Here's another reason NOT to use your (Bank of America) credit card. The other day I decided to pay off my balance of nearly $4k on my Bank of America card. I went online and looked at my balance, and then paid a bit OVER that amount to the company. I paid that amount about two weeks before the end of the billing cycle. About two weeks after paying my balance off, and seeing that there was about a $60 credit to my card (meaning that I had over-paid by $60), I receive a notice from MInt (which keeps track of my spending), saying that I had been charged a fee of about $15 from Bank of America.
I went to my account and noticed that B of A took my payment and sat on it until the end of the month, rather than immediately crediting to my account, just so that they could charge me more interest on that large bill that I had already paid.
What this means:
Let's say that you have a balance of -$45 in your Bank of America account, and you buy something that costs $45. They won't simply just apply the $45 extra that you already have credited to your account towards the purchase that you made; they will charge you the initial $45 and then add on a interest amount - regardless of the fact that you already have that amount in your account. It is as though you made no effort at all to address your credit bill until the very end end of the month. They will sit on that $45 that you have in your account, until the end of they billing cycle, and then send you a bill for the original purchase plus interest (again - as though you made no effort to pay off your bill). Paying your bill early essentially means nothing.
Another example would be to imagine that I am someone who loans people money at an interest rate of 15%. As a customer who has an account with me, you decide that you would like to use the account that you have with me to make $100 in purchases at some point in the month, so you place $100 into your account at the beginning of the month, so that you have a credit of the actual amount that you intend to spend. On day 2, you spend that $100, but you don't worry about any bills, since you are already credited with that exact amount. At the end of the month, I send you a bill for $15 interest on your purchases. What happened? What I did was to take your $100, set it aside and forget about it, as though you never paid me at all, until the very end of the month, and then I charged you interest on your purchases. When Bill Time came, I looked and saw that you sent in a payment of $100, which I applied to your balance, and then I sent you a bill for $15 in interest, since you obviously underpaid your balance. This way, I can charge you a $30 late fee if you forget pay that interest! How great!
You are essentially being charged a service fee. This illustrates that Bank of America is not so much of a "bank" as it is something more of a check cashing establishment that charges a percentage service fee on all transactions. You are better off using either your debit card or cash. At least your bank will update your account activity and your balance more than once every month. Even Sallie Mae gives you your one time payoff amount online, should you decide to pay your entire balance at once. Bank of America would rather keep this information from you, unless you are willing to spend an hour on the phone with them to request it, so that they can hit you with more interest charges. Their website had been operating in this shady way for several years. I think that it's time for me to move on to another credit card company - or stop with the credit cards altogether.