New credit card rule changes when disputing charges. Check your cards....

[JimVrhovac]

In todays mail I received the following from BANK OF AMERICA concerning changes in credit card rules:

 

"SPECIAL RULES FOR CREDIT CARD PURCHASES: If you have a problem with the quality of the property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to payy the remaining amount due on the property or service. There are two limitations on this right:

 

(1) You must have made the purchase in your home state or, if not within your home state, within 100 miles of your current mailing address; and (2) The purchase price must have been more than $50.00.

 

These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.

 

Unless otherwise noted, we are making the Ammendments in this notice primary becauses of a change in our business practices."

 

We may not be the smartest people in the world but as we read this if you use your Bank of America card in a foreign country you have no rights to dispute the charges!!!!!

 

What is your opinion..

 

Ruth & Jim

[JDinWA]

We may not be the smartest people in the world but as we read this if you use your Bank of America card in a foreign country you have no rights to dispute the charges!!!!!

 

That's insane! Not only does that remove the standard protection for using a credit card in a foreign country, it drops it from many (most?) online purchases as well. Or even on vacation or business trip in another state. I'd get another company's card and cancel BofA's, if I had one.

[lardor]

In todays mail I received the following from BANK OF AMERICA concerning changes in credit card rules:

 

"SPECIAL RULES FOR CREDIT CARD PURCHASES: If you have a problem with the quality of the property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to payy the remaining amount due on the property or service. There are two limitations on this right:

 

(1) You must have made the purchase in your home state or, if not within your home state, within 100 miles of your current mailing address; and (2) The purchase price must have been more than $50.00.

 

These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.

 

Unless otherwise noted, we are making the Ammendments in this notice primary becauses of a change in our business practices."

 

We may not be the smartest people in the world but as we read this if you use your Bank of America card in a foreign country you have no rights to dispute the charges!!!!!

 

What is your opinion..

 

Ruth & Jim

 

And the best part about a B of A credit card, (and why I canceled my card) is at least a 20 minute wait on the phone when you try to contact them....

[Taxguy77]

That would have cost me over $3,000.00 on one purchase overseas a few years ago!:eek:

Glad I don't have a BofA card!

Credit cards are changing fast, the White House was getting into it today! Have to stay on top of this or just use cash.:confused:

[pms4104]

That would have cost me over $3,000.00 on one purchase overseas a few years ago!:eek:

Glad I don't have a BofA card!

Credit cards are changing fast, the White House was getting into it today! Have to stay on top of this or just use cash.:confused:

It isn't just BofA ... my Chase cards have the same wording. You still have the right to dispute charges and go thru an investigative process to clear up errors. Chances are, if you read the terms of your account as printed on the back of your bill, you will find the same wordiing under the "Billing Rights Summary."

[rubytue]

BoA has also been cutting people's credit lines. Ours was just cut in half (we never came close to using our limit), but I was reading online and apparently they have done it to a ton of other people.

[pms4104]

BoA has also been cutting people's credit lines. Ours was just cut in half (we never came close to using our limit), but I was reading online and apparently they have done it to a ton of other people.

More and more, banks are cutting credit limits when they review debt to credit ratios. Even tho customers may not get close to their limit, if they routinely charge or carry a balance of approx 30% of the credit limit, that triggers an account assessment. For instance: a credit limit of $10,000 with a balance or recurring charges in excess of $3500 may cause the bank to reel in the limit.