07 April 2009

BoA's 9.9% Fixed Interest Rate: Dust in the Wind

Dust in the wind.
All we are is dust in the wind.

Don't hang on, nothing lasts forever but the earth and sky.
It slips away and all your money won't another minute buy.

"Dust in the Wind" is a fine tune by Kansas centered on the biblical notion that we come from dust and we all will return to dust. You may see & listen to the YouTube video here.

The Bank of America (BoA) is the bank behind my American Automobile Association (AAA) Financial Services credit card. BoA informed me yesterday by mail they were revoking my 9.9% fixed interest credit card rate to replace it with a 15.9% variable interest credit card rate.  Their letter stated I could choose to "opt out" of their revoking their fixed rate.


I've just finished reading a delightful little 67 page book called On Bullshit. The author Harry G. Frankfurt gives a focused and tightly reasoned elucidation of what "bullshit" is and means. I highly recommend it. The notion I could "opt out" of BoA's revocation of their 9.9% fixed interest credit card rate to me seemed to me to be bullshit.

I called BoA to voice my concern. And to politely inform the BoA customer service representative (csr) I'd revoke my loyalty to my prudent, responsible, timely, and careful, use of their extension of credit to me and take out a credit card with a higher variable interest rate with a local private bank that hadn't received "support," leaving unspoken my insinuation the BoA was receiving support from the U. S. taxpayer for their imprudent, irresponsible, untimely, and reckless extension of credit to their imprudent corporate customers.

I then gave a brief account of my recent story; being unemployed for the last 16 months, living hand to mouth from income from folks who've been willing to pay me for my service and labor, labor far different from what I'd been educated and trained for, paying my private bills on time, only recently including my use of their fixed 9.9% credit card interest rate, using my private resources to pay my private creditors, all without feeding from a public trough.

The BoA csr ignored my passive aggressive insinuation.  The csr assured me it was not a personal decision, i.e. it was not a decision targeting me. Hmmmm. (As if I'd thought they'd target me, as if I'd thought I'd find comfort in the fact their rate increase was going to millions of others just like me. No, some marketing whiz-kid  "quant," who's never served as a csr in their financial career, made this up months ago. The csr told me "this was all new to them too." What?  This is all new to them? 

I was then truly surprised. The BoA csr actually responded as a person to what she heard me saying. This is good business. And, she said, she'd found a "window" that would permit the bank to reduce their announced credit card variable interest rate increase to 12.9%.

I thanked her. We politely and cordially ended our conversation.

I might still go to Home Federal Bank.

1 comment:

  1. Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!