Bank of America Credit Card: What to Do If You're Falling Behind 2026

There’s no single “Bank of America rate.” It depends on the card. As of August 2026, Bank of America’s Customized Cash Rewards card lists a 17.49% to 27.49% variable APR after the introductory period, depending on creditworthiness. Other Bank of America cards carry their own separate rates.

For a sense of scale, the Federal Reserve’s Q2 2026 data put the national average for accounts actually carrying a balance at 22.15%. Your own rate, the one that actually matters, is on your statement.

Falling behind on a credit card can happen for all kinds of reasons. A job loss, reduced hours, a medical bill, a divorce. Any of it can turn a manageable balance into one that isn’t.

And once interest compounds on a balance you can’t pay down, the minimum payment can start to feel like it’s barely moving anything, because in a lot of cases, it isn’t.

Bank of America is more upfront about this than a lot of issuers. It runs a dedicated Credit Card Debt Assistance page and specifically tells cardholders that contacting them early gives both sides more room to find a workable solution.

Call 855-891-3401, or the number on the back of your card, and ask what payment or financial hardship assistance may be available for your account. Bank of America doesn’t publish one standardized hardship program with fixed terms for every account, so don’t go into the call expecting a particular interest rate, payment reduction, or program length. Ask what assistance is actually available for your account.

Before agreeing to anything, ask:

• What will my monthly payment be?
• How long will this arrangement last?
• What interest rate will apply?
• Are any fees being reduced or waived?
• Will I still be able to use the card?
• Will the account be restricted or closed?
• What happens if I miss a payment under the arrangement?
• How will this be reported to the credit bureaus?

Get the terms in writing, or save a copy of whatever you agree to, before relying on them.

If Bank of America offers you a structured payment plan, treat it the same way you would with any lender. Get the details before you say yes:

• What’s my payment going to be, and for how long?
• What interest rate applies while I’m on it?
• Does the card stay open, or does it get closed or restricted?
• What happens if I miss a payment along the way?
• How does this show up on my credit report?

Bank of America specifically identifies credit counseling as another option for people struggling with debt. Its own guidance explains that a credit counselor can review your broader financial situation, not just your Bank of America account, and that one possible option may be a Debt Management Plan.

A DMP works through a nonprofit credit counseling agency rather than directly through Bank of America. Participating creditors may agree to concessions such as reduced interest or fees, but don’t assume what your particular terms will be until the creditor accepts the plan. The FTC recommends confirming that each creditor has accepted the plan and checking your statements to make sure promised concessions actually appear.

See our Credit Counseling & DMP Guide for the full process.

Here’s the general timeline, though your exact account terms can vary:

• Right after a missed payment: expect a late fee, and possibly a rate change depending on your card’s terms.
• Around 30 days late: this typically gets reported to the credit bureaus.
• 60 days or more: a penalty APR can apply, depending on your account terms.
• 180 days late: federal banking guidance generally calls for open-end credit accounts to be charged off, closed and written off as a loss.

Charge-off is a bookkeeping action, not forgiveness. You still owe the money, and a charge- off can sit on your credit report for up to seven years.

After charge-off, collection can continue. Depending on what happens to the account, you may eventually hear from Bank of America directly or from another party collecting the debt.

If someone contacts you about a charged-off Bank of America balance, confirm who currently owns the debt and whether the company contacting you is authorized to collect before sending money or agreeing to anything.

Settlement is different from a hardship plan or a payment plan. It means trying to resolve the debt for less than you owe, usually as a lump sum, and it tends to become the realistic option once hardship assistance isn’t enough and paying the full balance isn’t happening.

Don’t expect a specific settlement percentage upfront. It depends heavily on the account’s status and who currently holds it. And don’t stop paying just hoping an offer will eventually show up, that’s not how it reliably works.

There’s a tax piece worth understanding too. Canceled debt is generally treated as taxable income unless an exception applies. If Bank of America or whoever holds the debt cancels $600 or more, they’ll typically file a Form 1099-C with the IRS, but even amounts under $600 can still be taxable. Bankruptcy and insolvency are the two big exceptions, so don’t assume a 1099-C automatically means you owe tax on that full amount. Our Debt Relief Guide covers the whole settlement process, taxes included.

Yes. Like any creditor, Bank of America (or whoever ends up holding the debt) can pursue a lawsuit to collect an unpaid balance. Depending on the account, collection could stay with Bank of America directly, move to a third-party collector, get sold, or eventually turn into a lawsuit. There’s no one universal path.

A missed payment or a charge-off doesn’t automatically mean a lawsuit is coming. But if you’re actually served with a summons or complaint, don’t ignore it. There’s a deadline to respond, and missing it can lead to a default judgment. Our Debt Lawsuits Guide covers what to do next.

Instead of asking “what’s the best way to deal with Bank of America,” ask what problem you’re actually solving:

Just need some room to breathe? Start by calling about payment assistance. If an affordable arrangement is available, dealing directly with the creditor may let you address the problem before considering more consequential options.

Juggling more than one card? Credit counseling or a DMP can combine them into one payment.

Still have decent credit access? Debt consolidation might genuinely lower your cost.

Can’t realistically pay the full balance? Debt settlement is worth a serious look.

Is the whole picture unaffordable, not just this card? Bankruptcy deserves consideration too.

Bank of America. Credit Card Customer Service & Contact Numbers (bankofamerica.com/customer-service/contact-us/credit-card/), verified 800-732- 9194 as the official credit card customer service number, including lost or stolen cards, 24/7 Bank of America. Credit Card Debt Assistance overview (bankofamerica.com/banking- information/assistance/credit-cards/credit-cards-assistance-overview/), verified dedicated assistance page and messaging Bank of America. Assistance With Making Credit Card Payments (bankofamerica.com/banking-information/assistance/credit-cards/making-credit-card- payments/), verified dedicated financial-difficulty phone number Bank of America. Managing Credit Card Debt guidance (bankofamerica.com), verified credit counseling / DMP referral language and above-minimum-payment guidance Bank of America. Customized Cash Rewards card terms (bankofamerica.com and multiple independent card-review sites), verified current APR range, as of August 2026 Federal Reserve. G.19 Consumer Credit release (Q2 2026 data, August 2026 release:

22.15% accounts assessed interest) Office of the Comptroller of the Currency / FFIEC. Uniform Retail Credit Classification Policy (180-day charge-off standard for open-end credit) FTC guidance on Debt Management Plans IRS. Form 1099-C reporting threshold, cancellation-of-debt income rules, and insolvency/bankruptcy exclusions