If you read the news of Bank of America taking over Kern Schools' credit card accounts, it is bad news for those cards holders.  This is a company that will tell you that everything stays the same, then turns around and starts sending you letters about changes in your accounts.  Letters like: they are increasing your interest rates, lowering your credit limits (usually lower than what you owe), or closing your account due to "credit risk".  Why then does B of A need these accounts?  Didn't they get enough TARP money from the goverment? They certainly get plenty of money from the credit card accounts they took over, including mine.  I, for one, did not ask for their card, nor for their credit terms.  When I pay off their cards, I am definitely going to tell them where they can take their credit.