A Bank of America credit card’s interest rate can be anywhere from 14.49% to 25.49%. 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: 14.49% - 24.49% regular APR. 0% on purchases and balance transfers for 15 billing cycles.
BankAmericard Credit Card for Students: 14.49% - 24.49% regular APR. 0% on purchases and balance transfers for 15 billing cycles.
Bank of America Cash Rewards: 15.49% - 25.49% regular APR. 0% on purchases and balance transfers for 12 billing cycles.
Bank of America Travel Rewards for Students: 16.49% - 24.49% regular APR. 0% on purchases for 12 billing cycles.
Bank of America Cash Rewards for Students: 15.49% - 25.49% regular APR. 0% on purchases and balance transfers for 12 billing cycles.
Bank of America Travel Rewards: 16.49% - 24.49% regular APR. 0% on purchases for 12 billing cycles.
Bank of America Premium Rewards: 17.49% - 24.49% regular APR. No intro APR.
BankAmericard Secured: 24.49% 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 14.49% to 25.49%. 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%. The APR for cash advances can be anywhere from 17.74% to 26.99%, depending on your creditworthiness and 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 10.74% 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. Generally, the better your credit history, the better the interest rate. For example, the Bank of America Cash Rewards Mastercard interest rate ranges from 16.24% to 26.24%, depending on your credit. Credit card type also affects the interest rate. Most secured credit cards offer a single rate, like Capital One Secured: 26.99% (V). Rewards cards like Citi ThankYou Premier – 15.99% to 23.99% (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 excellent credit can get approved.… read full answer
Highest Mastercard interest rate: 36% (First Premier Bank Mastercard)
Best 0% Mastercard (balance transfer): 0% for 18 months(Citi Simplicity)
Best 0% Mastercard (purchases): 0% for 18 months (HSBC Gold Mastercard Credit Card)
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 Barclaycard Arrival Plus and Citi Simplicity cards do not have 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.
The best Bank of America credit card with no annual fee is the Travel Rewards card, which earns 25,000 bonus points when you spend $1,000 in the first 90 days. There’s also the BankAmericard, which offers 0% APR for 15 months on purchases and balance transfers.
Not having an annual fee means Bank of America does not charge you every year to use the card. Annual fees are usually charged on the statement following your card anniversary. The annual fee helps defray the costs of any benefits that come with the card. Despite no annual fee, many Bank of America cards offer rewards and benefits comparable to its annual fee cards.… read full answer
Here are the Bank of America credit cards with no annual fee:
Bank of America Travel Rewards and student card: 25,000 bonus points when you spend at least $1,000 in purchases in the first 90 days. Points worth of a $250 statement credit toward travel purchases. Earn 1.5 points per $1 spent on all purchases. Excellent credit required. Limited credit history required for student card.
BankAmericard (and student card): 0% APR for 15 months on billing purchases and balance transfers made in the first 60 days, 14.74% - 24.74% (V) after. 3% transfer fee ($10 minimum) applies. No penalty APR. Excellent credit required. Limited credit history required for student card.
Bank of America Cash Rewards (and Student Card): $200 cash back when you spend at least $500 in the first 90 days. Earn 3% per $1 spent on gas and 2% at grocery stores and wholesale clubs, up to $2,500 in combined purchases each quarter. Excellent credit required, fair credit or better for the student card.
Business Advantage Cash Rewards Mastercard credit card: $200 statement credit when you spend at least $500 in the first 60 days. Earn 3% cash back per $1 spent at gas stations and office supply stores up to $250,000 annually. Earn 2% per $1 spent at restaurants. Excellent credit required.
A Bank of America credit card with no annual may offer better long-term value than those that do. There’s no pressure to earn enough rewards to justify the cost of the annual fee. Plus, you’ll be able to keep your card open for a long time at no cost every year. This will increase the average age of your accounts, which has a positive effect on your credit score.
The credit score needed for Bank of America credit card approval ranges from below 640 (bad credit) for the BankAmericard Secured card to 750+ (excellent credit) for the BofA Cash Rewards card. Applicants need excellent credit to get most Bank of America rewards credit cards. But there are three BofA student credit cards available to young people with limited or no credit. And a few BofA credit cards co-branded with companies like Alaska Airlines and MLB require good credit (700+ credit score).… read full answer
Still, the minimum credit score needed for Bank of America credit card approval is only one factor in the decision. Bank of America will also consider employment status, income, debt level, age, number of open accounts, monthly rent or mortgage payments and more.
While there are clearly lots of Bank of America credit card options for good and excellent credit, the choices are sparse for people with lower scores. In that case, cards from other issuers, such as Capital One and Discover, may be more helpful. For bad credit, the Capital One Secured Mastercard and Discover it Secured card are great options.
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