YouTube credit card rant gets results

Ann Minch said Bank of America 'jacked up' the interest rate on her credit card to 30%. After her video went viral, the bank slashed her rate back down to 12.99%.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Julianne Pepitone, CNNMoney.com staff reporter

Watch “Debtors Revolt!”
This YouTube video got Bank of America to back down and slash one customer‘s credit card interest rate.
When will you be debt free?
Enter credit card information
  CC name Balance
($)
Rate
(%)
Minimum
payment($)
1
2
3
Choose a plan
Minimum payments only
Fixed payments
$ monthly
Debt-free deadline
I want to pay off my credit cards in:
years and months
When will you know that an economic recovery is underway?
  • When the Dow tops 10,000
  • When GDP turns positive
  • When job growth resumes
  • It's already started

NEW YORK (CNNMoney.com) -- "You are evil, thieving bastards."

That's just one of the scathing comments from Ann Minch, a disgruntled Bank of America (BAC, Fortune 500) customer who says in a YouTube video that the bank "jacked up my interest rate to a whopping 30% APR."

Her rant went viral, and Minch says the bank scaled her rate back to its original 12.99%. Citing customer privacy, a Bank of America spokeswoman said she could not comment on individual accounts but confirmed "we did ... reach a mutually agreeable resolution based on additional information that we reviewed."

The video, titled "Debtor's Revolt Begins Now!," has been streamed about 350,000 times and earned a five-star user rating since it was posted on Sept. 8.

In the video, Minch claims she wasn't over her credit limit and hasn't been late with payments, despite the fact that she doesn't have a full-time job.

She says she tried to negotiate with Bank of America, where she has been a customer for 14 years, "but they weren't willing to negotiate anything."

"I could get a better rate from a loan shark," she adds.

Betty Riess, the Bank of America spokeswoman, said customers receive advance notice of rate hikes and can choose to pay off their balance at the current rate to close out the account.

True to her YouTube handle, Rockerchic4God, Minch sports fiery red hair and kohl-rimmed eyes that glare into the camera for the duration of the 4-1/2 minute video.

"You have reaped ungodly profits in your behemoth casino scams, then lost, only to turn around and usurp the wealth of this great nation by the outright rape and pillage of middle-class Americans whose sweat and toil built it," she says.

Calling the bailout "the biggest rip off in the history of the world," Minch lays out her terms: If Bank of America refuses to reinstate her previous, lower interest rate and monthly payments, she won't pay "one more red cent on your 30%."

Minch tells her viewers that she is "willing to sacrifice [my credit score] in order to take a stand for what's right," and she calls on them to join her in an "American debtors' revolution."

"Stick that in your bailout pipe and smoke it," she says, smirking.

A response

Minch attracted a lot of media attention, and word of her crusade apparently got through to one of Bank of America's top brass. In a follow-up video posted Sept. 19 Minch says Jeff Crawford, the bank's senior vice president of existing customer credit services, called her to discuss her concerns.

He told her that she had two late payments, which was why her rate was hiked, and he tried to convince her to agree on a 16.99% interest rate.

Minch replied that Bank of America is receiving "money from the Fed at 0% interest ... 12.99% is a more-than-generous profit margin." Crawford agreed to that original rate, although Minch says her most recent online statement shows a 23.99% APR.

Still, the credit-card crusader is significantly more subdued in her follow-up video, in which she updated viewers about her predicament and noted that Crawford "was very polite."

But Rockerchic4God isn't completely mollified. She's launching a Web site at DebtorsRevoltNow.com, and says her next project is "a tax revolt."

"That won't involve anybody having to go to jail for not paying their taxes," she says. "There's a way around that, so stay tuned."

Minch's original video has spawned more than 5,000 comments -- some praising her, others condemning her "revolt." One detractor, billb0313, writes: "Banks need a bailout b/c people like Ann defaulted on their unsecured loans left and right."

Other posters are in Minch's corner. "You're not alone," writes tommosm. "[My] Chase is at 33% ... I'm paying more in finance charges than the minimum payment."

What do you think? Tell us by posting your own comment below. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Want to buy -- and live in -- a piece of history? It's not that far out of reach. These historic homes are not only for sale, they are incredible bargains. More
5 ways retailers are tracking you If you think pesky salespeople are invading your personal space, check out these 5 technologies that are tracking your movements throughout a store. More
Moto X vs. Droid Turbo: Which Droid should you buy? Motorola has made the two best Android smartphones this year. Here's how they stack up. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.