A foreign transaction fee is a surcharge, usually between 1%-3%, added to transactions processed outside of the United States. The transaction doesn’t need to be made on foreign soil in order for the fee to apply. Online purchases stateside through an internationally-based merchant also incur a fee.
Bank of America Travel Rewards Cards’ Foreign Transaction Fees:
Both the Bank of America Travel Rewards for Students and the Bank of America Travel Rewards Business Card offer 3 points / $1 spent on travel purchases booked through the Bank of America Travel Center, and all three cards with “Travel Rewards” in their name give 1.5 points / $1 spent on all other purchases.
The Bank of America cash advance fee is either 3% or 5% of the amount withdrawn, with a $10 minimum. Whether you get charged a 3% or 5% BofA cash advance fee depends on how you get your cash. If it’s from an ATM, for example, you pay 5%. But if you get it as a direct deposit to your bank account in 1-3 business days, you pay 3%.… read full answer
In addition to the Bank of America cash advance fee, you’ll owe interest at a variable rate of 15.99% to 28.99%, depending on how you get a cash advance, your creditworthiness and income. This interest compounds daily. So, each day you’ll owe interest on both the original balance and any interest charged on your cash advance in previous days.
Between the high interest rate and big fee, a BofA cash advance clearly is not good for your wallet.
Bank of America Cash Advance Fee by Transaction Type:
Withdrawing money from an ATM: 5% cash advance fee
Getting cash from a bank teller: 5% cash advance fee
Same-day direct deposit to your bank account: 5% cash advance fee
Buying cash equivalents like money orders or casino chips: 5% cash advance fee
1-3 business day direct deposit to your bank account: 3% cash advance fee
Cash advance check that uses your card’s credit line: 3% cash advance fee
Bank of America cash advance fees are similar to what other credit card companies charge. Chase, Citi, American Express, and Wells Fargo have 5% cash advance fees, for example. Capital One has 3% or 4% cash advance fees and U.S. Bank charges 3% or5% of the amount of each advance. No matter who issues your card, cash advances will always be expensive.
No foreign fee Bank of America cards clearly are a better choice for international spending than the ones with a 3% surcharge for everything you buy abroad. That’s actually one of the highest foreign fees on the market. So international shoppers need to be careful when picking a Bank of America credit card and perhaps consider cards from other issuers too.… read full answer
Bank of America foreign transaction fees info:
Some Bank of America credit cards have 3% foreign transaction fees.
Other Bank of America credit cards have 0% foreign transaction fees.
Foreign transaction fees can apply when you travel abroad or make online purchases from foreign merchants.
At 3%, the Bank of America foreign transaction fee is too steep for anyone planning to make international purchases. But the cards that charge it are meant more for everyday spending than travel. The good news is there are a handful of foreign fee-less alternatives.
Best Bank of America credit cards with no foreign transaction fees:
Keep in mind that more and more cards from other issuers are shedding their foreign fees. So, if you’re not loyal to Bank of America, you can check out our editors’ latest picks for the best no foreign transaction fee credit cards to weigh your options.
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