3 Days Late? BoA Jacks Rate To 29.99%

Many of you know that if you’re late on your credit card bill payments they can raise your rates as high as 29.99%, but that’s just for scalawags, right? Nope. JLP at All Financial Matter’s brother was late twice on his Bank of America bill, once by three days, and once by one day. That was enough to make Bank of America say, OMG, this guy is way too risky and we need to penalize him and send his rates as high as they can legally go!

JLP’s brother has a credit score of about 750. He has a mortgage with Bank of America, never late on, as well as several savings and checking accounts with them.

When he complained to Bank of America, the customer service rep said, “Well sir you’re blaming the credit card company for your mistakes.” He replied, “OK I know I am not your biggest customer but I can tell you this: I will actively seek to move every penny, including my mortgage, elsewhere.”

She said “OK.” He hung up, vowing, “I will mention to everyone I know that BOA sucks a**.”

It’s true, you need to make sure you pay your bills on time. But come on, going to the default rate after a minor bit of lateness? That’s idiotic. Congratulations, Bank of America, you just turned a long-term customer into your sworn enemy.

My Brother’s Nasty Bank of America Experience [All Financial Matters] (Photo: Kenny Miller)