Bank of America threaten to increase the Penalty APR

United States
April 16, 2011 2:59pm CST
Well, I thought Bank of America will be nice to me if I keep my payment on time. Now, they sent me this letter telling me that they won't increase the APR charge for current balance, but for future transaction, if I'll make a single late payment for the future transaction, they will increase the penalty APR up to 29.99%, which is outrageous. I still have some balance remain on Bank of America credit card, and I already do my best to reduce the usage of this credit card. I am struggling to keep on paying the current balance off, and I might consider switching to other low APR card and work on my credit score too. That is crazy, with such high interest charge, as a consumer of me, I definitely choose somewhere else worth to apply a credit card. Try to use nerdwallet website.
1 response
@stephcjh (32327)
• United States
16 Apr 11
You have to be so careful because these credit card companies are nothing but a ripoff for most of them. I have one credit card fro emergency purchases and that is it. I pay it off quick too.
• United States
17 Apr 11
That is what I am going to do about it. I won't use those credit cards I applied unless I have to use them for emergency reason. I might use them to rent cars, because I might be able to argue the charge once I don't see it right.