I have a dispute with Bank of America on how to calculate the variable interest rate for XXXX XXXX XXXX ( XXXX ) charged to a Credit Card Account ending in # XXXX. 
We both agree the contractual rate for any XXXX on the Account is calculated using the " index '', the U.S. Prime rate as published in the XXXX XXXX XXXX with a margin of XXXX. 
We disagree on whether interest rate charged to the Account increases or decreases as the XXXX XXXX XXXX fluctuates. Bof A contends the rate is fixed at the time of the transaction - the XXXX XXXX XXXX. I contend, per the contract at page XXXX of XXXX, " How to Calculate Variable Rates '', quoting the contract verbatim - emphasis added in brackets : " An increase or decrease in the index will cause a corresponding increase or decrease [ note the disjunctive ] in your variable rates [ plural ] on the first day of your billing cycle .... " The Credit Card Agreement goes on to explain, again, quoting the contract verbatim : " An increase in the index means you will pay [ mandatory ] higher interest charges and will have a higher Total Minimum Payment Due. '' Simply put, the interest charges may go higher. BofA asserts the interest charged can only go higher but NEVER lower. The U.S. Prime has indisputably gone down, but Bank of America will not re-calculate interest rate charges to reflect " the decrease in your [ consumer 's ] variable rate ''. 
I believe our dispute centers on how to read a credit card agreement written by the Bank. 
I believe the contract must read as a whole construed according to applicable law. If the APR for a XXXX can go up, it certainly can go down. This means the consumer should be paying LOWER interest charges when the XXXX Prime Rate goes DOWN per the express terms of the Credit Card Agreement. 
Even if Bank of America is correct and the APR for the XXXX will remain permanently at XXXX - the rate is unconscionable - it amounts to a penalty rate not reflecting market conditions when the XXXX Prime goes down, but only accepting the variable rate when the U.S. Prime Rate goes up - penalizing the diligent consumer who has not defaulted. 
I seek a recalculation of the APR for any XXXX when the published U.S. Prime Rate went down and the balance on the Account corrected. 
Respectfully Submitted. 
