Bank of America offers several credit cards with no annual fee, though the card that fits you depends on whether you want cash back, travel rewards, or just a basic option.
Bank of America's no-annual-fee lineup includes the Bank of America Cash Rewards card (1% cash back on all purchases, 2% at gas stations and grocery stores for the first year, then 1%), the Bank of America Travel Rewards card (1.5 points per dollar on all purchases), and the Bank of America Customized Cash card (you choose which category gets 2% cash back, up to $2,500 in purchases per quarter, then 1%). All three have no annual fee and no foreign transaction fees.
If you want the simplest option with no rewards at all, Bank of America also offers the Bank of America Secured Credit Card, which requires a cash deposit ($500 to $2,500) and has no annual fee. This card is designed for people building or rebuilding credit history.
Key Takeaways
- Bank of America's no-annual-fee cards include the Cash Rewards card (1% to 2% cash back), the Travel Rewards card (1.5 points per dollar), and the Customized Cash card (you pick the 2% category).
- The Secured Credit Card requires a cash deposit but has no annual fee and helps build credit if you have limited or damaged history.
- All of these cards waive foreign transaction fees, which matters if you travel or make purchases outside the United States.
- The rewards rate and structure differ between cards, so the lowest-cost option for you depends on how you spend money.
How the no-annual-fee cards compare
The Cash Rewards card pays 1% cash back on everything, 2% at gas stations and grocery stores for the first 12 months, then 1% on those categories after that. There is no cap on how much cash back you can earn. You get the cash back as a statement credit, a check, or a deposit to a Bank of America account.
The Travel Rewards card earns 1.5 points per dollar on all purchases with no category limits or rotating categories. Points can be redeemed for travel (flights, hotels, rental cars, cruises) at a fixed rate, or transferred to Bank of America's travel partners. The card also includes trip cancellation insurance and lost luggage reimbursement.
The Customized Cash card lets you choose one category to earn 2% cash back on (up to $2,500 in purchases per quarter, then 1% after that). You pick from categories like gas, groceries, online shopping, dining, travel, drug stores, or home improvement. This card works best if most of your spending falls into one category.
The Secured Credit Card for building credit
The Secured Credit Card requires you to put down a cash deposit between $500 and $2,500. That deposit becomes your credit limit — if you deposit $1,000, your credit limit is $1,000. The deposit stays in a savings account and earns interest, but you cannot touch it while the card is open.
There is no annual fee, and Bank of America reports your payment history to all three credit bureaus (Equifax, Experian, TransUnion). After you make on-time payments for several months, you may be able to convert this card to an unsecured card and get your deposit back. The card itself has no rewards, so it is purely a tool for building credit history.
What "low-cost" means in Bank of America's lineup
All of Bank of America's no-annual-fee cards have zero annual cost. The difference between them is not the fee — it is the rewards structure and who benefits most from using them. A card with no annual fee but rewards you do not use is not truly low-cost; it is just free.
If you carry a balance month to month, the interest rate matters more than the rewards. Bank of America's standard purchase APR (the rate you pay on balances you do not pay off) ranges from around 18% to 29% depending on your credit score and the specific card. No rewards program offsets interest charges, so if you plan to carry a balance, focus on paying it down rather than chasing rewards.
If you pay your balance in full each month, the annual fee is your only cost, and all three no-fee cards are equally low-cost. The card that saves you the most money is the one whose rewards match your actual spending.
How to compare these cards to other banks
Bank of America's no-annual-fee cards are competitive but not unique. Other banks offer similar cards: Chase Freedom Unlimited (1.5% cash back, no annual fee), Citi Double Cash (2% cash back, no annual fee), and Capital One SavorOne (3% on dining and entertainment, 1% on everything else, no annual fee) are common alternatives.
The choice between Bank of America and another bank often comes down to where you already bank and whether you want to consolidate accounts. If you have a Bank of America checking account, you may earn a higher rewards rate on some cards or get a sign-up bonus. If you bank elsewhere, the rewards structure of the card itself matters more than the issuer.
What happens after you open a no-annual-fee card
Once approved, your card arrives in 7 to 10 business days. You can set up it online or by phone. Bank of America will set a credit limit based on your credit score and income — this is not negotiable at the time of approval, though you can request an increase after you have used the card for several months.
Your first statement closes 21 to 25 days after you open the account. You then have a grace period (usually 21 days from the statement closing date) to pay the balance in full without interest. If you pay only part of the balance, interest starts accruing on the unpaid portion when ready — there is no grace period for partial payments.
Bank of America reports your payment history to the credit bureaus monthly. On-time payments help your credit score; late payments (30 days or more) hurt it and may trigger a higher interest rate on this card and others.
Frequently Asked Questions
Can I get a sign-up bonus with a no-annual-fee card?
Bank of America occasionally offers sign-up bonuses on its no-annual-fee cards, but these are not permanent and change throughout the year. Check Bank of America's website or call 1-800-432-1000 to see what bonus, if any, is currently available. Bonuses are usually cash back or points that appear in your account after you spend a certain amount in the first few months.
What is the difference between the Customized Cash card and the Cash Rewards card?
The Customized Cash card lets you pick one category to earn 2% cash back on (up to $2,500 per quarter), while the Cash Rewards card automatically gives you 2% at gas and groceries for the first year, then 1% everywhere. If your spending is concentrated in one category, Customized Cash may pay more. If you spend evenly across categories, Cash Rewards is simpler.
Do I need a Bank of America checking account to open one of these cards?
No. You can open any Bank of America credit card without a checking account. However, if you do have a Bank of America checking account, you may see higher rewards rates or bonus offers on some cards. Check the offer that appears when you log into your account.
What if I have bad credit — can I still get approved?
If your credit score is very low or you have no credit history, the Secured Credit Card is your best option. It requires a deposit but does not require a good credit score. If your score is fair (around 580 to 669), you may be approved for one of the unsecured no-annual-fee cards, though your credit limit may be low. You can always explore and see what Bank of America offers.
Can I switch from one no-annual-fee card to another?
Yes. You can open a second Bank of America credit card while keeping the first one open, or you can close one and open another. Closing a card can temporarily lower your credit score because it reduces your total available credit. If you want to switch cards, consider keeping the old one open and unused rather than closing it.