Phone, cable, electric, gas, mortgage, and oh yeah credit card bills. There are so many bills that clutter our mailbox and Inbox every month that it’s easy to lose track of what’s due and when. Starting Saturday, June 25th, there’s one bill you won’t want to forget or you will pay dearly.
Bank of America is adding up to a 29.99% penalty interest rate on new purchases if you make a late payment. The bank says the penalty won’t be applied to every customer. It will depend on your credit profile. However, the days of calling your bank and telling them you mistakenly forgot a payment are over. That was so two years ago where they actually credited your account. Now, you’ll pay heftily.
So, what can you do? Complaining won’t do much good. You can cancel your card, but don’t do it if it’s your oldest card. Your best option is to set up an email or text reminder when you have a statement available and payment due. Most credit card companies offer this service. You can find it online in your account options. It’s a good way to keep tabs on your bill and never make a late payment again.