My wife and I were both scammed on this one per different credit cards from B of A. It seems that if a payment sent to them is received after the last due date, but before the so called "end of the cycle", it does not get credited toward the next month as a minimum payment due.
The lag time can be from 3 to 5 days, and it is a trap. Other banks that I have dealt with just credit the payment received at such a lag time toward the next cycle, but B of A refused to do so. When I contacted them to complain, I was told it was my fault for having sent the next payment at that time of month.
The payment was still got credited toward the total balance, but not toward the minimum payment due. This allowed them to not only charge what they call a "late fee" (actually a FINE) of $39 toward the account, but it also gives them an excuse to jack up the interest to very high, and seemingly illegals levels (23.99% to 29.99%).
This is usury, or loan sharking.
In effect my minimum payment went up thereafter to $350, and then it just went up to $610/month. Before that the interest had been 11.99% and the minimum payments were more like $150/month. This situation has gotten so bad we have now had to resort to a credit consolidation/reduction company. On our 3 B of A credit cards and 2 others our minimum payments due are now in excess of $1,500/month. Up from about $600/month/5 cards before the current increases in interest on these cards.
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