How to Fight Unfair Bank of America Interest Rates

If you believe that Bank of America has raised an interest rate on a credit card, loan, or mortgage that you have with the company, you may be able to protest it and convince them to reduce the rate. Interest rate adjustments on credit cards or loans made by massive corporations like Bank of America are rarely performed by actual human beings. The company has established systems for altering interest rates offered based on shifting market conditions, changes in the credit score of the customer, or shifts in the financial needs of the bank.

Instructions

1

Determine a negotiation strategy for reducing your interest rate with Bank of America. If the bank informed you of why it increased your interest rate, use that knowledge to your advantage. If your rate was raised due to a late payment, you may be able to get the rate restored if you catch up on your account and promise to make future payments on time or schedule automatic payments from your existing bank account. If the rate was adjusted due to market conditions or other reasons, you may be able to use your status as a customer in good standing to have your rate adjusted back down.

2

Contact Bank of America's customer service department either on the phone or using their secure online chat through their online banking service. You can call the bank at (800) 432-1000. Ask why the bank increased the interest rate on your loan or credit card. Request that they lower the interest rate. In most cases, the initial representative will transfer you to a supervisor or will confer with a superior to determine their authority to alter your interest rate.

3

Threaten to move your account to another lender if the interest rate is not reduced to its original rate. You can refinance mortgages and personal loans with other lenders. You can apply for a balance transfer credit card and use it to transfer the balance off of your Bank of America card and close the account.

4

Request that Bank of America send you an agreement to adjust your interest rate in the mail before agreeing to any conditions over the phone or during an online chat. This will encourage them to stick to their end of the bargain, as it will be easier to prove that they violated their contract if they fail to change your interest rate.

5

Refinance your loan or balance transfer your credit card if Bank of America fails to lower your interest rate. Lenders are highly competitive with one another. Each major lender spends substantial amounts of money on customer service and advertising to attract new customers. As long as your credit rating is intact, you'll likely be able to move the balance of your loan to another business and save money in the process.