Information

[Wendy-Gale]

 BOA is screwing me too

[Queen Mum]

 Credit card companies are usually based in Delaware where they have very lenient laws iwth this sort of thing.

And boy, they work hard to make sure they benefit.

[LuvUMore]

 You have my sympathy!
Last year we took out a consolidation loan and the FIRST cc we paid off was BOA because they kept (insert colorful metaphor of your choice HERE) us around. Jacking up our apr, saying our payment was processed late (which we called the bs flag on as we use web bill pay with our bank and we SEE when the check is processed!)
Anyway we paid them off IN FULL.
Next month I get a statement from them and I didn't open it, tossed it in the 'to file pile' BECAUSE I knew we'd paid the full amount before the next statement.
Started getting letters and phone calls- they charged us finance charges in the amount of 222.22 on our balance!!! After it was paid off. I WAS PISSED but hubby- OH BOY.
Needless to say we don't use the card EVER now, and the only reason we kept it was so we don't damage our credit score.

[AmyTeets]

I was watching the news the other day.  They had a lady on there that was WAY behind on paying her CC bills.  She called and negotiated with them!  If I pay the balance in full today, what can you do for me type of thing.  One of them was over 3000 and they settled with her for 1500 and she made them report that it was PIF to the agencies!  I have to say I HATE CCs, dh loves them, which can be hard because he just doesn't realize the SH&%T they pull!
Anyways, glad you got it straighted out!  We have a couple, all small amounts but it's still something that needs to be paid off, kwim.

[beachlover]

 just caught this thread; man, what a cluster!  I just this month paid off my BOA.  They drove me nuts beccause as I was getting closer and closer to paying it off, they were raising the interest rate.  It was like they were sucking me dry!  I avoid using cc's completely now, the only time is emergencies or when I make purchases here because paypay is f-ed up (they won't let me back into my acct because I don't have a home phone, only a cell - how bright is that?)

so glad you got everything straightened out {{{{{hugs}}}}

[lizziej]

 When I read BoA, I wasn't surprised.  I can't tell you how many times I've heard about them pulling all sorts of *&^% on people.  I steer clear of those highway robbers!!  I can't believe that they actually raise your interest rates for, in my opinion, no reason.  Sounds like someone needs to file a class action lawsuit against them and set them straight!That's why I love my AmEx card - no hassles - ever!  I do have a Mastercard, but I only use that when places don't take AmEx.

[MOM2SNOX]

GinaM ~ That cartoon said it ALL!! Thanks for sharing it!

I would advise anyone with credit cards to REALLY take a look at their statements.  Every month.  Without fail until it's paid off.  It appears (to me) that the CC companies are banking on us NOT looking at them and taking no action because we're not familiar with their "legal speak".   While mine was taken care of, I have two others that need to be scrutinized as well.  That'll be done this weekend and follow-up action taken on Monday if needed. 

Thanks to everyone for sharing their stories :) I'm in the process of writing a letter to my state legislation to see what else I, as a citizen, can do to make enough stink to get this seriously looked at by our governing bodies.

[Mommybruno]

I'm so glad I don't have a CC! I have a Visa debit card from my bank, so I have all the convenience but none of the late fees. Honestly, I can't be trusted with a CC. Got in way over my head with those in college.

Good luck getting this resolved!!

[allysonc]

 That's terrible! You go kick their butts! I hope everything works out chica.

Ally

[suslvgeo]

 Glad they straightened it out for you!!!!

[lizziej]

 My DH called me a bit ago and he casually mentioned about some guy he knows was so mad at his bank that he was just going to pull all his money out and close the account.  I asked him if it was BoA, and he said, "You know, I think it was." 

[davsar]

 Glad they worked it out for you!  But I think I would be transferring my stuff out of BOA as soon as I could because of what they just pulled.

[MOM2SNOX]

 Glad they worked it out for you!  But I think I would be transferring my stuff out of BOA as soon as I could because of what they just pulled.

    I thought about that too but instead, I closed my checking and savings account with them.  It'll take me a few more months to pay off the loan transfer but once that's done I'll leave the charge account open (but inactive) since it's a positive factor in credit scoring.  I'll remain with my faithful Navy Federal Credit Union for all credit card purchases since I've been with them almost 25 years now.  They're the ones who'll be paid off entirely within the next 15/16 months.

[PezKat]

 Well, I guess it's all in how you use them and whether or not you're willing to read fine print.  I love my Discover Card - not only do I get a percent back on every purchase, each quarter they have specials where you get 5% back on certain categories (this summer it was gas stations!).  Then if you redeem the CashBack for gift certificates you can usually get even more, like redeeming $20 credit for a $25 gift card (to something practical like Staples - printer ink! - or Ace Hardware, or to give as gifts).  We almost always pay this off every month so it really doesn't matter what the APR is.

When I do have one I need to keep a balance on - and I manage all our credit cards at work, several of which keep balances - I make sure to read how long the low/promotional interest rate is good for (many are for 6-9 months and no, they are not obligated to tell you AGAIN that the APR will change after that period, though many do on every statement), how much the transfer fee is (usually 3-5%, occasionally waived, often capped around $100 but not always), etc.  There are good deals but you have to be willing to do the research.

Most let you pay online and choose the payment posting date, so there's no confusion about when it "gets there." 

Most calculate interest on the average daily balance throughout the month (and state this on every statement).  Thus, even when you finally "pay off" the entire balance you've been carrying, of course you will still have some residual interest charged on the next invoice.  I can't imagine not checking the bill anyway just to make sure they show it's been paid off.

One other thing the OP said - that you don't read inserts/letters because you're not interested in transfers.  Yet, your first line states that you transferred this balance TO BoA in the first place... so, obviously at some point you were interested and it is reasonable to think you might be interested in doing another in the future.

I'm sorry for the frustrations everyone has had, but it seems many could be avoided by understanding how the cards work and how fees are charged.  I agree that many practices are frustrating and outrageous, but, both personally & at work, I have never had a company do anything like that without informing us first.

- potentially helpful disclaimer: I work in accounting and am a detail freak.

[PezKat]

 LOL - Ironically, that post put my point total at 666!!!!  So I need another one quick...   (whew!)