Do I have to pay my Bank of America Cash Rewards bill every month?

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.... read full answer

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.

The Bank of America Customized Cash Rewards credit card minimum payment is $35 or 1% of your balance plus interest and late fees, whichever is more. But if your total balance is less than $35, your Bank of America minimum payment is the entire amount.

The minimum payment is the smallest amount you’re obligated to pay by the due date for your Bank of America Customized Cash 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.... read full answer

The easiest way to check your Bank of America Customized Cash Rewards credit card minimum payment is online or on your phone or tablet. Download the Bank of America mobile app, log in using your online banking user ID and passcode and view your account balance through the app.

Lastly, as long as you can afford to, you should always pay more than your Bank of America Customized Cash Rewards credit card minimum payment. Carrying any balance between billing periods leads to interest, which continues to build up on a daily basis.