Paul Kessler, WalletHub Credit Card Analyst
The Bank of America minimum payment is either $35 or 1% of your balance plus interest and any late fees, whichever is greater. If your total balance is less than $35, your Bank of America minimum payment is the entire amount. All Bank of America credit cards use the same minimum payment structure.
If you want to know the exact amount of your Bank of America minimum payment, you can find it on your credit card statement or by logging in to your online account. As long as you pay at least the minimum amount due, your account will remain in good standing. But if you don’t pay your full balance, you will incur interest.
Here Are the Bank of America Minimum Payment Amounts:
- If your total balance is less than $35: Your minimum payment is the full amount owed.
- If you owe a balance of up to $3,500 (interest + fees included): Your minimum payment is $35.
- If you owe a balance of more than $3,500 (interest + fees included): Minimum payment is 1% of the statement balance, including any past-due amounts, interest, and late fees.
As long as you can afford to, you should always pay more than your Bank of America minimum payment. Carrying any balance between billing periods leads to interest, which continues to build up on a daily basis. Similarly, big balances lead to high credit utilization, which could end up harming your credit score.
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