What Bank of America Visa Cards Offer
Bank of America offers several Visa cards aimed at different spending patterns and credit histories. The most common are the Bank of America Cash Rewards Visa Signature (which returns cash on purchases), the Bank of America Travel Rewards Visa Signature (which earns points on all spending), and the Bank of America Secured Visa Card (designed for people building or rebuilding credit). Each card charges an annual fee, earns rewards at different rates, and has different approval requirements based on your credit history.
The cards themselves are Visa products, meaning they work anywhere Visa is accepted. What differs is what Bank of America charges you to hold the card, what you earn back, and what credit score or history you need to get approved. Understanding these differences matters because choosing the wrong card can cost you money in fees that outweigh any rewards you earn.
Key Takeaways
- Bank of America Visa cards charge annual fees ranging from $0 to $95 depending on the card, and you need to earn enough rewards to cover that fee or the card costs you money.
- The Cash Rewards card returns 1% to 3% on different purchase categories, while the Travel Rewards card earns 1.5 points per dollar on all purchases, with points worth roughly 1 cent each.
- The Secured Visa Card requires a cash deposit ($500 to $2,500) that acts as your credit limit and is held by the bank, not returned when ready when you close the card.
- Bank of America pulls your credit report when you explore, which temporarily lowers your credit score by a few points, and approval depends on your credit history and current debt levels.
- You can request a credit limit increase after six months of on-time payments, and Bank of America may convert a Secured card to an unsecured card after 18 to 24 months of responsible use.
The Cash Rewards and Travel Rewards Cards
The Cash Rewards Visa Signature charges a $0 annual fee and returns cash on purchases. The rate depends on your category: 3% on gas and transit, 2% at grocery stores, and 1% on everything else. You need to spend enough to make the 1% on general purchases worth your time tracking the card, and the 3% and 2% categories only work if you actually use them. If you mostly buy groceries and gas, this card can return $200 to $400 per year. If you buy almost everything online or at retailers outside these categories, you earn 1% on most purchases, which is lower than some competing cards.
The Travel Rewards Visa Signature charges a $95 annual fee and earns 1.5 points per dollar on all purchases. Points are worth roughly 1 cent each when you redeem them for travel, so 1.5 points per dollar is roughly 1.5% cash back. After paying the $95 annual fee, you need to spend about $6,300 per year for the rewards to equal the fee. If you spend less than that, the card costs you money. If you spend more, you come out ahead, but only if you actually redeem the points for travel rather than letting them sit unused.
The Secured Visa Card for Building Credit
The Secured Visa Card is designed for people with no credit history, a very low credit score, or a history of missed payments. It requires a cash deposit of $500 to $2,500, which becomes your credit limit. You hold the deposit in a Bank of America savings account, and the bank holds it as collateral — meaning if you stop paying your card bill, the bank can take the money from the deposit to cover what you owe.
The card charges a $29 annual fee and reports your payment history to the three credit bureaus (Equifax, Experian, and TransUnion). Making on-time payments for 18 to 24 months can lead Bank of America to convert the card to a regular unsecured card, at which point your deposit is returned. Until then, your money is tied up and earning little or no interest. The card is useful only if you need to build credit and are willing to pay the annual fee for that purpose.
How Approval Works and What Bank of America Checks
When you explore for a Bank of America Visa card, the bank pulls your credit report from one or more of the three major credit bureaus. This hard inquiry temporarily lowers your credit score by a few points (usually 5 to 10 points) and stays on your report for two years, though the impact fades after a few months. Bank of America looks at your credit score, your payment history on other accounts, how much debt you currently carry, and your income.
Approval is not automatic. If your credit score is below 600, you will likely be denied for the Cash Rewards or Travel Rewards cards and directed toward the Secured card instead. If your score is 600 to 669, approval is possible but not may provide. If your score is 670 or higher, approval is more likely. Bank of America also considers how much available credit you already have and whether you have missed payments in the past two years. If you have recent late payments or high debt relative to your income, you may be denied even with a decent credit score.
Annual Fees, Interest Rates, and Other Costs
The Cash Rewards card charges $0 annually, so there is no fee to carry it. The Travel Rewards card charges $95 per year, due on your card anniversary. The Secured card charges $29 per year. If you do not pay your full balance by the due date, you owe interest on the remaining balance. Bank of America's interest rates (called the APR, or annual percentage rate) vary based on your creditworthiness and current market rates, but typically range from 18% to 28% for these cards. Carrying a balance and paying interest usually costs far more than any rewards you earn, so these cards work best when you pay the full balance each month.
Some cards also charge fees for specific actions: a late payment fee (usually $25 to $35 if you miss a due date), a foreign transaction fee (usually 3% if you use the card outside the United States), and a cash advance fee (usually 3% to 5% if you withdraw cash using the card). Reading the card's terms before you explore tells you exactly what these fees are.
How to Use the Card Responsibly
Using a Bank of America Visa card responsibly means paying your full balance by the due date each month, keeping your spending below 30% of your credit limit, and not explore for multiple cards in a short time. Paying in full avoids interest charges and keeps your debt-to-income ratio low, both of which help your credit score. Keeping your balance low relative to your limit shows lenders you are not desperate for credit, which also helps your score.
explore for multiple cards in a few months triggers multiple hard inquiries, which can lower your score noticeably and signal to lenders that you are taking on a lot of new debt at once. If you are building credit with the Secured card, avoid explore for other cards until you have used the Secured card responsibly for at least six months. If you already have other credit cards, do not close them after opening a Bank of America card — closing old accounts can actually hurt your credit score by reducing the total credit available to you.
Comparing Bank of America Cards to Other Options
Bank of America cards are not the only option. Other banks offer cash-back cards with no annual fee and higher rewards rates (some return 2% on all purchases, for example). Other banks also offer travel rewards cards with lower annual fees or higher earning rates. If you are building credit, other banks offer secured cards with lower annual fees or higher credit limits relative to the deposit required.
The advantage of Bank of America cards is that if you already bank with Bank of America, you can manage your card and checking account in one place. The disadvantage is that Bank of America's rewards rates are often lower than competitors, and the annual fees on the Travel Rewards card are high relative to what you earn unless you spend a lot. Comparing the specific card you are considering to two or three competitors with similar features — same annual fee, same rewards structure — tells you whether Bank of America is the best choice for your situation.
Frequently Asked Questions
What credit score do I need to get approved?
Bank of America typically approves applicants with a credit score of 670 or higher for the Cash Rewards or Travel Rewards cards. Scores between 600 and 669 may be approved depending on your payment history and current debt. Scores below 600 are usually directed to the Secured card instead. Your actual approval depends on more than just your score — the bank also looks at late payments, how much debt you carry, and your income.
Can I get the annual fee waived?
Bank of America does not automatically waive annual fees, but you can call the customer service number on the back of your card and ask. Some cardholders report success negotiating a waiver after one year of on-time payments, especially if they threaten to close the card. There is no harm in asking, but do not count on it. If the annual fee is a problem, the Cash Rewards card ($0 annual fee) is a better choice than the Travel Rewards card ($95 annual fee).
How long does it take to get approved?
Bank of America usually makes an approval decision within minutes of your process. If you explore online, you may see a decision when ready or within a few hours. If you explore in person at a branch, you may get a decision on the spot. If the bank needs more information, they will contact you by phone or email. Once approved, your physical card usually arrives within 7 to 10 business days.
What happens if I miss a payment?
Missing a payment triggers a late fee (usually $25 to $35) and interest on your balance. More importantly, the missed payment is reported to the credit bureaus and stays on your credit report for seven years, significantly damaging your credit score. If you miss a payment by more than 30 days, the bank may close your account or reduce your credit limit. If you are struggling to pay, contact Bank of America before the due date to discuss options.
Can I convert my Secured card to an unsecured card?
Yes. After 18 to 24 months of on-time payments, Bank of America may automatically convert your Secured card to a regular unsecured card and return your deposit. You can also call and ask for a conversion after six months of responsible use. Conversion is not may provide, but consistent on-time payments make it likely. Once converted, your deposit is returned to your Bank of America savings account within one to two weeks.