If you have a credit card by some of the major US issuers, you could be eligible to participate in a lawsuit regarding wrongfully charged interest. Consumers allege that they were charged interest on balances and cash advances months after balances were paid in full.
If this proves to be the case, these companies may be in violation of state consumer protection laws as well the credit card companies’ own contracts. Most credit card companies state that if a customer pays off a balance at least 21 days from the end of the billing period, interest charges are waived. On top of that, credit card companies must provide you with your statement no more than 21 days prior to the due date so you have a written record of all transactions.
Credit card companies that are currently under investigation for these alleged practices include:
- Ally Bank
- Bank of America
- Capital One
- TD Bank
If you have a credit card by one of these banks, and believe you were charged interest on a balance you had paid in full before the due date, you may be entitled to potential compensation. The lawsuit is in its early stages, so there’s no settlement yet. But it’s something to keep in mind and you can find out more information here.