Credit Card Interest Rates & Fees FAQs
An annual fee is the yearly fee charged for some credit card products. Visit Better Money Habits for more information about choosing the right card for you.
An APR is the interest rate charged on a credit card expressed as an annualized amount. APRs can vary by the type of transaction. Please see your Credit Card Account Agreement for details.
If you're enrolled in Online Banking, you can easily request your Credit Card Account Agreement: Log in to Online Banking, select your credit card account and go to the Information & Services tab. Select Request a paper copy online and, depending on your paperless settings, you'll receive a copy in the mail or have online access in 3-5 days (once you have access, you'll find the Agreement by selecting Notifications and Letters in the Statements & Documents tab).
Not an Online Banking customer? Enroll in Online Banking today
A balance transfer fee may be charged when you move a part or all of the balance from a non-Bank of America account to your Bank of America credit card. The fee is a component of balance transfer offers that may be available for a new card application or with any existing credit cards you may already have, and it can vary. Please refer to the balance transfer offer details for any new card or existing account offers for specific fee amounts.
For existing consumer credit cards:
On our website
Log in to Online Banking select your credit card and access the Information & Services tab.
Not an Online Banking customer? Enroll in Online Banking today
On your mobile device
Log in to the Mobile Banking app, select your credit card account, and scroll to Account Management.
A late fee is a penalty fee that's charged if the Total Minimum Payment Due shown on your monthly statement is not received on or before the Payment Due Date.
How to avoid:
- Pay at least the minimum payment due on/before the due date
- Pay with automatic payments. Set up Bill Pay and arrange automatic payments
- Set up account alerts to remind you when payments are due
A transaction fee is a fee charged when making balance transfers, direct deposit or check cash advances, or other bank cash advances, such as ATM cash advances, with your credit card. A transaction fee may also be charged if you make a foreign transaction. Please refer to your Credit Card Agreement for specific fee amounts by transaction type. Fee information is also available in Online Banking in the Information and Services tab.
An interest charge is the sum of interest on your credit card account. It is broken down by transaction type: purchases, cash advances and balance transfers. If you pay less than the full balance, pay after the payment due date or if your credit card does not have a grace period for purchases, then you will pay interest on those transactions.
Please note: cash advances and balance transfers have no grace period, which means they start accruing interest as soon as the transaction is made. Even if your cash advance or balance transfer balance is paid in full, you will have interest due (unless you have a 0% promotional rate for these transaction types).
How to avoid:
- Pay your statement balance in full on/before the due date
- Pay with automatic payments. Set up Bill Pay and arrange automatic payments to pay your full statement balance on/before the due date
- Set up account alerts to remind you when payments are due
A periodic rate is the interest rate that may be charged by a creditor on a balance for a day, week, month or any subdivision (or period) of a year.
The Prime Rate is the rate of interest a bank offers to its most creditworthy customers. The U.S. Prime Rate, as published daily by The Wall Street Journal, is based on a survey of the prime rates of the 10 largest banks in the United States. The U.S. Prime Rate is an important index used by banks to set rates on many consumer loan products, including credit cards.
A credit card cash advance is a withdrawal of cash from your credit card account. Before you take out a cash advance on your credit card, it's important to understand the fees, risks and benefits. Learn more about cash advances
Transactions either made in a foreign currency or made in U.S. dollars and made or processed outside of the United States may be subject to a foreign transaction fee.
For detailed information on fees, please refer to your most recent Credit Card Agreement and any recent amendment(s) or contact us at the toll-free number on the back of your card.
If you travel often, you may want to consider one of our credit cards with no foreign transaction fees
Visit Better Money Habits for more information about choosing the right card for you.
A checkout fee is an extra fee that a merchant has the option to add to your credit card or prepaid card transaction, subject to state law. Checkout fees can not be added to debit card transactions, even if credit is selected for the transaction. Bank of America doesn't know which specific merchants will add these fees. The checkout fee should be treated similarly to other merchant-imposed fees and refunded on a pro-rated basis in the event you return your purchase.
The checkout fee is a fee that a specific merchant has chosen to add to your credit card transaction. Bank of America is not involved in any way with establishing checkout fees, and we recommend you ask the merchant if checkout fees apply to your purchase before you complete your transaction.
A merchant choosing to add a checkout fee will choose and disclose the amount to you before you purchase. Check for the store's fee policy at the store entrance, the cash register and point of sale.
State law currently restricts credit card surcharging in the following 7 states: Colorado, Connecticut, Kansas, Maine, Massachusetts, New York City (the rest of the state of New York allows), Oklahoma and the U.S. Territory, Puerto Rico.
If you live in a state where surcharging is restricted, please refer to your respective state attorney general's office for guidance on credit card surcharging. The National Association of Attorneys General website popup provides contact information for each state.
Merchants are required to disclose their checkout fee practice at the store entry point and at the point of sale (and online checkout screen). It will also be noted as a separate line item on your receipt.
Yes. The merchant is required to note any checkout fee amount as a separate line item on your receipt (similar to shipping and handling charges).
If you believe you were charged more than the legal amount and/or the merchant did not display or explain its checkout fee practices, you may report the surcharge violation by contacting the respective payment network listed on the front of your card (for example, Mastercard or Visa).
American Express: Call 800.528.4800
Visa: Call 800.847.2911 or use Visa's online form to report a merchant violation popup
Mastercard: Call 800.307.7309 or use Mastercard's online form to report a merchant violation popup
