NEW YORK — Bank of America is sending its credit-card customers a one-page letter with a simple explanation of the interest rates and fees they’re being charged starting Monday.
While not mandated by the federal credit-card reforms to take effect in February, the letter is being sent to the bank’s 40 million consumer credit- card holders. It details the interest rates charged on purchases, balance transfers and cash advances.
It also spells out all annual, transaction-based and late-payment fees. Perhaps most critical, the letter clearly states that interest rates can change if payments are late.
Like its competitors, Bank of America in recent months raised interest rates, cut credit limits and took other actions to change terms before legal reforms restrict its ability to do so.
