A California woman has refused to pay her bill for a credit card that she has with Bank of America.
According to the Huffington Post, Ann Minch “has carried a balance of several thousand dollars on her Bank of America credit card, making minimum monthly payments of about $130, sometimes paying an extra $50 or $100. She says she’s never missed a payment.”
For all her good behavior and customer loyalty, the bank repeatedly raised her interest rate this year, reaching 30 percent in July.
She decided to post a four-minute video on YouTube to explain her actions and demand the bank negotiate and reduce her rate.
According to creditcards.com, as of June 30, 2009, Bank of America was the number-two general-purpose card issuer ranked by outstanding debt ($150.82 billion). In 2008, BofA was number three for cards in circulation (80.2 million) and had the second-largest share of the market’s total outstanding debt (19.25 percent). It was also number two in profitability in 2008 ($520 million). Interestingly, in J.D. Power and Associates’ 2009 Credit Card Satisfaction rankings, Bank of America was 10th, with a score of 687 out of 1,000.