Bank of America Credit Card Complaint

Bank of America Credit card department,

APR or interest rate Virginia

Bank of America incorrectly applied my payment to a credit card account. There were - payments made in a billing cycle - 2015. The - payment of $300.00 was made - -, 2015 and correctly applied towards the monthly minimum payment of $81.00 and the lowest APR balance. This balance of $7200.00 was subject to 0 % APR and represented the entire amount of debt on the account at the time. The - payment was made on - -, 2015 for $1300.00. This entire amount of the - payment should have been applied towards $1500.00 of purchases posted between - - and - -, 2015. Unfortunately, Bank of America applied the payment incorrectly splitting the amount between the lower and higher interest rate. This resulted in an interest rate charge of $9.00 against a balance of $640.00 for purchases subject to the higher interest rate. If the payment was applied correctly, the balance subject to the higher rate should have been $220.00. I contacted Bank of America to resolve and they claim they applied the amount towards the lowest APR in accordance with Federal Law. This is NOT what the law prescribes. That only applies to the minimum payment amount and any amount above that must be applied towards the highest balance. I request you assistance on - matters : 1 ) assist in getting the Bank of America to correctly apply the - payment to reduce the balance subject to higher APR as this effects the next months bill and 2 ) assist in getting Band of America to refund the incorrectly charged interest.