Sinister Bank of America Tactics?

I've got a Bank of America line that they gave me because of my great credit. I transfered a little balance I had on a car that I purchased as an investment which was almost paid off. However, the balance remaining started out at 0% interest and would 'stay' that way (according to B of A) if I maintained a timely and solid payment history. HOWEVER, their tactics in handling THEIR end of the deal have been very very suspect and deceptive, namely: 1) They package their monthly statement in an envelope that looks pretty much like junk mail, thereby increasing the chances that one will miss the urgency, later find that they missed their timely payment, thereby causing the rate to go to the "jacked up" bend over and take it INTEREST RATE; & (this one really pissed me off): 2.) They purposely HOLD the cycling of the statement until just before it is due, i.e. when you get it in the mail, you'd better turn it around ASAP, because if you wait, the rate increases. Anyone experience same?

You sound pretty angry and I can't blame you. Credit card companies are in business to make money, and ultimately how they make money is by playing off people's ignorance when it comes to credit. Have you ever read the fine print? Apparently only 10% of North Americans do. No wonder the credit industry makes trillions of dollars every year!

I worked at a credit card company in customer service. I know for a fact this is absolutely true because I would have the same conversation over and over with people. Not one of these people were dumb - hell I had doctors and lawyers asking college student stuff - they just don't know how the 'rules' go.

My recommendations, tried and true, Bank of America allows you access to all of your account info online. If paper statements are confusing, forget 鈥榚m and go online - you obviously have access. Take note of the due date on your online statements. This is the day your payment needs to be received by, not made by - that's the difference. An online payment takes 2 BUSINESS DAYS (Saturday and Sunday don't count) to be received - and let's face it, who counts their money before they have it? You can easily set up an automatic payment online to go through before your due date; just make sure you have the funds in your bank account.

My last rec for you is to call BoA, explain the situation calmly (avoid using 'you're screwing me, you're robbing me, go **** yourself') let them know you wish to continue your business with them, you usually make payments on time, it was an error (notice not your error or theirs, just AN error) and you would appreciate if they could reinstate your promotion. If you don't find resolution, you can always ask for a manager, it's BoA's policy to find first call resolution (They were the bank I worked for, and I was able to resolve most calls one shot, believe it or not) Worse case scenario, all credit card companies offer promotions, transfer your balance and close the account.

BTW, you actually should make your payments as soon as you can - when your balance is being charged daily interest, making the payment earlier in the month and not right at the due date will end up saving the average bill payer about $500 in interest a year. (Given the fact most people average 7k in revolving debt at the average rate of 14%.)

Take care!

i hate their stupid ATM fees obviously not as bad as you but they still s*ck

sorry but that is how it goes.. they have to make their money some how else with the way things are going... My boss is "waiting for his" I told him but he won't listen to it... What sounds too good to be true probably isn't true or they'll get ya later...

Most cc companies do the things you mention. Only way to beat them is to open all mail from them asap and mail in payments asap. Its not just Bank of america imo

This is not just Bank of America's tactics. This is typical of many banks looking to squeeze more from their credit card holders. Regulations are very lax regarding what they can and cannot do. The best way to avoid that trap is to pay on-line from either your bank or if your bank doesn't have an on-line payment service, use the Bk of A's online website.

I have nothing good to say about Bk of A since I just cancelled 2 credit cards of theirs plus their line of credit. They are not a people-friendly service, and yes, they use a lot of the negative tactics that are out there.

"They package their monthly statement in an envelope that looks pretty much like junk mail"

Funny, I have never had a problem with confusing my Bank of America statement (you know the envelope that says Bank of America STATEMENT ENCLOSED) with junk mail. The simple fact that the envelope says BANK OF AMERICA on it and that I have an account with them, I can going to check the contents of envelope.

I guess using a little common sense is too much to expect, much easier to point fingers at other people for our problems

Hmmmm have months changed? Mine are pretty much the same so I pay my bill monthly and nothing exciting happens. You obviously have access to the internet what's wrong with www.bankofamerica.com? Of course they jack up the rate when you are lat on a payment and to be honest you might want to find out if all your other credit card companies followed suit as they refer to this as the "default rate". Normally when one company raises your rates so do the others so you get double, triple or worse punished for being late. My statements arrive roughly 5 days after the statement is closed and never look like junk mail... it has the BOA logo on it.

No BOA isn't your friend they are in business and yes some of the things they do are shady but the responsibility falls to you to understand what is happening with the card. You have great credit and you obviously got it by doing just that I just don't think this rant is justified.

that is what ALL of them due, I pay my credit cards with
myfreecheck.com that way you know it gets paid on time.