Bank of America Adds Penalty Rate
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.