The Bank of America Travel Rewards credit card minimum payment is $25 or 1% of the statement balance, plus fees, past-due amounts, and interest – whichever is higher. If the statement balance is less than $25, the Bank of America Travel Rewards credit card minimum payment will be equal to the balance. In addition, if you recently missed a payment, Bank of America may add a late fee to your minimum payment.
The minimum payment is the smallest amount you’re obligated to pay by the due date for your Bank of America Travel Rewards credit card account to be in good standing. Failure to pay by the due date may result in a late fee. Your credit score will also take a hit if you miss multiple minimum payments.
Click on the Bill Pay tab, then select “Set Up AutoPay.”
Next, choose “Set Up Based on the eBill” to make payments based on the amount of each bill, or “Set Up a Regular Schedule” to make fixed payments at regular intervals (e.g. weekly).
Then, choose the account you will pay from, how much to pay, and the date on which you want the payment to be sent.
Finally, select “Start Sending Payments.”
To set up autopay through the BofA mobile app, just log in, go to the “Bill Pay” section, and tap “Add Autopay.” The rest of the procedure is the same as doing it online.
How to Make Automatic Payments from a Non-Bank of America Account
It’s also important to note that if you plan to make automatic payments from a non-BofA bank account, you will have to add its account number and routing number first.
Click “Manage Pay To/Pay From Accounts” under the Bill Pay tab.
Then, choose the “Add Pay From Account” tab.
Lastly, click “Add a Pay From account you own at another institution,” and fill in the details.
Automatic payments make it easy to never miss a due date, which means avoiding costly late fees. If you choose to pay your full statement balance automatically, you’ll avoid interest charges on purchases, too. Just remember to have enough money in the account you’re paying the bill from.
The Bank of America credit card late fee is up to $40 for personal cards and up $49 for business cards. Bank of America charges a late fee if you don’t make at least the minimum payment by your due date. A late payment fee will not exceed the total minimum payment that was due.… read full answer
If your balance is $100 or less on the due date, you will not be charged a Bank of America credit card late fee. This exception is only available for personal credit cards.
Notable Bank of America credit cards and their late fees:
It is worth noting that Bank of America may waive the late payment fee if it's your first offense. If it's your second offense, you may call them and make your case. This does not guarantee that it will work, but there is no harm in trying. There are a few other things you should keep in mind, too.
Other things to consider when your Bank of America credit card payment is late:
In addition to the Bank of America credit card late fee, late payments can lead to your account being in default. And that will result in a negative hit on your credit rating. So, make every effort to pay your credit card bill on time.
With Bank of America business cards, the late fee charged is based on your balance at the time the minimum payment was due. Late fees start at $19 if the balance is $100 or less, up to a maximum of $49 on a balance of $5,000 or more.
In addition to the Bank of America late fee, when you fail to make the minimum payment by the due date you could be charged a penalty APR of up to 29.99%, which will be applied to your current balance.
If you miss a payment on a card with a promotional 0% APR, that rate may be cancelled and replaced with the penalty APR. Penalty APRs also apply to new purchases if you are more than 60 days delinquent.
To avoid being charged a late fee, send at least the minimum payment several days before the due date to allow for processing. Or, arrange for an automatic debit from your bank account.To do this, log in to your online account and follow the on-screen instructions to set up autopay. You will need your bank's 9-digit routing number and the account number in order to set up the account.
Make sure there’s enough money in the bank account to cover the payment. If there’s insufficient funds in the account, you may still end up paying a late fee.
The Bank of America credit card due date is at least 25 days after each monthly billing cycle ends. Cardholders can find their specific Bank of America credit card due date listed on the monthly statement they receive, as the exact due date differs from person to person, depending on when the account was opened. The statement will also list the minimum amount the cardholder has to pay by the due date, though they may choose to pay more.… read full answer
More info about the Bank of America credit card due date
Since there is at least a 25-day grace period between the date your statement closes and your Bank of America credit card due date, you can avoid accruing interest by paying the statement balance in full by the due date. If you decide to pay less than your statement balance, you will lose the grace period. The remaining balance will start to accrue interest, and so will all new purchases. To get the grace period back, you will need to pay in full for two consecutive billing cycles.
If you do not make at least the minimum payment due by your Bank of America credit card due date, you will owe a late fee. Bank of America could increase your interest rate, too.
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