Does Bank of America charge a balance transfer fee?

Bank of America credit card annual fees range from $0 to $95, depending on the card. Most Bank of America consumer credit cards have $0 annual fees. That goes the same for their business and student credit cards as well.

The best Bank of America credit card with a $0 annual fee is the … read full answerBank of America® Customized Cash Rewards credit card, which offers $200 for spending $1,000 in the first 90 days. It also earns 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. If you're more interested in avoiding interest, BankAmericard® credit card has a $0 annual fee and offers an introductory purchase APR of 0% for 18 billing cycles, coupled with an introductory balance transfer APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days - each balance transfer fee is subject to a 3% (min $10) fee. Once the introductory periods are over, a regular APR of 12.99% - 22.99% Variable applies to any remaining balance.

If your Bank of America credit card has an annual fee, it's automatically charged to your account once a year on the statement following your card anniversary.

Here are the Bank of America credit cards with annual fees:

• Bank of America® Premium Rewards® credit card: $95 annual fee
• Virgin Atlantic Credit Card: $90 annual fee
• Alaska Airlines Credit Card: $75 annual fee
• Air France KLM Credit Card: $89 annual fee
• Allegiant Credit Card: $59 annual fee
• Free Spirit Airlines Credit Card: annual fee of $0 intro 1st yr, $79 after
• Sonesta Credit Card: annual fee of $0 intro 1st year, $75 after

Sometimes an annual fee is necessary to get the card you want. If you pay an annual fee, make sure any benefits the card provides outweigh the cost of the annual fee. Find a card that earns the highest bonuses on your largest expenses, and the annual fee will likely pay for itself.

For example, Bank of America Premium Rewards credit card offers 50,000 points for spending $3,000 in the first 90 days. On top of that, it also earns 2 points per $1 spent on grocery store purchases (through 12/31/2021), 2 points per $1 on travel and dining, and 1.5 points per $1 on all other purchases. The initial bonus alone covers the card's $95 annual fee for several years.

Your Bank of America credit card limit will vary based on your creditworthiness. The lowest credit limit Bank of America would approve a card for is $300, which is the minimum deposit requirement for the BankAmericard® Secured Credit Card. Other Bank of America credit limits could start out much higher. The … read full answerBank of America® Premium Rewards® credit card, for instance, offers a $1,500 minimum credit limit for approved applicants.

Also, some Bank of America Premium Rewards credit card, Bank of America® Customized Cash Rewards credit card and BankAmericard® credit card cardholders with good credit or better have reported receiving higher credit limits. Your actual credit limit will be determined based on your creditworthiness and income, among other factors. The higher your credit score is, and the more income you have relative to your debt, the higher you can expect your Bank of America credit limit to be.

Here’s how you can get a Bank of America credit limit increase:

If you're unsatisfied with your initial Bank of America credit card limit, you may get a higher one later on. Bank of America periodically reviews accounts for an automatic credit limit increase. These reviews typically occur after you've had the card for at least six months. Automatic increases are not guaranteed, however. How much of an increase you'd receive depends on your payment history, existing debt, and other factors.

You can also request a Bank of America credit limit increase through your online account or by calling the number on the back of your card. Your chances of getting a credit limit increase will be best if you've paid your credit card bills on time and in full during the last six months. It's also a good idea to update your income information, especially if it has increased since you first received your card. When you request a credit limit increase, Bank of America will pull a copy of your credit report. This will trigger a soft inquiry and won't affect your score.

Your Bank of America credit card approval odds are best if you have a credit score of 750 or higher. Most Bank of America credit cards require excellent credit for approval. You can also check for Bank of America pre-approval to get a better sense of your BofA credit card approval odds.… read full answer

The Bank of America credit card with the highest approval odds is the Bank of America® Customized Cash Rewards Secured Credit Card, which you can get with bad credit. If you're in college, there's a very good chance you'll be approved for one of the Bank of America student cards.

In general, your chances of being approved for a Bank of America credit card depend on your credit standing, income and debt, as well as which card you apply for. Bank of America will also consider things like your employment status and how many credit accounts you have open. All applicants need to be at least 18 years old and U.S. residents. Non-resident aliens are eligible for certain credit card offers at local Bank of America financial centers.

Here's what you need for good Bank of America credit card approval odds:

• Bank of America Custom Cash Secured Card: $300 minimum security deposit, bad credit accepted.
• BankAmericard® Credit Card for Students: Fair credit or limited, enrollment in a college or university.
• Bank of America® Customized Cash Rewards Credit Card for Students: Fair credit or limited, enrollment in a college or university.
• Bank of America® Travel Rewards Credit Card for Students: Fair credit or limited, enrollment in a college or university.
• Bank of America® Customized Cash Rewards credit card: Excellent credit
• Bank of America® Travel Rewards credit card: Excellent credit
• Bank of America® Premium Rewards® credit card: Excellent credit
• BankAmericard® credit card: Excellent credit

If you want the best Bank of America credit card approval odds, be sure to always pay your bills on time. And keep your credit utilization at 30% or less. You can also take a look at our editor's guide on how to improve your credit score. And if you have your sights set on a card, make sure you know where you stand before applying. You can check your score for free, right here on WalletHub.