In January of this year the credit card division of Bank of America sent a letter to some of its 40 million credit card customers telling them by fiat that they were jacking up the interest rates on their BoA credit cards to as high as 28%. There was no explanation given about why this was happening. In many cases the cardholders were responsible citizens who paid their bills on time and were not experiencing any life changing financial difficulties that would have suddenly made them a high credit risk. So what gives?
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