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.
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