What Bank of America Offers in Visa Cards
Bank of America issues several Visa credit cards, each designed for different spending patterns and financial situations. The most common are the Bank of America Cash Rewards card (which gives cash back on purchases), the Bank of America Travel Rewards card (which earns points on all spending), and the Bank of America Premium Rewards card (which targets higher spenders). Each card has different annual fees, rewards rates, and welcome offers.
The cards are issued by Bank of America, N.A., and the terms are set by Bank of America, not by Visa itself. Visa is the payment network — it processes the transaction when you swipe or tap — but Bank of America decides the rewards, the interest rate, the annual fee, and whether you are approved.
All Bank of America Visa cards work the same way at checkout: you can use them anywhere Visa is accepted, both in stores and online. The difference between the cards is what happens after you spend the money — how much cash back or points you earn, what that costs you in annual fees, and what perks come with the card.
Key Takeaways
- Bank of America offers multiple Visa cards with different rewards structures; the Cash Rewards card pays cash back, while the Travel Rewards and Premium Rewards cards earn points instead.
- Each card has an annual fee (some cards have no annual fee, others charge $95 or more), and the rewards rate varies depending on the card and the category of purchase.
- You need a Social Security number, a valid address, and an existing Bank of America account or the ability to open one to get a Bank of America Visa card.
- The card issuer will check your credit report and credit score to decide whether to approve you and what interest rate to offer.
- Once approved, you can use the card when ready online or request a physical card to arrive by mail, usually within 7 to 10 business days.
The Three Main Bank of America Visa Cards and Their Rewards
The Bank of America Cash Rewards Visa has no annual fee and pays 1% cash back on all purchases, with higher rates (2% or 3%) in categories you choose each month. This card is straightforward: you spend money, you get a percentage of it back as cash. The cash back appears as a credit on your statement and can be transferred to a Bank of America checking or savings account.
The Bank of America Travel Rewards Visa charges no annual fee and earns 1.5 points per dollar on all purchases. Points can be redeemed for travel (flights, hotels, rental cars) through the Bank of America travel portal, or transferred to partner airlines and hotels. The value of a point varies depending on how you redeem it, but Bank of America typically values them at 1 cent each when used for travel.
The Bank of America Premium Rewards Visa charges an annual fee (currently $95) and earns 2 points per dollar on travel and dining, 1.5 points per dollar on everything else. It also includes travel protections like trip cancellation insurance and lost luggage reimbursement. This card is aimed at people who spend enough to earn back the annual fee through points and perks.
Bank of America also periodically offers welcome bonuses — typically a lump sum of cash back or points if you spend a certain amount in the first few months. These bonuses change frequently and vary by card, so check the Bank of America website for the current offer before you proceed.
What You Need to Know About Interest Rates and Fees
The interest rate (called the Annual Percentage Rate, or APR) is what you pay if you carry a balance from month to month instead of paying it off in full. Bank of America does not publish a single APR for all cardholders; instead, they offer a range based on your credit score and credit history. A person with excellent credit might receive an APR of 16%, while someone with fair credit might receive 24%. You will not know your exact APR until after you are approved.
If you pay your full statement balance by the due date each month, you pay no interest at all. Interest only applies to the amount you do not pay. For example, if your statement balance is $1,000 and you pay $600 by the due date, interest accrues on the remaining $400.
Beyond the annual fee (which varies by card), Bank of America charges other fees for specific actions: a late payment fee (currently up to $39 if you miss a due date), a foreign transaction fee (typically 3% if you use the card outside the United States), and a cash advance fee (usually 3% of the amount, with a minimum of $10). These fees are charged in addition to interest and appear on your statement.
How to Get a Bank of America Visa Card
To request a Bank of America Visa card, you must first have a Bank of America checking or savings account, or be willing to open one at the same time. Bank of America does not issue credit cards to people without an existing relationship with the bank. If you do not have an account, you can open one online or at a branch before you request the card.
Once you have an account, you can request the card online through your Bank of America login, by phone at the number on the back of your debit card, or in person at a branch. The online process takes about 10 minutes and asks for your Social Security number, income, employment status, and housing situation. Bank of America uses this information to check your credit report and decide whether to approve you.
After you submit your request, you will receive a decision within a few minutes to a few hours. If approved, you can use the card number when ready for online purchases. A physical card will arrive by mail in 7 to 10 business days. If you are denied, Bank of America will send you a letter explaining why, and you can request a copy of the credit report they used.
What Happens After You Are Approved
Once your card arrives, you need to set up it before you can use it. Bank of America sends set up instructions with the card, and you can set up online, by phone, or through the mobile app. set up takes less than a minute.
Your statement closes on a date set by Bank of America (for example, the 15th of each month), and your payment is due about 21 days later. You can pay online through your Bank of America account, by phone, by mail, or through the mobile app. Bank of America also offers automatic payments, where a set amount is deducted from your checking account each month.
You can monitor your rewards balance, statement, and payment due date through your Bank of America online account or mobile app. The app also lets you turn the card on and off (useful if you lose it or want to prevent unauthorized use), set up alerts for large purchases, and dispute charges.
How Your Credit Score Affects Your Approval and Interest Rate
Bank of America will check your credit report when you request a card. This check, called a hard inquiry, temporarily lowers your credit score by a few points. The inquiry stays on your credit report for two years but stops affecting your score after about three months.
Your credit score is a three-digit number (typically between 300 and 850) that summarizes your history of borrowing and paying back money. It is based on whether you have paid bills on time, how much debt you currently carry, how long you have had credit accounts, and other factors. Bank of America uses this score to decide whether to approve you and what interest rate to offer.
If your credit score is below 670, Bank of America may deny your request or offer you a higher interest rate. If your score is 670 to 739, you will likely be approved but at a mid-range rate. If your score is 740 or higher, you are more likely to receive a lower rate. These are general ranges; Bank of America also considers your income, employment, and existing relationship with the bank.
Comparing Bank of America Visa Cards to Other Options
Bank of America Visa cards compete with cards from other issuers like Chase, Capital One, Discover, and American Express. The main differences are the rewards rate, the annual fee, the perks included, and the credit score required to be approved.
For example, the Chase Freedom Unlimited card also has no annual fee and earns 1.5% cash back on all purchases — the same as the Bank of America Travel Rewards card. However, Chase Freedom Unlimited pays cash back directly, while Bank of America Travel Rewards pays points that must be redeemed. Some people prefer cash back because it is simpler; others prefer points because they can earn more value by redeeming for travel.
The Capital One Venture card charges a $95 annual fee (like the Bank of America Premium Rewards card) but earns 2 miles per dollar on all purchases, not just travel and dining. American Express cards are not Visa cards — they use the American Express network instead — so they are accepted at fewer places, but some offer higher rewards rates or better travel protections.
The best card for you depends on how you spend money, whether you want cash back or points, how much you are willing to pay in annual fees, and what credit score you have. If you spend a lot on travel and dining and have excellent credit, the Bank of America Premium Rewards card might be worth the $95 annual fee. If you want simplicity and no annual fee, the Cash Rewards card is a solid choice.
Frequently Asked Questions
Can I use a Bank of America Visa card if I do not have a Bank of America checking account?
No. Bank of America requires you to have an existing checking or savings account with them to request a credit card. You can open a checking account online or at a branch at the same time you request the card, and both can be completed in the same day.
What is the difference between the cash back and the points?
Cash back is money that appears as a credit on your statement and can be transferred to your bank account or used to pay your credit card bill. Points must be redeemed through the Bank of America rewards portal for travel, merchandise, or other options. Cash back is simpler; points can sometimes be worth more if you redeem them strategically for travel.
How long does it take to receive my physical card after I am approved?
Bank of America typically mails the physical card within 7 to 10 business days of approval. You can use the card number online when ready after approval, even before the physical card arrives. If you need the card faster, some Bank of America branches can issue a temporary card in person.
What happens if I miss a payment?
If you miss your payment due date, Bank of America will charge a late fee (up to $39) and report the late payment to credit bureaus, which will lower your credit score. Your interest rate may also increase. If you miss a payment by more than 30 days, the missed payment will appear on your credit report for seven years.
Can I transfer a balance from another credit card to a Bank of America Visa card?
Yes. Bank of America offers balance transfer options on some cards, which allow you to move debt from another card to your Bank of America card, usually at a lower interest rate for a set period (for example, 0% APR for 12 months). A balance transfer fee (typically 3% to 5% of the amount transferred) is charged upfront. Check the Bank of America website for current balance transfer offers.