Credit card -- Advertising and marketing, including promotional offers -- Complaint #7669054
Complaint Overview
Complaint ID: 7669054
Company: Bank Of America, National Association
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-Issue: Confusing or misleading advertising about the credit card
State: New Jersey
ZIP Code: XXXXX
Date Received: 2023-10-09T12:00:00-05:00
Date Sent to Company: 2023-10-09T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
Deceptive and Misleading promotion. Please see the attachment that highlights a 0 % APR until 2024. Due to the " transaction fee '' the absolute lowest APR you receive is 3 %, not 0 %. In addition, if you use your credit card in a normal manner, it is likely you will pay much higher than 3 % due to the confusing manner in which continued use of the card will incure regular interest rates and payments will be applied first to the balance that has 0 % interest. For example : Let 's assume I normally charge {$1000.00} on my card each month and pay it in full at the end of each month to avoid interest. Let 's assume I take this promotional offer and a " cash advance '' for {$12000.00} that I believe I will pay a 0 % XXXX until XX/XX/2024 as highlighted. If I continue to use my card as normal do ( i.e. charge and pay {$1000.00} each month for the next 12 months ), then I pay off the entire card balance in XX/XX/2024. The " 0 % APR '' that I expected ends up costing me 15.28 %. Each month that I make a {$1000.00} charge and a {$1000.00} payment, I, in effect unwittingly convert {$1000.00} of the {$12000.00} cash advance to a 21.24 % variable XXXX. Add to that the 3 % " transaction fee '' and by the end of the year I have paid 15.28 % for the " 0 % APR cash advance. ''
Frequently Asked Questions
What is Complaint #7669054 about?
Complaint #7669054 was filed against Bank Of America, National Association regarding Credit card specifically about Advertising and marketing, including promotional offers. It was received by the CFPB on 2023-10-09T12:00:00-05:00.
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) 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.