What is the Bank of America credit card interest rate?

The Mastercard interest rate could be anywhere between 9.99% to 36%, depending on the card and each applicant’s creditworthiness. However, keep in mind that the interest rate isn’t actually set by Mastercard. The issuers are in control of setting the rates. As a card network, Mastercard is more about where the card is accepted than anything else.... read full answer

What you should know about credit cards’ interest rate:

• Generally, the better your credit history, the better the interest rate. For example, the Bank of America® Customized Cash Rewards credit card interest rate ranges from 17.49% to 27.49% Variable, depending on your credit.
• Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like the Capital One Platinum Secured Credit Card: 29.74% (V).
• Rewards cards like the Citi Premier® Card – 20.74% to 28.74% (V) – often have higher maximum interest rates to compensate for the additional benefits. This could also be a sign that more than just people with good credit can get approved.
• Credit cards will always have multiple interest rates. There are separate rates for purchases, balance transfers, cash advances and late payments. Cash advance APRs range from 24.99% to 30.74%. Penalty interest rates for late payments can be a maximum of 29.99%. The Citi Simplicity® Card doesn't have a penalty interest rates, for example.
• Nearly all Mastercard interest rates are variable rather than fixed. Variable rates are tied to an index rate, usually the prime rate that banks use for their most creditworthy customers.

If a Mastercard with the lowest possible interest rate is your priority, you may need to look beyond the big banks and explore options from credit unions. Credit unions have specific membership requirements, so check to make sure you’re eligible.

Yes, Bank of America does have credit cards with no annual fee. The best Bank of America credit card with a $0 annual fee is the Bank of America Customized Cash Rewards credit card. This card offers 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. Plus, the card gives $200 for spending $1,000 in the first 90 days.

Best Bank of America Credit Cards with No Annual Fee

A Bank of America card with a ... read full answer$0 annual fee will save you around $22 each year, compared to the average credit card offer. You shouldn’t completely rule out cards with annual fees, however. If you use enough perks and make enough purchases on a rewards card with an annual fee, the rewards can more than make up for the cost of having the card.

For more $0 annual fee credit card suggestions, try WalletHub’s CardAdvisor tool or create a WalletHub account to get free, personalized credit card recommendations.

The Bank of America credit score requirement is 750 or higher for the best Bank of America credit card offers, though other options are available for people with lower scores. It is possible to get approved for a credit card from Bank of America with a bad credit score, for example.... read full answer

Bank of America Credit Score Requirements by Card

• Bank of America® Customized Cash Rewards Secured Credit Card: 300 (Bad credit)
• Bank of America® Unlimited Cash Rewards Secured Credit Card: 300 (Bad credit)
• BankAmericard® Secured Credit Card: 300+ (Bad credit)
• Bank of America® Travel Rewards credit card for Students: 750+ (Excellent)
• Bank of America® Unlimited Cash Rewards credit card for Students: 750+ (Excellent)
• Bank of America® Customized Cash Rewards credit card for Students: 750+ (Excellent)
• Bank of America® Premium Rewards® credit card: 750+ (Excellent credit)
• BankAmericard® credit card: 750+ (Excellent credit)
• Bank of America® Travel Rewards credit card: 750+ (Excellent credit)
• Bank of America® Customized Cash Rewards credit card: 750+ (Excellent credit)
• Bank of America® Unlimited Cash Rewards credit card: 750+ (Excellent credit)
• Bank of America® Premium Rewards® Elite Credit Card: 750+ (Excellent credit)

Keep in mind that it’s best to wait to apply for a given card until you meet the credit score requirement. You can check your credit score for free on WalletHub.

You should also 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 a Bank of America 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.