Another RCI Bank of America Problem

[Aquahound]

On my recent RCI BOA statement, I noticed I am now being charged a monthly "Minimum Interest Charge" of $1.50. I pay off my balance every month as not to accumulate interest. So, as a result, they are now charging a small fee for this? I intend to call them, but I was wondering if anyone else has seen this, or has an explanation.

[SherriZ366]

On my recent RCI BOA statement, I noticed I am now being charged a monthly "Minimum Interest Charge" of $1.50. I pay off my balance every month as not to accumulate interest. So, as a result, they are now charging a small fee for this? I intend to call them, but I was wondering if anyone else has seen this, or has an explanation.

Have note seen that but my closing date is around the 19th. Will check for that. I also pay off my balance monthly.

[DPurcell58]

I don't think I've used my card in about a year (since they raised the rates) and I haven't gotten any charge like that.

[aurelius180]

I didn't have a charge like that last month and my statement doesn't cut until about the 22nd. I'll check then.

 

Please let us know what they have to say. :cool:

[Dagony]

I don't have BofA/RCCL card specifically, but I would guess this is a fee going to be placed on all cards before long, if it hasn't been already. The recently passed regulations have hit the companies hard and they are looking for anyway to make up the lost revenue. I am still working to pay off balances, so I haven't noticed any extra charges on my cards.

[stompy]

normally if you do any cash advances or anything other than a standard transaction you'll get charged daily interest.

 

give 'em a call and I'm sure they'll take care of it

[Mrsg324]

It should mean that they don't have an interest charge if paid in full but if you leave a very small balance, they will charge a minimum of 1.50 on that statement. Basically if you have a balance where your interest would be .33, you will be charged 1.50 in interest.

 

I have several cards that have been that way for years.

[AlanAllyn]

no such charge yet

[Aquahound]

I'm on hold with them now.

 

I had no balance transfers or carried over balance from last month, so it can't be any of that.

 

:confused:

[Aquahound]

Well, the CS rep did not know what it was or why it was there, so she deleted it.

 

Watch your statements carefully. Under the new format of these statements, if it is on yours, it will appear in the top right corner of page 1 under "Fees Charged," and the top of page 2 under "Minimum Interest Charge."

 

It was only $1.50, but it was the principle!

[aurelius180]

Well, the CS rep did not know what it was or why it was there, so she deleted it.

 

Watch your statements carefully. Under the new format of these statements, if it is on yours, it will appear in the top right corner of page 1 under "Fees Charged," and the top of page 2 under "Minimum Interest Charge."

 

It was only $1.50, but it was the principle!

 

 

Thanks for the heads up Paul! Glad you were able to get it worked out. :)

[Aquahound]

Thanks for the heads up Paul! Glad you were able to get it worked out. :)

 

OT, but I see you are getting ready to spend some time in my town. Need any help with planning anything? :)

[aurelius180]

OT, but I see you are getting ready to spend some time in my town. Need any help with planning anything? :)

 

 

We are! The fiance and I have enjoyed our day trips to Key West via cruise and are planning a week with my family in the Old Town. Any suggestions would be great! :D

[Aquahound]

We are! The fiance and I have enjoyed our day trips to Key West via cruise and are planning a week with my family in the Old Town. Any suggestions would be great! :D

 

If you'd like, shoot me an e-mail some time. It's my screen name at aol. I'd be happy to help you with anything down here. :)

[SherriZ366]

Well, the CS rep did not know what it was or why it was there, so she deleted it.

 

Watch your statements carefully. Under the new format of these statements, if it is on yours, it will appear in the top right corner of page 1 under "Fees Charged," and the top of page 2 under "Minimum Interest Charge."

 

It was only $1.50, but it was the principle!

Thanks also for the heads-up. I will watch my statement and call B of A to have them delete any charges. Wonder how many people don't notice this charge allowing the bank to make more money.

[Puffinater]

Thanks for the info. I will be checking my statement. Like you we pay in full each month.

[Coralc]

Well, the CS rep did not know what it was or why it was there, so she deleted it.

 

Watch your statements carefully. Under the new format of these statements, if it is on yours, it will appear in the top right corner of page 1 under "Fees Charged," and the top of page 2 under "Minimum Interest Charge."

 

It was only $1.50, but it was the principle!

 

Say What? :rolleyes: I haven't seen it yet, but I will check the one that is arriving for this month. I had a $1.97 FEE on last month's statement, but a little research revealed that it was the "foreign transaction fee". And we did indeed book a future private tour for Rome that was quoted in Euros.

 

Ours is always paid off every month too. I will have to look....I wonder if they are charging from day of purchase interest now? Thanks for the heads up. :D:):D

[Ocean Boy]

Well, the CS rep did not know what it was or why it was there, so she deleted it.

 

Watch your statements carefully. Under the new format of these statements, if it is on yours, it will appear in the top right corner of page 1 under "Fees Charged," and the top of page 2 under "Minimum Interest Charge."

 

It was only $1.50, but it was the principle!

You bet it is the principle. I always pay off my card every month. If they tack on some sort of monthly fee, they will be getting the card back cut in half.

[Beach4me]

I just got my stmt. No fee/interest charged.

[Aquahound]

I just got my stmt. No fee/interest charged.

 

Good to hear. Hopefully, mine was just a glitch and they are not trying to sneak this little fee in on people.

 

You bet it is the principle. I always pay off my card every month. If they tack on some sort of monthly fee, they will be getting the card back cut in half.

 

I was ready to. With the raising of interest rates a while ago, this would have been the final straw for me.

[Annieeee]

No such fee on my statement. I too pay it off every month, so there never has been any interest charged. I do check my statement carefully every month. I think it is a good idea and everyone should do the same.

 

Annieeee

[Bakincakes]

Nothing on ours...but will have to check my office account Monday.

 

We use the card and pay it off every month just to rack up points.

 

$1.50 is $1.50...:)

[John Henry on CC]

I do not have that card, but it may be what has occurred on two of my cards recently.

 

You have to read carefully to find this out.

 

The company has started to put a finance charge on each month.

 

IF you pay your bill on time, it is immediately removed.

 

It's a scare tactic.

 

:(

[cruiseguy1016]

I just received my statement today. There was no $1.50 fee on it. I use it every month and I pay it off every month.

[aurelius180]

If you'd like, shoot me an e-mail some time. It's my screen name at aol. I'd be happy to help you with anything down here. :)

 

 

I will send you one this weekend! Thanks for the offer! :)

 

Sorry for the delay in responding...I decided to leave work. :p