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.
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.
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