Like many small businesses, we’ve been using credit cards when necessary to fund operations. It’s no surprise that BoA just sent us a change to our perpetually self modifying cardholder agreement stating our APR on purchases is rising 4%. Not as bad as I’ve seen happen to others, but ridiculous nonetheless.
Ultimately as these punitive rate increases on cardholders in good standing kill small businesses, delinquency rates are only going to increase as newly unemployed workers default on credit cards. Bank of America is quite stupid.
It’s worthwhile to note that BoA has been a substantial recipient of taxpayer largesse. I appreciate greatly that I am being fucked on both ends of the deal. Thank you Mr Black.