Bank of America Credit Card Complaint

Bank of America Credit card department,

APR or interest rate South Carolina

Bank of America has a practice with their credit cards and balance transfers that is highly deceptive and borders on fraud. I transferred a balance from a non-BOA card to a BOA MasterCard. The balance transfer offer from BOA was for 0 % interest through -, 2017, with an up-front 4 % balance transfer fee. However, I just learned that their policy is to apply your entire minimum monthly payments, 100 % of those payments, to the balance with the lowest APR, which will naturally be the transfer balance. This effectively eliminates any value from the transfer, while they charge 4 % for the privilege. A consumer 's entire monthly minimum payments go first to pay down a 0 % balance transfer balance offer that he just executed. There really is no guaranteed 1-year, 0 % interest transfer period, as they represent in their promotions.


balances continue to earn 13+ % for BOA. In effect, all of you monthly payment goes to pay down the 0 % balance transfer balance while your balances subject to interest are not paid down at all! So there 's really no value to the balance transfer and BOA charges a 4 % fee for this privilege! In reality, the consumer is probably losing money on the balance transfer - from the initial 4 % fee, from the deceptive 1-year " value '' of the 0 % offer, and from the fact that if the consumer transfers a balance, that 0 % balance is paid off first with all of their monthly payment, while other interest carrying balances get no allocation and earn BOA even more money! I know that I can walk with my money, but this borders on outright fraud. At a minimum it is a highly deceptive consumer business practice. Most consumers would not even check their statement, assuming that the balance they just transferred would remain at 0 % until the one year offer period expired. That 's where the deception and fraud in advertising arises. They also rightly assume that their monthly payments would be going to pay down balances subject to regular interest rates, at least in some proportion. But that 's definitely not the case. It 's like making you pay for an ice cream, which looks really good and worth the small charge. Then they just eat it all themselves in a few big bites! Thank you for your attention to this matter. The consumer really needs protection from this fraud.