A Bank of America credit card’s interest rate can be anywhere from 13.24% (V) to 24.24% (V). It depends on both your creditworthiness and which Bank of America credit card you apply for. All Bank of America credit card APRs are variable, meaning they can change over time.
Here are the Bank of America credit card interest rates:
BankAmericard® credit card: 13.24% - 23.24% Variable regular APR. Intro APR of 0% for 18 billing cycles on purchases and 0% for 18 billing cycles for any balance transfers made in the first 60 days. 3% (min $10) balance transfer fee.
Each Bank of America credit card also has more than one interest rate. There’s the regular APR, which applies to purchases and balance transfers and ranges from 13.24% (V) to 24.24% (V). Several cards have a 0% APR on purchases and/or balance transfers for a certain number of months, before the regular APR takes effect. And if you miss a payment, you could have a penalty interest rate of up to 29.99%. Ultimately, there is also an APR for cash advances that can be anywhere between 17.24% - 27.24% (V), depending on your creditworthiness and the card.
If you want to increase the chances of getting a low Bank of America credit card interest rate, you should make sure your credit is as good as possible before applying. Doing anything you can to bump up your income can also make a difference. But if you pay your credit card bill in full every month, you won’t ever have to worry about the interest rate.
Mastercard interest rates are 9.99% to 36%, depending on the card and each applicant’s creditworthiness. 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. Setting specific interest rates is a card issuer’s job, though, not Mastercard’s.… read full answer
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 14.24% to 24.24% 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: 26.99% (V). Rewards cards like the Citi Premier® Card – 16.74% to 24.74% (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 26.99%. 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.
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 Travel Rewards credit card, which offers 1.5 points per $1 on purchases and an intro bonus of 25,000 points for spending $1,000 in the first 90 days.… read full answer
Best Bank of America Credit Cards With No Annual Fee
A Bank of America card with a $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.
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 limited credit history or a bad credit score, for example.… read full answer
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.
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