The Bank of America® Premium Rewards® credit card interest rate is 16.24% - 23.24% Variable, with the actual rate depending on factors such as your income, credit history and existing debt. This Bank of America Premium Rewards credit card interest rate is variable, meaning it can change based on certain economic conditions.
The Bank of America Premium Rewards credit card gives you a 25-day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your Bank of America Premium Rewards credit card, it will accumulate interest daily at the card’s regular APR. Interest is compounded, meaning you will owe interest on both the principal balance and any interest already accumulated.
In addition to the regular interest rate, Bank of America Premium Rewards credit card also charges a separate interest rate on cash advances and a penalty rate for late payments. All Bank of America Premium Rewards credit card card interest rates will be listed on your statement and on your online account summary.
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.
Here’s how you can get a Bank of America credit limit increase:
If you're unsatisfied with your initial Bank of America credit card limit, you may get a higher one later on. Bank of America periodically reviews accounts for an automatic credit limit increase. These reviews typically occur after you've had the card for at least six months. Automatic increases are not guaranteed, however. How much of an increase you'd receive depends on your payment history, existing debt, and other factors.
You can also request a Bank of America credit limit increase through your online account or by calling the number on the back of your card. Your chances of getting a credit limit increase will be best if you've paid your credit card bills on time and in full during the last six months. It's also a good idea to update your income information, especially if it has increased since you first received your card. When you request a credit limit increase, Bank of America will pull a copy of your credit report. This will trigger a soft inquiry and won't affect your score.
You can have an unlimited number of Bank of America credit cards. But you’ll have to demonstrate the ability to handle all of them with your credit and income. If you want to get a sense of what BofA thinks about how many Bank of America credit cards you can have, you can … read full answercheck for pre-approval. That will tell you which card you’re a good candidate for, if any, based on a basic look at your credit history called a soft inquiry.
Here’s how many Bank of America cards you can have:
Bank of America doesn’t limit the number of credit card accounts you can have at one time.
How many Bank of America credit cards you, personally, can have depends on your credit standing, income and debt. You must be able to afford the monthly payments on each account.
Avoid applying for a lot of credit cards at once. More than one application in a single year can hurt your credit. That’s because each application involves a hard inquiry into your credit history, which lowers your score.
If you weren’t approved for a new Bank of America card but have an existing one, you can call customer service and ask them to make room for a new account by reducing your credit limit on the existing one. Since you’re not asking for more spending power overall, this may increase your chances.
Although there is no limit to how many Bank of America credit cards you can have, the number that you should have is probably a bit different. No single credit card company offers the best credit card on the market for every single consumer need.
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