Customers of Bank of America Corp. may experience a massive increase in credit card penalties, according to an announcement made by a company spokeswoman on Tuesday. The spokesperson said the major card issuer plans to hike penalty interest rates to as much as 30 percent for customers who miss payments in the coming months.
Bank Increases Penalty Rate to Compensate for Lost Revenue
In order to compensate for a large decline in revenue so far in 2011, Bank of America is making changes that could have a huge effect on its customers. Starting June 25, the bank will begin charging a penalty rate of as much as 29.9 percent for customers who make late payments on their credit card balances, the company spokeswoman recently confirmed.
The bank reportedly saw a decline in revenue to $5.6 billion in the first quarter of 2011. Th
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