Consumer complaint received 2022-08-09
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: RI
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Didn't receive advertised or promotional terms

Complaint:
At the end of XX/XX/XXXX I received a promotional offer to make a balance transfer for a 0 % promotional APR until XXXX of XXXX. The terms on the promotion stated that I needed to complete the transfer by XX/XX/XXXX in order to take advantage of the promotion ; this promotion also included a fee which I was aware of at the moment of the Balance Transfer. 
I completed the balance transfer on XX/XX/XXXX in the amount of XXXX with its respective fee of XXXX the total balance that should be in the promotional rate as I understood it was : XXXX + XXXX = XXXX. According to the FAQ interest should not be charged as long as I payed the entire purchase balance in full. Additionally it explains how the payments are allocated, stating that the minimum payment amount will be applied to the lowest rate balance. If payments are made for more than the minimum, the additional amount will be applied to your higher rate balances. 
I received my first statement after the balance transfer on XX/XX/XXXX and called Customer Service as it did not reflect the correct amount that should be under a 0 % promotional Balance Transfer, instead of showing XXXX it showed only XXXX which seems to be a random amount. When I spoke to a representative she was unable to explain why this random amount was showing on my statement and, in addition, I took the opportunity to confirm that the allocations of my payments would be as follows : 1 ) minimum payment amount would be applied to the lowest interest balance ( Balance Transfer Balance ), 2 ) amount in addition to the minimum payment would be applied towards the purchases balance ( highest interest rate ) and if I covered the entirety of my purchases balance for the time period, the remaining amount, if any would be applied back to the Balance Transfer Balance ( lowest interest rate ). 
This has not been the case, and I have spoken with Bank of America XXXXtwo more times right after my statement was generated in XX/XX/XXXX and now in XX/XX/XXXX as I was charged interest that should not be there. Both times, the representatives have agreed with me that no interest should be charged on the card. They have not been able to escalate or resolve this problem, this is why I am entering this complaint. 
With this said, my payments are always enough to cover the minimum payment plus the entire amount of purchases made during the cycle period and then about XXXX more ( XXXX in XXXX ). 
If this is the way the interest is calculated during promotional offers, this means, in my particular case as a customer who pays the full balance every month, that I will start paying interest on balances that, had I not taken the promotional offer, would have been interest free. This seems to be a deceptive practice to make money out of a customer who pays his cycle 's purchase balances in full in addition to already charging a fee for a BT.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief