Founded in 1998 and headquartered in Charlotte, North Carolina, Bank of America is a multinational banking and financial services company that offers credit cards.

The Good

  • Competitive APRs
  • Rewards Programs
  • Free Credit Score Tracking
  • Fraud Safeguards

Competitive APRs

Bank of America offers a few different credit cards with introductory rates of zero percent for the first 12 to 18 months. After that, rates range from 11.24 percent to 23.24 percent*, which is very competitive within the industry.

Rewards Programs

Bank of America offers a variety of rewards programs that cardholders can participate in and earn travel points, bonuses, and cash back. Earned rewards are easy to convert into cash or prizes.

Free Credit Score Tracking

Because Bank of America thinks that its important to provide its customers with tools to help them understand their credit, the company provides consumer cardholders with access to a free monthly FICO score from TransUnion. With this feature, cardholders can see key factors that are impacting their score, track recent scores month-to-month and compare them to national averages, and learn about credit and strategies for keeping their credit healthy.

Fraud Safeguards

Bank of America provides tips on how to prevent fraud and invests in fraud protection technology in order to shield its cardholders from fraud.

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The Bad

  • Annual Fee
  • Late Payment Penalty
  • Foreign Transaction Fee

Annual Fee

Bank of America charges annual fees up to $99 depending on the card. There are several other credit card companies that do not charge any annual fees at all.

Late Payment Penalty

For every late payment, Bank of America cardholders will incur a fee of up to $37.

Foreign Transaction Fee

Bank of America charges a foreign transaction fee of 3 percent, which is one of the highest in the industry.

The Bottom Line

Bank of America offers competitive APRs, several rewards programs, free credit score tracking, and a number of fraud safeguards. However, the company has a few different fees in place, including an annual fee, a late payment fee, and a foreign transaction fee.

*Disclaimer: Listed interest rates were accurate as of May 2017 but are subject to change. Actual rates may differ from those listed in our review.

Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.

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3 Bank of America Reviews

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  1. User Score


    June 9th, 2017

    Fraud dept. failed to catch 167 unauthorized fraudulent LYFT charges to my acct. This occurred over a 6 wk period and totaled over $2200. Many of the charges were occurring simultaneously -up to 6 a day. It wasn’t until I opened my statement that this came to my attention!

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    June 5th, 2017 Salt Lake City, UT

    I have a Bank of America card and I hate it. Paying this stupid thing every month is the biggest pain ever. I don’t bank through them, and they make it this huge hassle to try and connect your bank account so I can’t pay online. So I have to pay by phone every month, and their automated phone system is like talking to the dumbest robot ever made.

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    May 28th, 2017

    Bank of America charged an an NSF fee for their monthly maintenance fee (which is $12, bs -_- ) this in turn caused my account to go negative in January and they charged, again, a new overdraft fee for that.

    So I called them chewed them out and cancelled my account at the end of January. However the service rep did not cancel it. Fast forward to now, they retried payment multiple times and charged fees each time over the last few months.

    Finally, a client accidentally sent a contractor payment to my old account (the payment belonged to another contractor) which is how I found out the account was still open. Bank of America promised to repay my client after discussing the full situation. Three weeks of calls with their escalation dept. later and they recanted saying they wouldn’t do it.

    Bank of America is a scammy company that bleeds people dry and makes their money off low-income families. They disgust me as most of these giant banks with no honor for their word aught to. Stick with a local credit union people.

    This bank can seem fine until you need their help in a real situation. They wont go the extra mile, or even the first mile they promised. They will absolutely not lift a finger unless required by law and even then their own policies take precedent because they can get away with breaking agreements as a large corporation. Screw them.

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