Credit Card

Editors at the Huffington Post recently called attention to a YouTube video posted by California credit card holder Ann Minch. In the video, the long-time Bank of America customer explains her frustration with recent interest rate hikes and threatens to withhold future payments on her account. Like other major credit card issuers, Bank of America recently adjusted finance charges and credit limits on accounts in response to tighter capital requirements and to provisions of upcoming credit card regulations.

Most news reports acknowledged that Minch's refusal to pay her credit card would likely result in significant damage to her credit report. However, the news attracted the attention of Bank of America executive Jeff Crawford. In a follow-up video, Minch reports that Crawford contacted her personally to learn about the reasons why she first posted news about her "debtors' revolt."

The pair negotiated a truce, including a reduction in Minch's interest rate to the 12.99% APR she had previously enjoyed. While credit card industry analysts caution consumers against viewing this episode as anything more than an isolated case study, most credit card issuers have shown willingness to renegotiate terms with long-time customers.