Credit card or prepaid card -- Fees or interest -- Complaint #7242895
Complaint Overview
Complaint ID: 7242895
Company: Bank Of America, National Association
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: Oregon
ZIP Code: 97333
Date Received: 2023-07-12T12:00:00-05:00
Date Sent to Company: 2023-07-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I have an XXXX XXXX XXXX XXXX with Bank of America. I have a balance transfer balance and I use the card for monthly purchases. The balance transfer balance has a 0 % interest rate for the duration of the promotion which is XXXX, 2024. I pay the monthly minimum for the balance transfer promotion and I pay in full my monthly purchases by the due date shown on the statement. I called BofA and the rep stated I am charged interest on the monthly purchases despite paying the balance in full because I made the payment after the statement closed. I said " of course I paid after the statement closed and before the due date. This is how I know how much to pay! '' The rep said I need to look online a day before the statement closes, see how much in purchases I made, and make that payment a day before the statement closes. I asked " what if there are pending charges, etc ''. The rep replied " pending charges won't show on the closing statement. This is bizarre, should be illegal, and is simply a way for Bank of America to collect interest charges. NO ONE pays their credit card prior to the statement closing date to avoid interest charges. This practice needs to stop.
Frequently Asked Questions
What is Complaint #7242895 about?
Complaint #7242895 was filed against Bank Of America, National Association regarding Credit card or prepaid card specifically about Fees or interest. It was received by the CFPB on 2023-07-12T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card or prepaid card) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.