Bank of America ups penalty for late payments

June 17, 2011 3:22:40 PM PDT
Bank of America says beginning next week credit card customers will face a penalty rate of up to nearly 30 percent for late payments.

The company says one late payment could result in the higher rate or at least flag the account for review.

Customers will also be charged a late fee of around $25 or as much as $35 if there's more than one late payment within a six-month period.