According to a BusinessWeek article released today, Bank of America has dramatically raised interest rates on a number of cardholders. In the article, a number of consumers with solid credit histories and a record of consistent payments reported that their interest rates have nearly doubled, with many cardholders being slapped with rates as high as 28%.

Consumers hit with an interest rate hike by Bank of America were offered the opportunity to lock in their current rates if they opted to no longer use their cards. However, finding out if you’re rate will be increased and preventing this from occurring has not been made particularly easy, as Bank of America sent notices without reply envelopes and offer no way to lock in current rates via phone or online.

If you hold a Bank of America credit card with a balance, be sure to call and make sure your interest rate has not been increased. Since Bank of America sent notices through the mail, there’s always a chance you may have tossed the envelope in the garbage with the rest of you junk mail. Better to be safe than sorry in this situation, especially given the massive interest expense a 28% APR would create.

Another way to avoid this issue is to transfer your Bank of America balances to a credit card issued by another company. There are a wide range of credit cards offering 0% interest rates for 1 year on purchases and balance transfers. You can compare balance transfer credit cards in the main section of SmartBalanceTransfers.com.

Also, please feel free to email us or post about your own experiences with Bank of America. Any information you provide can help other readers keep money in their pockets (and out of the banks coffers.)