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 Bank 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 15.24% - 25.24% Variable applies to any remaining balance.… read full answer
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:
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 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.
Bank of America Customized Cash Rewards credit card credit score and other requirements:
Minimum credit score: 750+ (excellent credit).
Other factors: Annual income, employment status, existing debt, payment history, monthly mortgage or rental payment and more.… read full answer
Minimum age: 18 years old for U.S. citizens. Must provide proof of independent income to make monthly payments.
Personal information: Includes name, address and birthdate. Must give a physical address, not a P.O. Box. You will also need one of the following: a Social Security number (SSN), a passport or an Individual Tax Identification Number (ITIN).
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Bank of America Customized Cash Rewards credit card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.
Since all these criteria are taken into consideration, you might be able to get approved with a slightly lower credit score. But it’s best to wait to apply until you meet the Bank of America Customized Cash Rewards credit card credit score requirement. You can check your credit score for free on WalletHub.
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