Complaint #1796685 submitted on 02/20/2016 relating to Bank of America. Complaint relates to Credit card - Payoff process .
Complaint was submitted via Web and sent to the company on Saturday 20th February 2016.
Around 18 months ago, I took out a " direct deposit '' from my Bank of America credit card that carried a XXXX % deposit fee and 0 % APR for 18 months. The promotional period ended XXXX/XXXX/2016. I made minimum payments for 18 months and after receiving my XXXX/XXXX/2016 bill, I scheduled a payment in full for XXXX/XXXX/2016, which was within the payment period of due date XXXX/XXXX/2016. Prior to XXXX/XXXX/2016, I contacted Bank of America to inquire when my promotional interest rate was ending. I was not told by the XXXX that I would have to pay my balance in full by XXXX/XXXX/2016 to avoid any interest charges. On XXXX/XXXX/2016, I received my Bank of America statement reflecting a {$100.00} interest charge. When I called Bank of America to contest the fee, I was told that I should have known that I needed to pay in full by XXXX/XXXX/2016 because that is the date the promotional APR ends. I believe that this is a deceptive tactic, because at no point did Bank of America make it clear that I would have to make a full payment on or before XXXX/XXXX/2016 to avoid interest charges. Whenever I use a credit card, I avoid interest as long as I pay the balance in full before the due date. It made sense for no interest to accrue between by statement date of XXXX/XXXX/2016 and my next statement of XXXX/XXXX/2016 as long as I paid the balance in full. This deceptive practice has resulted in a steep interest charge that is unfair and predatory. I do not think I should have to pay this charge.
| Company | Bank of America |
| Complaint ID | 1796685 |
| Date Received | 02/20/2016 |
| Product | Credit card |
| Issue | Payoff process |
| State/ZIP Code | MA 021XX |
| Consumer Consent | Consent provided |
| Company Public Response | Company has responded to the consumer and the CFPB and chooses not to provide a public response |
| Company Response To Customer | Closed with monetary relief |
| Submitted | Web 02/20/2016 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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