Bank Of America To Start Charging 30% On Credit Cards

Starting June 25 of this year, Bank of America will start charging more and more of their credit card customers an APR of almost 30%.  According to a letter that came in the mail today, that new rate would apply "indefinitely."  If you make a single late payment, B of A may raise your interest rate to as much as 29.99%.  The new rate would only apply to new purchases, not existing balances (that's one of the few good things about the CARD act), but according to recent surveys over 15% of customers have made at least one late payment in the last 12 months.  (I know we've done it once or twice.)   link