In 2008 I took out a $100 cash advance on my Visa credit card from Bank of America. I assumed it was long paid off. I noticed recently a $6 interest fee on top of regular interest fee for "cash advance". I emailed and they sent a serious of fill in the blank responses that never addressed this issue nor did they ever tell me that you must pay off the entire balance on your credit card (my limit is only $800) or the cash advance continues to be charged. Since 2008 I have paid $216 in interest on the $100 cash advance and they told me in an email my balance on the cash advance is $182 after nearly three years of way over the minium payment.
What they did was raise my interest rate from 18% to 29% which is the cash advance rate. They said I could "request" payments above the minimum be applied to "hgher rate" but since they raised my interest to match the cash advance they still claim I owe $182.
This is outright fraud, and because the federal government stepped in to stop this practice, Bank of America raised most interest rates to match cash advance rate to get around the law.
Please boycott this fraudulent corporation. Voting with your feet (and cash) is the only way to combat this short of a class action suit.
Product or Service Mentioned: Bank Of America Credit Card.