Consumer complaint received 2024-05-08 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Confusing or misleading advertising about the credit card
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: WA

Complaint narrative:
In XX/XX/XXXX I opened an XXXX  XXXX XXXX XXXX Credit Card with Bank of America and transferred a balance from a different card issuer to this card, with an advertised promotional XXXX of 0 % for 12 months. I have made limited occasional purchases using this card between XX/XX/XXXXXXXX XXXX XXXX XXXX  Every month, I have made payments on the card that exceed the value of purchases made during the statement period, and all payments have been on-time. I have continued to carry a portion of the original balance transfer balance. 

I believe BofA is engaging in deceptive practices with its interest charges. I realized recently that beginning on my XX/XX/XXXX statement, I have been charged interest every month. I called BofA on XX/XX/XXXX to request an explanation. The customer service agent explained that because I am carrying a balance from the balance transfer, any purchases are subject to immediate interest accrual, despite the fact that the balance from the balance transfer is subject to a 0 % APR. A reasonable consumer would interpret that the promotional balance is held separate and distinct from purchases, and in my experience with every other credit card I've held, purchases are usually not subject to interest if fully paid off by the statement due date. I have been very intentional about making sure that I fully pay off any purchases, plus making a dent in the promotional balance, every month - however I have still been charged interest on the purchases. This is deceptive and is not clearly advertised in the balance transfer offer ( even if buried within the several pages of fine print ). 

My balance, purchases, payments, and interest have been as follows : XXXX from XX/XX/XXXX- XX/XX/XXXX : Payments = {$200.00}, new balance {$11000.00}. Interest = {$0.00}, Purchases = {$0.00}. Total payment due, {$110.00}. 

XXXX from XX/XX/XXXX- XX/XX/XXXX : Payments = {$400.00} ( minimum due was {$110.00} ), Interest = {$14.00}, Purchases = {$1100.00}. Total payment due, {$130.00}. 

XXXX from XX/XX/XXXX - XX/XX/XXXX : Payments = {$1300.00} ( minimum due was {$130.00}, purchases from prior statement were {$1100.00} - this payment covered both the purchases + the minimum payment due ), Interest = {$21.00}, Purchases = {$1300.00}. Total payment due, {$140.00}. 

XXXX from XX/XX/XXXX- XX/XX/XXXX : Payments = {$2500.00} ( minimum due was {$140.00}, purchases from prior statement were {$1300.00} - this payment covered both the purchases + the minimum payment due, and then some ), Interest = {$3.00}, Purchases = {$230.00}. Total payment due, {$100.00}. 

XXXX from XX/XX/XXXX- XX/XX/XXXX : Payments = {$300.00} ( minimum due was {$100.00}, purchases from prior statement were {$230.00} - this payment covered the purchases and then some ), Interest = {$7.00}, Purchases = {$1400.00}. Total payment due, {$110.00}. 

XXXX from XX/XX/XXXX- XX/XX/XXXX : Payments = {$1500.00} ( minimum due was {$110.00}, purchases from prior statement were {$1400.00} - this payment covered the purchases and then some ), Interest = {$22.00}, Purchases = {$150.00}. Total payment due, {$120.00}. 

On XX/XX/XXXX, I made payment of {$500.00} ( payment due date is XXXX ), intended to cover purchases from the statement + continue paying down the carryover balance from the balance transfer. However, based on BofA 's deceptive policies, I expect that my statement on XX/XX/XXXX will include interest charges on the {$150.00} of purchases I made on the prior statement, despite being paid in full before the payment due date.

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