Bank of America’s New Plan – Bad for Business?

Bank of America has been sending out notices to its clients changing the terms of their credit card accounts from fixed rate accounts (usually with low interest rates) to variable rate accounts now with higher interest rates.   A cardholder has the option of rejecting the changes but if the person uses their card after June 1st, the new variable rate applies.  I am hearing complaints from many cardholders as this new change is even going out to long time cardholders who have had a fixed rate account for years.  Way to go Bank of America.  Somebody in charge didn’t think this through.  I think it’s time for cardholders to reject the change in terms and find a new credit card company.