Quick summary
| Detail | Value |
|---|---|
| Grace period (interest) | ~25 days after statement (purchases only) |
| Late fee | Up to $40 |
| Penalty APR | Up to 29.99% (varies by account) |
| Credit reporting | 30+ days past due reported to bureaus |
| Account restriction | Within 30–60 days past due |
| Account closure / charge-off | ~180 days past due |
| Source verified | May 2026 |
How Bank of America credit card billing works
Bank of America issues a wide range of consumer credit cards (Cash Rewards, Travel Rewards, Premium Rewards, BankAmericard, Customized Cash, and various co-brand cards). All BoA consumer credit cards follow the same general non-payment rules.
- Statement date: Generated monthly with minimum payment and balance details
- Due date: Typically ~25 days after the statement date (grace period for new purchases, IF you pay the full statement balance)
- Minimum payment: Required by the due date to avoid late fee and credit reporting
Source: Bank of America Credit Card Agreement — bankofamerica.com/credit-cards/cardholder-agreements
Late fees
Bank of America applies a late fee of up to $40 when the minimum payment is not received by the due date. Per CARD Act rules, the first late fee in a 6-month period is typically capped lower (around $30).
The exact fees are disclosed on your cardmember agreement and your monthly statement.
Penalty APR
If your account becomes seriously past due, Bank of America may apply a penalty APR to your existing balance. The penalty APR can be up to 29.99% and remains in effect for at least 6 months of on-time payments before BoA reviews it.
Credit reporting
Bank of America reports to all three major credit bureaus monthly. The reporting milestones:
- Under 30 days past due: Late fee may apply, but typically not reported as a late payment on credit
- 30+ days past due: Reported as 30-day late — a significant negative mark on your credit
- 60+ days past due: Reported as 60-day late
- 90+ days past due: Reported as 90-day late
- ~180 days past due: Account charged off and reported as a charge-off
A late payment can stay on your credit report for 7 years from the date of first delinquency.
Account actions for non-payment
- ~30 days past due: Late fee applied, credit reporting begins
- ~60 days past due: Penalty APR may be applied; account may be restricted
- ~90–120 days past due: Account may be closed by BoA
- ~180 days past due: Account charged off and typically sold or transferred to a debt collector
After charge-off, the debt continues to exist — the collector can pursue payment and may sue.
Frequently asked questions
Can I ask Bank of America to waive a late fee? Yes. BoA customer service has discretion to waive a single late fee, especially for customers with a good payment history. Calling promptly after the missed payment improves your chances.
Does Bank of America offer hardship programs? Yes. BoA offers Cardholder Assistance Programs that may reduce interest rates, waive fees, or reduce minimum payments for customers facing genuine financial hardship. Call the number on the back of your card to discuss options.
Will using Preferred Rewards status help with a late payment situation? Preferred Rewards (BoA’s loyalty program for combined account holders) doesn’t automatically waive late fees, but customer service may consider your overall relationship when granting goodwill adjustments.
Sources: Bank of America Credit Card Agreement (bankofamerica.com), CFPB credit card rules. Last verified: May 2026. This page is not affiliated with or endorsed by Bank of America. See our disclaimer.