Bank of America Credit Card Complaint

Bank of America Credit card department,

Billing statement New York

Over the past 7 months I have been monitoring the interest payments on my credit card from Bank of America ( rewards ). The interest seems rather high to me. I believe their interest calculation works in principle according to : 1 ) the interest on any statement refers to the purchase amounts carried over from the previous month. 2 ) the closing date ( -/-/- ) and the payment due date ( -/-/- ) are different, 3 ) the interest rate on amounts carried over from previous months is really high and seems arbitrary as the following data from my credit card statements shows : statement date interest charged balance amount paid ( $ carried over ) -/-/16 $14.00 $1400.00 $1400.00 ( $0.00 ) -/-/16 $16.00 $1400.00 $1400.00 ( $63.00 ) -/-/16 $14.00 $1100.00 $1000.00 ( $120.00 ) -/-/16 $15.00 $1000.00 $1000.00 ( $29.00 ) -/-/16 $6.00 $520.00 $250.00 ( $270.00 ) -/-/16 $12.00 $1200.00 $1200.00 ( -


My problem is that I called BoA for clarification - it took over 1/2 hour, multiple holds, speaking with - representatives before getting a rough answer - made by the above - points. Their description on how to avoid interest payments on regular retail purchases seems simple enough - " Pay the statement in full. '' However, debt carry-over into the next billing period seems arbitrarily exhorbitant, according to my data above, i.e. interest charged vs. ( $ carried over ). BoA does not provide clear rules in this regard. Coupled with calculation uncertainties surrounding the different closure and payment due dates, even the BoA representatives that I spoke to were confused on how interest charges are computed. One representative even commented on possible interest charged on purchases made within the closing and payment due dates - showing up on the next billing statement. As I did not receive a $ -to- $ itemized detail on how BoA obtained the precise interest figures, I conclude BoAs practice of interest computation is nothing short of obsfucation that works in their favor ; and hence predatory. Although the interest payments are not large in this case, I feel BoAs credit card practices deserve closer inspection.