Our cash back rewards Visa card issued by Bank of America legally cheats with respect to the interest they charge you on outstanding balance. If your interest charges are less than $1.50 per month, BankAmericard will charge at least $1.50 anyway as you can see in the screen shot of our monthly statement below.
Let me explain so you will choose a credit card company other than Bank of America who has been in the news for screwing over home mortgage customers.
We had an outstanding balance of $750 which carried into our March 11-April 10 billing cycle. We made the payment in full, as you can see on the billing statement below, on March 13th which means we would be billed for ONLY two days at an APR of 16.99%.
Doing the interest calculation on $750 come outs to 71 cents which is less than half of a $1.50. Enter the unfair, not fully disclosed rule of Bank of America, that card holders will always pay at least a $1.50 fee on any outstanding balances no matter how small!
To be sure this is making sense to you, say you just have a twenty dollar balance with them which would come out to a few cents per month interest, you would still owe the blood suckers $1.50!
We found a Master Card that does not practice this unfair billing scheme and will never use a Bank of America product again. Read about how they will not report your credit limit the their mutual financial predator named Experian. Do not give them your business. That is the only way to bring them to their knees and provide a more equitable card and billing policy.