A couple months ago, I transferred a balance onto my Bank of America card. There was a 90.00 transfer fee. The transfer rate was 3.99%; however, I discovered on my first statement that they are charging 25% interest on the 90.00 transfer fee.
I have transferred balanced to credit cards, including this one, numerous times before, and never has the balance transfer fee been treated as a separate transaction. I called the first time, and a woman told me that's how it works, and they will continue to charge 25% on that 90.00 until the lower interest balance is paid in full.
Then after hearing that I felt someone needed to stop these crooks, so I filed a complaint with the BBB. The very next day, a guy called me from MBNA, I guess that's who runs Bank of America now, and told me that the 90.00 fee would be paid off first, and I wouldn't be paying 25% interest on that until the balance was paid in full. I figured that even though it's a cheap and shiesty trick, and is not disclosed on any paperwork that that was ok, since they would apply my payment towards the 25% rate first.
Then I got my second statement, and not only were they still ripping me for the 90.00 fee @ 25%, but thier also ripping me on the interest that the 90.00 fee is accruing. I'm being charged 25% interest on 92.73 this month! Not only that, but I call MBNA, and speak to a girl named Brandy, and she says "Payments are applied to lower interest rate balances first" just like the first phone call. Is this company a joke or what?
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