BofA No Longer Disclosing Default APRs

Bank of America (BAC) is no longer outlining penalty rates, also known as default rates, in its card offers and agreements…That approach goes against regulations established by the Credit CARD Act of 2009 — landmark legislation designed to improve the disclosure and predictability of credit card rates and fees — which specifically requires issuers to list those rates in their credit card agreements. – CreditCards.com

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