Looks like Bank of America is jumping on the rate-increasing bandwagon…
“Starting with June account statements, any credit-card customer who carries a balance and has an interest rate below 10% will see his or her rate jump into double-digit territory.”
According to notices that cardholders have been receiving, it looks like the sub-10% rates will be jumping to just shy of 14% (possibly higher, I can only go on what’s been reported thus far).
Presumably you’ll be able to opt out of these changes, but that will likely involve agreeing to close your account. Rock, meet hard place.