What is the Bank of America credit card interest rate?

Question

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.

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Answer 1 · 2021-05-14 17:25:49

Maria Adams, Credit Cards Moderator

@m_adams • 05/14/21 This answer was first published on 05/14/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.
BankAmericard® Credit Card for Students: 13.24% - 23.24% (V) regular APR. Intro APR of 0% for 18 months on purchases and 0% for 18 months on balance transfers. 3% (min $10) balance transfer fee.
Bank of America® Customized Cash Rewards credit card: 14.24% - 24.24% Variable regular APR. Intro APR of 0% for 15 billing cycles on purchases and 0% for 15 billing cycles for any balance transfers made in the first 60 days. 3% (min $10) balance transfer fee.
Bank of America® Travel Rewards Credit Card for Students: 14.24% - 24.24% (V) regular APR. Intro APR of 0% for 15 months on purchases.
Bank of America® Customized Cash Rewards Credit Card for Students: 14.24% - 24.24% (V) regular APR. Intro APR of 0% for 15 months on purchases and 0% for 15 months on balance transfers. 3% (min $10) balance transfer fee.
Bank of America® Travel Rewards credit card: 14.24% - 24.24% Variable regular APR. Intro APR of 0% for 15 billing cycles on purchases.
Bank of America® Premium Rewards® credit card: 16.24% - 23.24% Variable regular APR. No intro APR.
BankAmericard® Secured Credit Card: 23.24% (V) regular APR. No intro APR.

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.

What is the Bank of America credit card interest rate?

Maria Adams, Credit Cards Moderator

Here are the Bank of America credit card interest rates:

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