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Credit Card Interest Rates & Fees FAQs

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What's an annual fee?

An annual fee is the yearly fee charged for some credit card products.

What's an annual percentage rate (APR)?

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: Sign 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

What's a balance transfer fee?

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
Sign 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
Sign in to the Mobile Banking app, select your credit card account, and scroll to Account Management.

Get the app

What's a late fee?

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.

What's a transaction fee?

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 or if you have overdraft protection on a deposit account that's tied to your credit card. Please refer to your Credit Card Agreement for specific fee amounts by transaction type.

What's an interest charge, and when does it occur?

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).

What's a periodic rate?

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.

What's the Prime Rate?

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.

What happens when my credit card is charged with a returned payment fee?

A returned payment fee is assessed if a payment on your account is returned for insufficient funds or for any other reason. The Returned Payment Fee will not exceed the Total Minimum Payment Due immediately prior to assessment of the fee, and will never exceed the amount of the payment being returned.

What are the fees for using a credit card in a foreign country?

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.

What's a checkout fee, and when and how does it get charged to me?

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.

Who is charging me this checkout fee, Bank of America or the merchant?

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.

How much will I be charged?

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.

Which states restrict or prohibit adding surcharges to credit card transactions?

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.

Why was I charged a checkout fee when I reside in a no-surcharge state?

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 layer provides contact information for each state.

How will I know before I buy something if the merchant charges this fee?

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.

Will the checkout fee be listed on the 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).

What if I am charged too much, or my merchant didn't disclose its fee policy?

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 layer

Mastercard: Call 800.307.7309 or use Mastercard's online form to report a merchant violation layer

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