotiation Features and Lower Fees (prweb.com)
• Consumers Pay Down Credit Card Debt For 11th Straight Month [Personal Finance] (consumerist.com)

Filed under: Credit Cards, Current Events, Economy, VRN