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.
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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.