cancel
Showing results for 
Search instead for 
Did you mean: 

1 Day Late on BOA Credit Card! Will They Jack Me?

tag
JellyBellyGirl
Established Member

1 Day Late on BOA Credit Card! Will They Jack Me?

I made a blunder and thought I had this card set up for auto-pay. I just realized the payment was due yesterday. When I logged in I seen the $25 fee. I immediately made the payment online. But I did see some small print that said they have the option to jack my rate up to something like 30%. I am curently at 0. What is the likelyhood of this happening?

Message 1 of 12
11 REPLIES 11
yfan
Valued Contributor

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?

I would call and find out.
Message 2 of 12
cashnocredit
Valued Contributor

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?

No. The CARD ACT says they can't charge penalty interest rates until you get a 60 day late.

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 3 of 12
JellyBellyGirl
Established Member

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?

"No. The CARD ACT says they can't charge penalty interest rates until you get a 60 day lat" I dont believe thats what it says. I understood it to mean, they cant charge the penalty APR on CURRENT BALANCES unless the cardmember is 60 days late, but they can notify the cardmener that future prurchases will be subject to the penalty APR

Message 4 of 12
Anonymous
Not applicable

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?

Call CS or use the chat feature. While you're speaking with a rep, ask them to credit $25 late fee.
Message 5 of 12
Anonymous
Not applicable

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?


@cashnocredit wrote:

No. The CARD ACT says they can't charge penalty interest rates until you get a 60 day late.

 


I don't know about this or Amex screwed me.  Last year i was on auto pay but my minimum went up andI didn't notice. So by the second month I got an email and I was like what. (I then realized what had hapopened) I mean I was literally like $5 short and they jacked my rate way high for 6 months. After 6 months I called and they reduced it again. Tey didnt report anything because I was paying, thankfullly and no matter what I said to the CSR (since I was like really you can see its a sipole mistake (as I was making payments on the card) they wouldnt budge. 

Message 6 of 12
cashnocredit
Valued Contributor

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?


@JellyBellyGirl wrote:

"No. The CARD ACT says they can't charge penalty interest rates until you get a 60 day lat" I dont believe thats what it says. I understood it to mean, they cant charge the penalty APR on CURRENT BALANCES unless the cardmember is 60 days late, but they can notify the cardmener that future prurchases will be subject to the penalty APR


No, that is what it says. "Penalty Interest" is a separate category of interest that you get stuck with for a while but only if you are 60 days late.

 

Issuers can always increase your future interest rate with notice after the first year.for any reason and It's not uncommon for issuers to increase interest rates on future spend if they notice even a 30 day late on some other account in your reports but they must give you 45 days notice. They can do the same for any reason or no reason at all..

 

These rules only apply to consumer revolving credit cards, not business cards of any type.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 7 of 12
cashnocredit
Valued Contributor

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?


@Anonymous wrote:

@cashnocredit wrote:

No. The CARD ACT says they can't charge penalty interest rates until you get a 60 day late.

 


I don't know about this or Amex screwed me.  Last year i was on auto pay but my minimum went up andI didn't notice. So by the second month I got an email and I was like what. (I then realized what had hapopened) I mean I was literally like $5 short and they jacked my rate way high for 6 months. After 6 months I called and they reduced it again. Tey didnt report anything because I was paying, thankfullly and no matter what I said to the CSR (since I was like really you can see its a sipole mistake (as I was making payments on the card) they wouldnt budge. 


Amex may have screwed you if you but only if it was a consumer card and the minimum payment was not recieved within 60 days of the due date.

 

https://www.govtrack.us/congress/bills/111/hr627/text

 


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 8 of 12
Anonymous
Not applicable

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?

Call the BoA constrictor and ask. If you ask nicely, they may help you. Good luck!

 

 

 

 

 

 

 

 

Boa-Constrictor-Facts-624x345.jpg

 

Message 9 of 12
lhcole77
Valued Contributor

Re: 1 Day Late on BOA Credit Card! Will They Jack Me?


@JellyBellyGirl wrote:

I made a blunder and thought I had this card set up for auto-pay. I just realized the payment was due yesterday. When I logged in I seen the $25 fee. I immediately made the payment online. But I did see some small print that said they have the option to jack my rate up to something like 30%. I am curently at 0. What is the likelyhood of this happening?


I was in Montreal last year when a payment was due on my BofA Alaska card. Totally spaced it since I was on vacation.

 

APR did not go up. BofA wouldn't waive the late fee, but luckily was left APR alone.

 

That experience taught me to set up auto pay on all my accounts. Total blessing in disguise.

 

FWIW I have still been able to get CLIs, APR reductions and BT offers on my card EVEN AFTER THAT ONE DAY LATE.

 

ETA: I irony of the situation is that I was in Montreal at the time because I used my 25K mile Alaska Air sign up bonus from the same card. Smiley Surprised

Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.