Bank of America Credit Card Complaint

Bank of America Credit card department,

APR or interest rate Maryland

I recently noticed on my Bank of America credit card statement that interest was charged that was different from that which had been advertised, and the APR was shown incorrectly. I had responded to a balance transfer offer that specified an interest rate of " - plus 0 % Promotional Rate for the life of your balance transfer ''. The most recent statement shows that Promotional Rate, with Promotional Rate End Date as " No End Date '', but lists Balance Subject to Interest Rate as " $0.00 ''. Instead, there is another line for Fees showing a " - Interest Charge ''. Bank of America regularly sends " Notice of Change In Terms '' to me. One of them stated : " If the total of the Periodic Rate Finance Charges for all balance categories is less than $1.00, then a minimum Finance Charge of $1.00 will be assessed on the account


Thus this fee is described as a finance or interest charge and should be included in the calculation of APR to be disclosed on the statement ; such a higher APR is not in accord with the advertised promotion. Another " Notice of Change In Terms '' stated that " ... the amended agreement ... will apply to the total outstanding balance, including the balance existing before the amendment became effective ''. It is not clear that such an amendment can modify a specific advertised promotion with an advertised ending date, as that would constitute deliberate false advertising. Please look into this.