Credit card -- Fees or interest -- Complaint #8052320
Complaint Overview
Complaint ID: 8052320
Company: Bank Of America, National Association
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: Oregon
ZIP Code: 97229
Date Received: 2023-12-23T12:00:00-05:00
Date Sent to Company: 2023-12-23T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have an Unlimited Cash Rewards World XXXX XXXX ending in XXXX with Bank of America. I have been using an offer of 0 % interest on Direct Deposit and Check Cash Advances for that card and carrying a balance with 0 % interest from that offer. I made a purchase of {$2500.00} on XX/XX/XXXX and made a payment of {$2500.00} to cover the purchase to avoid accruing purchase interest. However my statement for XXXX ( date : XX/XX/XXXX ) showed an interest charge of {$21.00} and balance amount subject to interest was {$1100.00}. While unhappy about this I made another payment of {$1200.00} on XX/XX/XXXX to cover the amount carrying purchase APR. To my surprise, XXXX statement on XX/XX/XXXX wrote I am having an new purchase interest charge of {$27.00} with purchase balance subject to interest being {$1500.00}. I made no new purchase between XX/XX/XXXX to XX/XX/XXXX at all. While I made my best effort to cover my purchase to avoid purchase XXXX charge over two months following statement, and made no new purchase, I still could not cover the previous stated purchase balance. I contacted customer service however the customer service could not explain why this happened and blamed on me not understanding interest accrual. I could not find anywhere in BofA terms about how this could be explained. This misbehavior of BofA calls for tighter regulation on interest charge and credit card promotion advertising. BofA needs to correct this issue right now and reimburse the wrongly charged interest. BofA needs to clearly publish in the statement how to cover the amount subject to APR but not hiding details in the fine prints.
Frequently Asked Questions
What is Complaint #8052320 about?
Complaint #8052320 was filed against Bank Of America, National Association regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2023-12-23T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". 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.