Robert
Irvine,#2Consumer Comment
Fri, June 12, 2009
That US Bank said they would waive the fees since your title starts off by saying Bank of America. If you had this same lack of detail in listening to your balance, I would bet that you just didn't "hear" the $0.85, and I am pretty sure that you misunderstood what the rep said on how they calculate interest. Not knowing what the Carry-Over was from the previous month(if there was one) or when the exact charges were made. If you carry-over a balance(even $0.85) they calculate the interest on the Average Daily Balance from the previous month. So depending on what this was, and the interest rate it is possible that that comes out to about $3.70(which by the way they were willing to waive). As to interest rates. Most are calcuated with a Daily Interest Rate, this is the APR divided by 365. So if you had a 29.99% interest rate that is 0.0821% daily. Also, in most cases the Minimum Finance charge comes into play on a month that Finance charges would be assessed but less than the actual Finance Charge. For example if the Finance charge ends up being $0.75 but the Min FC was $1 they would be charged $1. But had they had a $0 balance the previous month and paid it off there would have been no FC charged.
I Am The Law
Cincinnati,#3Consumer Suggestion
Fri, June 12, 2009
Terri, most credit cards carry some sort of finance charge even if you pay off the balance in full. It usually ranges from .50 to $2. This is how credit card companies make money off of people who actually pay their bill in full every cycle. Review your terms and conditions booklet and see if this is the case.