"Bank of America posts profit, surprises investors" (and raised the interest rate on my Visa by 5%)

[Amerigo Vespucci]

Got a little love letter from BofA the other day, saying that they're raising the interest rate on my Visa business card by 5%.

Glad to see that they posted a profit and surprised investors. They surprised me too.

http://enews.earthlink.net/article/top?guid=20090420/49ebf340_3ca6_1552620090420-347166458

[hobbit709]

1. See, government bailout money works.

[shadowknows69]

2. And they've spent a ton of cash on marketing lately

I can't watch TV for 10 minutes and not see an ad for BOA recently.

[L0oniX]

3. I cut up my Skank of America card years ago.

[pnutbutr]

4. the profits are misleading

It's bailout money they are sitting on. By raising rates on credit and canceling people it enables them to keep everything moving very slowly. They are also reducing rates for money markets and CD's to hold onto more of the money. The bailout was supposed to prevent them from having to do those things. Guess they figured posting profit numbers was better than actually fixing the economy.

[strategery blunder]

5. They raised my CC by 10%.

I can one-up you.

I won't be carrying THAT balance for more than a month as I'll be damned if I pay that kind of exorbitant interest rate on a retroactive balance. :)