The Bank of America Cash Rewards credit card annual fee is $0 per year. Bank of America Cash Rewards credit card’s $0 annual fee is lower than the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the Bank of America® Customized Cash Rewards credit card, though.
Bank of America Cash Rewards credit card Fees
Annual Fee: $0
Cash Advance Fee: See Terms
Foreign Fee: 3%
Balance Transfer Fee: 3% (min $10)
Max Late Fee: $40
Bank of America® Customized Cash Rewards credit card
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:
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.
An excellent credit score does not guarantee you’ll be approved for the Bank of America® Customized Cash Rewards credit card. But it is a key factor when reviewing the application. Bank of America will also consider annual income, employment status, monthly mortgage/rental payment, current debt, payment history and more.
If you meet the Bank of America® Customized Cash Rewards credit card credit score requirement and are approved, you’ll earn 3% cash back on the category of your choice and 2% cash back at grocery stores and wholesale clubs, up to $2,500 spent each quarter. You’ll also receive a $200 bonus for spending $1,000 in the first 90 days. In addition, there’s an introductory APR of 0% for 15 billing cycles on purchases and 0% for 15 billing cycles on balance transfers. The card has a $0 annual fee.
Bank of America® Customized Cash Rewards credit card credit score and other requirements:
Minimum credit score: Good.
Other factors: Annual income, employment status, existing debt, payment history, monthly mortgage or rental payment and more.
Minimum age: 18 years old for U.S. citizens. Must provide proof of independent income to make monthly payments, or have a co-signer 21 years or older.
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).
There are other Bank of America cash rewards cards with their own credit score requirements. Business owners will need an excellent personal credit score in order to have a decent chance of being approved for the Business Advantage Customized Cash Rewards Credit Card. The Business Advantage card offers 3% cash back on your choice of one of the offered categories which include gas stations and office supply stores up to $50,000 spent per year.
If you’re a student with limited credit, you’ll have good odds of being approved for the Bank of America® Customized Cash Rewards Credit Card for Students. It has a similar rewards structure as the regular Bank of America® Customized Cash Rewards credit card. It offers 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. It also offers a $200 bonus for spending $1,000 in the first 90 days.
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