Yes, the Bank of America® Travel Rewards credit card does have a late fee of up to $40, which applies when cardholders don’t make the minimum payment by the due date. Thanks to the CARD Act of 2009, the Bank of America late fee can never exceed the minimum payment amount. Also, balances under $100 will not be assessed a late fee.
If you accidentally make less than the required minimum payment or you miss your Bank of America Travel Rewards credit card due date entirely, you can always ask customer service to waive the late fee by calling 866-266-0212. This is much more likely to work if you have a great payment history with Bank of America, but even if not, there’s no harm in asking.
To avoid getting hit with late fees in the future, make sure to pay at least your minimum required payment each month. The best way to ensure that you never miss a payment is by setting up autopay.
The Bank of America credit card late fee is up to $40 for personal cards and up to $49 for business cards. Bank of America charges a late fee if you don’t make at least the minimum payment by your due date. A late payment fee will not exceed the total minimum payment that was due. If your balance is $100 or less on the due date, you will not be charged a Bank of America credit card late fee.… read full answer
Also, Bank of America may waive the late payment fee if it's your first offense. If it's your second offense, you may have to work a bit harder. Just call them and make your case.
With Bank of America business cards, the late fee charged is based on your balance at the time the minimum payment was due. Late fees start at $19 if the balance is $100 or less, up to a maximum of $49 on a balance of $5,000 or more.
In addition to the Bank of America late fee, when you fail to make the minimum payment by the due date you could be charged a penalty APR of up to 29.99%, which will be applied to your current balance. If you miss a payment on a card with a promotional 0% APR, that rate may be cancelled and replaced with the penalty APR. Penalty APRs also apply to new purchases if you are more than 60 days delinquent.
Here are the Bank of America credit card late fees:
Bank of America Cash Rewards: up to $40 maximum for late payments
BankAmericard: $29 initial late fee; $40 maximum for late payments during the following six billing cycles.
Bank of America Premium Rewards credit card: $29 initial late fee; $40 maximum for late payments during the following six billing cycles.
BankAmericard Secured Credit Card: $29 initial late fee; $40 maximum for late payments during the following six billing cycles.
Bank of America Travel Rewards credit card for Students: $29 initial late fee; $40 maximum for late payments during the following six billing cycles.
Business Advantage Cash Rewards Mastercard credit card: $19 to $49 late fee, depending on due-date balance.
Platinum Plus for Business Mastercard: $19 to $49 late fee, depending on due-date balance.
Business Advantage Travel Rewards World Mastercard: $19 to $49 late fee, depending on due-date balance.
In addition to the Bank of America credit card late fee, late payments can lead to your account being in default. And that will result in a negative hit on your credit rating. So make every effort to pay your credit card bill on time.
Send at least the minimum payment several days before the due date to allow for processing. Or, arrange for an automatic debit from your bank account.
To do this, log into Online Banking, select the “Bill Pay” tab, then choose “Go to Bill Pay.” Select “Pay to/Pay from,” and set up your credit card account on the “Pay to” tab. You will need your bank's 9-digit routing number and the account number in order to set up the account.
Make sure there’s enough money in the bank account to cover the payment. If there’s insufficient funds in the account, you may still end up paying a late fee, along with a returned payment fee of up to $29.
The Bank of America credit card due date is at least 25 days after each monthly billing cycle ends. Cardholders can find their specific Bank of America credit card due date listed on the monthly statement they receive, as the exact due date differs from person to person, depending on when the account was opened. The statement will also list the minimum amount the cardholder has to pay by the due date, though they may choose to pay more.… read full answer
More info about the Bank of America credit card due date
Since there is at least a 25-day grace period between the date your statement closes and your Bank of America credit card due date, you can avoid accruing interest by paying the statement balance in full by the due date. If you decide to pay less than your statement balance, you will lose the grace period. The remaining balance will start to accrue interest, and so will all new purchases. To get the grace period back, you will need to pay in full for two consecutive billing cycles.
If you do not make at least the minimum payment due by your Bank of America credit card due date, you will owe a late fee. Bank of America could increase your interest rate, too.
To get a Bank of America late fee waived, call BofA customer service at 1-800-732-9194 and ask them to waive the fee for the late credit card payment. While Bank of America will sometimes waive the fee without any hassle if it’s a first offense, repeat offenders may have a tougher time getting BofA to drop the charge.… read full answer
When you speak with a Bank of America customer service representative, make your case by detailing the reason you need the fee waived, and be sure to reference your past record of timely payments. Of course, those who have missed payments in the past will have a much weaker case than those with a perfect payment history.
If the customer service rep won’t waive the late payment fee, ask to speak with a manager. Bank of America managers generally have more autonomy, and they may be more likely to waive the fee to keep you as a customer. You can’t request Bank of America to waive the fee over chat or online, so if calling doesn’t work then you’ll probably need to pay the fee. To avoid missing due dates in the future, consider setting up automatic payments on your account.
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