How much is the Bank of America Cash Rewards minimum payment?

The Bank of America Customized Cash Rewards credit card grace period is at least 25 days after the end of each billing period. Bank of America will not charge interest on purchases if the cardholder pays the full statement balance by the due date each month. The Cash Rewards card’s potentially high regular APR will apply to any balance remaining after the due date.... read full answer

You will lose the Bank of America Customized Cash Rewards credit card grace period if you do not pay the card’s statement balance in full by the due date. In this case, daily interest charges will apply to both the unpaid balance and any new purchases. The grace period is reinstated once you pay your entire statement balance on time for two consecutive billing periods. Also, be aware that the Bank of America Customized Cash Rewards credit card grace period does not cover cash advances or balance transfers. Generally, daily interest charges begin immediately after these transactions occur.

Finally, it’s important to note that new Bank of America Customized Cash Rewards credit card customers can get an even longer break on interest charges with the card’s introductory APR offer. The intro rate is 0% for 18 billing cycles on purchases and 0% for 18 billing cycles for any balance transfers made in the first 60 days. Just be sure to make monthly minimum payments and to pay off the entire balance before the introductory rate expires. Otherwise, you’ll be charged the regular APR on any unpaid balance.

The Bank of America minimum payment is either $35 or 1% of your balance plus interest and any late fees, whichever is greater. If your total balance is less than $35, your Bank of America minimum payment is the entire amount. All Bank of America credit cards use the same minimum payment structure.... read full answer

If you want to know the exact amount of your Bank of America minimum payment, you can find it on your credit card statement or by logging in to your online account. As long as you pay at least the minimum amount due, your account will remain in good standing. But if you don’t pay your full balance, you will incur interest.

Here Are the Bank of America Minimum Payment Amounts:

• If your total balance is less than $35: Your minimum payment is the full amount owed.
• If you owe a balance of up to $3,500 (interest + fees included): Your minimum payment is $35.
• If you owe a balance of more than $3,500 (interest + fees included): Minimum payment is 1% of the statement balance, including any past-due amounts, interest, and late fees.

As long as you can afford to, you should always pay more than your Bank of America minimum payment. Carrying any balance between billing periods leads to interest, which continues to build up on a daily basis. Similarly, big balances lead to high credit utilization, which could end up harming your credit score.