Bank of America Adds Penalty Rate

April 27, 2011, Written By Lynn Oldshue

Bank of America will start charging penalty interest rates for late payments. Beginning June 25, it will charge as much as 29.99% for the penalty rate. The rate will be charged only on new purchases after a specified date. customers will receive 45 days advance notice. The bank says it will review the account to see if a penalty rate is required.

Most major credit card issuers charge a penalty rate, but Bank of America did not.


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The information contained within this article was accurate as of April 27, 2011. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.