I just received the latest changes to my BoA cardholder agreement. The first page – and not part of the agreement – was a summary page intended to provide information on such things as how to minimize fees and finance charges as well as a list of benefits. You know, things like pay your account on time, don’t exceed credit limits, pay in full each month.
Great. That makes sense.
Now the fine print – or, how BoA is working to screw in the most lucrative of ways those of you who don’t pay in full every month. To wit, an APR of 32.24 per cent on unpaid balances. All this and more on legal-size paper that most won’t read.
Loan shark usury has never been more profitable for a legitimate business.