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Released: June 17, 2011
Bank of America credit cards getting higher penalty rate
Source: Associated Press (USA Today)
Missing a credit card payment may soon be a lot more expensive. Customers at Bank of America should take note that starting next week, they could be subject to penalty rates as high as 29.99% if they're late with a payment. Bank of America began notifying cardholders of the change in April. The company said that starting June 25, a single late payment could result in the higher penalty rates. A late payment won't automatically trigger a higher rate. But the bank says the account will be flagged for review and the rate could be hiked depending on the cardholder's payment track record.Read Full Article: Bank of America credit cards getting higher penalty rate
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