Bank of America Credit Cards

The Bank of America foreign transaction fee is 3%, when it’s not waived. There are 9 Bank of America credit cards with no foreign transaction fees, including their Premium Rewards and Travel Rewards cards. Those no foreign fee BofA cards clearly are a better choice for international spending than the ones that add a 3% surcharge onto 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.

Here’s what you have to know about the Bank of America foreign transaction fee:

• Unless your card doesn’t charge a fee, it’ll be 3%.
• You don’t even have to travel to get charged a foreign transaction fee. It gets added onto online purchases from foreign merchants too.
• There are 9 Bank of America credit cards with no foreign transaction fees.

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.

These are the best Bank of America no foreign transaction fee credit cards:

• Biggest Bonus: Bank of America Premium Rewards
• No Annual Fee: Bank of America Travel Rewards
• Best Airline Rewards: Alaska Airlines Credit Card
• Best Student Card: Bank of America Travel Rewards for Students

Plus, more and more cards from other issuers are shedding their foreign fees. So you can shop around for the best deal.

Like all other credit cards, Bank of America cards offer $0 fraud liability guarantees, which means you won’t have to pay for unauthorized purchases. Below, you can also check out where Bank of America ranks in a handful of WalletHub studies on important credit card benefits.

• 1st – Small Business Friendliness

• T-1st – Application Clarity

• 5th – Customer Satisfaction

• 14th – Rental Car Insurance
  

You can learn more about Bank of America and browse customer reviews on its WalletHub details page.

Bank of America rental car insurance is a complimentary benefit that comes with all Bank of America credit cards. The coverage is actually provided by Visa and Mastercard, depending on which network your BofA card is on. The specifics vary by card network, too, but you’re generally covered against damage and theft up to a rental vehicle’s cash value.

Not all situations are covered by Bank of America rental car insurance. Certain types of vehicles are excluded, and there are restrictions on the length of the rental period as well as eligible countries. You can find all the specifics in your card’s benefits guide.

Here’s how Bank of America credit card rental car insurance works:

• Eligible cards: All Bank of America credit cards.
• Coverage period: 31 or fewer consecutive rental days for Visa. 15 for Mastercard.
• Coverage amount: Up to the cash value of most vehicles for Visa. Up to cash value of vehicles worth $50,000 or less for Mastercard.
• Covered situations: Damage to and theft of rental cars, loss of use charges, and towing charges.
• Non-covered situations: Driving while intoxicated, driving off road, damage/theft of personal items, general wear and tear/deterioration, and more.
• Non-covered places: Republic of Ireland, Northern Ireland, Israel and Jamaica.
• Non-covered vehicles: Exotic/antique cars, large vans, vehicles with open cargo beds, trucks, motorcycles and more.

• Other requirements: Must decline the rental agency’s insurance offer.

Bank of America credit card rental car insurance is secondary to other insurance you have. So if you have a personal auto insurance plan that covers rental cars, you need to get reimbursed through that first. Then, Bank of America may give you more money after you show them what you got from the first source.

The Bank of America minimum payment is $25 or 1% of your balance plus interest and late fees, whichever is more. But if your total balance is less than $25, your Bank of America minimum payment is the entire amount. All Bank of America credit cards use this 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.

Bank of America Minimum Payment Amounts:

• If your total balance is less than $25: Your minimum payment is the full amount owed.
• If you owe at least $25: Your minimum payment is the greater of $25 or 1% of your balance plus interest and fees.
• Your Bank of America minimum payment is listed on your monthly statement and online account.

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. That could cost you big time. Similarly, big balances lead to high credit utilization, which could end up harming your credit score.

Your Bank of America credit card limit will be $500 or more with all but one BofA card. The BankAmericard Secured Card has a minimum credit limit of $300. A Bank of America credit card’s limit could also be much higher – reportedly up to $35,000 - $50,000 to start. It depends on your creditworthiness and income. The higher your credit score is, and the more income you have relative to your debt, the higher you can expect your BofA credit limit to be.  

Bank of America Credit Card Limits:

• Bank of America Cash Rewards Card: $500 or more
• Bank of America Travel Rewards Card: $500 or more
• BankAmericard Credit Card: $500 or more
• Bank of America Premium Rewards Card: $500 or more
• BankAmericard Secured Card: $300 to $4,900 (equal to security deposit; approval required for high amounts)

If you’re unsatisfied with your initial Bank of America credit card limit, it’s possible that you’ll be able to get a higher one later on. Bank of America may automatically offer you a credit limit increase if you manage your account responsibly. Or, you could ask for an increase on your own. It’s best to do so after six months of on-time payments.

If you ask for a higher limit, BofA might do a hard inquiry into your credit history. That could temporarily hurt your credit score. But if it’s an automatic increase, it’s a soft inquiry.