Saturday, November 26, 2022

Which Bank Of America Credit Card Is Best

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Bank Of America Premium Rewards Elite Credit Card

2021 BEST Bank of America Credit Cards – Review & Ranking

The most noteworthy feature of this card is its hefty $550 annual fee. If you make $3,000 or more in purchases in the first three months, you get 50,000 bonus points, which almost covers the fee for the first year. You also get two points per dollar spent on dining and travel and 1.5 points per dollar spent on everything else. When you use points to pay for airfare, you save 20% on any class of domestic or international airfare.

There are also several automatic statement credits youll get with this card. You can get up to $550 per year, including up to $300 per year in airline incidental statement credits when you pay for seat upgrades, baggage fees, in-flight services and airport lounge fees, as well as TSA PreCheck/Global Entry and lifestyle statement credits.

Theres no introductory interest rate for this card. The standard interest rate is variable and ranges from 16.74% 23.74%.

Best for: Frequent business travelers who pay their balance in full every month, and those who earn enough points to offset the $550 annual fee.

Bank Of America Credit Card Benefits

All Bank of America cards come with some common benefits. For example, account holders can access FICO scores updated monthly for free through the companys Mobile Banking app or by logging in online. An account holder can also use these tools to view credit card bills online, transfer funds, check available credit or configure account alerts.

Bank of America offers optional overdraft protection to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card.

The banks reward-earning cards are eligible to earn even more points or cash back through the Preferred Rewards program. Your status in this program is based on your qualifying combined balances in your Bank of America banking and Merrill investment accounts. If you have between $20,000 and $50,000 of combined deposits, you receive a 25% rewards bonus from eligible credit cards. Those with $50,000 to $100,000 in combined deposits receive a 50% rewards bonus, and those with more than $100,000 on deposit receive a massive 75% rewards bonus.

How To Apply For A Bank Of America Credit Card

You can apply for a Bank of America Credit Card via the Bank of America website. After browsing options and selecting the right fit for you, you will be redirected to a secure online credit card application form. Simply fill out the application and hit submit. Applications can also be saved for later so long as any application started is completed within 30 days.

After submitting your application you should receive a notice via email from Bank of America quickly, informing you if your application has been approved, declined or needs more time for review. Once approved, you will receive your card within 10 business days.

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Bank Of America 0% Intro Apr Cards

If you want to easily manage your debt, see whether you qualify for an 0% APR credit card from Bank of America. This type of credit card allows you to avoid interest charges on purchases and/or balance transfers for a specified period of time. This amount of time is called the 0% APR period and it typically lasts at least 12 months from when you opened your account.

Cards with 0% intro APR offer periods are often the best balance transfer cards available. While you will typically have to pay a balance transfer fee, these cards make it simple to transfer debt from one credit card to another so you can avoid paying lots of interest for a certain window of time. As long as you pay off the debt during the 0% intro APR period, youll have avoided accruing any interest on the balance of debt that was transferred.

Its the same thing with 0% intro APR periods on purchases. Leverage the introductory interest rate if you need to make big purchases, but make sure you can pay those purchases off before the intro APR period ends. After the promo period ends, your remaining balance will be subject to a variable APR. So if you don’t pay off the card by the time the regular APR kicks in, youve only delayed the interest from accruing and will have to pay it anyway.

Bank of America offers these 0% intro APR cards:

  • Allegiant World Mastercard® Credit Card

Capital One Venture X Rewards Credit Card: Best For Unlimited Miles On Purchases

BankOfAmerica/MYnewCREDITcard

Why we picked it: The newest edition to the Venture family features plenty of perks, including unlimited miles on purchases. When you book through Capital One Travel, youll earn 10X miles on hotels and rental cars as well as 5X miles on flights. All other purchases earn an impressive 2X miles. Capital One tops this off with a welcome offer of 100,000 bonus miles after spending $10,000 on purchases within the first six months of account opening.

Pros: There are a lot of ways to offset the $395 annual fee. In your first year, you can earn a vacation rental credit of up to $200. After that, youll receive 10,000 bonus miles every year , starting on your first anniversary. Theres also an annual credit of up to $300 for travel booked through Capital One Travel. And thats on top of the unlimited miles you can earn on purchases and all the other benefits that come with this card.

Cons: On top of the annual fee, youll have to spend $10,000 within six months of account opening to earn the 100,000 bonus miles. This could be a big ask for anyone who doesnt have any big trips planned or people who dont use their credit card regularly.

Who should apply? The Venture X is a great option for anyone looking to experience the perks of premier travel rewards cards. Frequent travelers who use their credit card often will be able to take advantage of the Venture Xs generous and unlimited earning potential, which will help offset the annual fee.

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Bank Of America Business Advantage Travel Rewards World Mastercard Credit Card

Our pick for: Small business travel rewards

This is the business version of the issuer’s excellent no-annual-fee travel card. The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card pays solid rewards on every purchase and gives you wide flexibility in redeeming your points for any travel purchase, without the restrictions of branded airline and hotel cards. Read our review.

Bonus For Bank Of America Preferred Rewards Members

Furthermore, if youre a Bank of America Preferred Rewards member, you can get 25% to 75% more points on every purchase. This program has three tiers based on how much you have in qualifying combined balances in your Bank of America banking and/or Merrill investment accounts. With the maximum level bonus , this card would earn up to 3.5 points for every $1 on travel and dining purchases and up to 2.625 points for every $1 on other purchases. However, this program might be out of reach for some cardholders: The lowest tier requires a minimum of $20,000 in qualifying balances.

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Bankamericard Credit Card: Best For Balance Transfers

Why we picked it: Anyone considering a balance transfer will appreciate BankAmericards lengthy 0% introductory APR lasting 18 billing cycles, valid for balance transfers initiated within the first 60 days of account opening. These terms also apply to the purchase APR.

Pros: Its lengthy balance transfer offer makes it an excellent card for paying down card debt. Additionally, cardmembers can earn a statement credit online bonus of $100 after spending at least $1,000 within the first 90 days of account opening.

Cons: The intro APR is attractive, but the balance transfer fee isnt as low as other cards in this category. Another potential deal breaker for some: this card has no rewards program.

Who should apply? Someone hoping to tackle an existing card debt or finance a large purchase would benefit from this cards APR introductory offer.

Who should skip? Reward chasers should look elsewhere as this card has no rewards program.

Read our BankAmericard® credit card review or jump back to this cards offer details.

Which Bank Of America Card Is Right For You

Bank of America Cash Rewards Credit Card Review: Best Cash Back Card?

If you qualify for the Preferred Rewards program, then you should get a Bank of America card. Bank of America credit cards already have competitive rewards rates, and an additional 25% to 75% makes those rates even better.

You’ll need a combined balance of at least $20,000 to qualify for the Preferred Rewards Gold tier, and higher balances can qualify you for the Platinum or Platinum Honors tier.

Even if you’re not an existing Bank of America client, its credit cards still have some strong benefits. Its cards are worth a look if you’re interested in travel rewards, cash back, or 0% intro APR offers.

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Whats The Interest Rate On Bank Of America Credit Cards

That depends on the credit card you choose and your personal creditworthiness. All else being equal, having a higher credit score means qualifying for a lower interest rate.

Some Bank of America credit cards have long 0% APR introductory periods, low ongoing interest rates, or both.

If youre planning on carrying a balance from month to month, BankAmericard is probably your best bet. Likewise if youre planning a major purchase or balance transfer soon after opening your account thanks to BankAmericards long 0% APR introductory offer.

Bank of America Customized Cash Rewards is a close second on the 0% APR introductory offer front.

Bank Of America Business Advantage Travel Rewards World Mastercard

Annual fee: $0.

Sign-up bonus: 30,000 points after you spend $3,000 on purchases in the first 90 days of account opening which can be redeemed for a $300 statement credit toward travel or dining-related purchases.

Earning rate: 3 points per dollar on travel booked through Bank of America Travel Center and 1.5 points per dollar on all other purchases.

Why you should apply: For a no-annual-fee card, it has quite a lucrative earning potential especially if you tend to book travel through a third-party platform such as Expedia. If you also qualify for the Bank of America Preferred Rewards program , you could earn up to 25-75% more rewards, or an up to 3.75-5.25 points per dollar spent on travel purchases. That earning rate beats the rates of plenty of top business credit cards on the market, and you dont even have to pay an annual fee to take advantage of it.

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Bank Of America Platinum Plus Mastercard Business Card: Best For Low Interest

Why we picked it: This cards variable APR of 10.24% to 21.24% is a top-notch rate for any business credit card. Boosting its affordability, this card also features no annual fee and an intro purchase APR of 0% for your first 7 billing cycles. The average business card charges a minimum APR around 14.43%, so this cards welcome window and low APR provide a rare level of freedom to those having to carry a balance.

Pros: As a solid welcome bonus, the Platinum Plus Mastercard offers a $300 statement credit if you spend $3,000 in your first 90 days as a cardholder. And to boost your business abilities, this card offers benefits like free employee cards, a cash flow management tool to help track revenues and a slew of perks to ease any business travel experiences.

Cons: Unlike most business cards, this option doesnt provide a way of earning regular rewards. Although its a valuable money-saving option, your business may benefit more from a card that rewards your spending and has more premium benefits.

Who should apply? Small businesses that expect to carry a balance could benefit from the short-term value of this cards intro APR offer and sign-up bonus, plus the long-term value of the low interest rate.

Who should skip? Potential cardholders who want to earn rewards on their business expenses should look to the many rewards-earning business credit cards.

Read our Bank of America Platinum Plus Mastercard Business card review or jump back to this cards offer details.

Amtrak Guest Rewards World Mastercard

Bank of America Cash Rewards Credit Card Review

This is our best option on the list for those who love to travel by train.

  • Offer annual companion coupons to new cardholders
  • You get 5% of your redeemed points back when you use them to book an Amtrak ticket.
  • You get 3x points on Amtrak purchases
  • High annual fees
  • Not convenient for everyone

This is a great choice as a balance transfer card because you get a great 0% intro APR period

For new cardholders, you are guaranteed two yearly coupons as welcome bonuses. These include an annual companion worth up to $300 and a coupon to upgrade your ticket that is worth up to $150.

The ongoing rewards include 3x points per dollar spent on Amtrak travel. When you use the redeemed points from your reward to book an Amtrak ticket, you get 5% of your redeemed points back.

It also has a limited online offer where you get 50,000 bonus points after qualifying purchases worth up to $1,250 in Amtrak® travel. Theres no limit as to how many points you can earn and they dont expire as long as your account is open.

Amtrak travelers will also enjoy earning a 20% rebate on food and beverage purchases on board, up to 4,000 Tier-Qualifying Points towards elite status, and a complimentary single-visit station lounge pass upon account opening. All these perks come at $79 annual fees.

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Capital One Venture Rewards Credit Card: Best Travel Credit Card

Why we picked it: Offering 2X miles on all purchases for a $95 annual fee, this Capital One card offers a ton of value to average spenders looking for a travel rewards credit card.

Pros: The Venture Rewards credit card currently touts a sweet sign-up bonus. Cardholders can earn 60,000 bonus miles if they spend $3,000 in their first three months of account opening. The card also touts a number of ancillary travel benefits, including no foreign transaction fees, up to $100 credit for Global Entry or TSA Precheck, travel accident insurance and car rental insurance.

Cons: The biggest drawback is Capital Ones relatively thin list of transfer partners, which, most notably, doesnt include a major U.S. airline.

Who should apply? Frequent travelers looking to avoid the pricey $150 to $550 annual fees associated with other standout cards in the travel category can consider the Venture Rewards a great match.

Who should skip? Strategic spenders and luxury travelers are likely better served by a premium travel card like the Chase Sapphire Reserve or The Platinum Card® from American Express. If your credit is fair, your Venture approval odds are low, but you can consider the Capital One VentureOne Rewards Credit Card, which offers lower rewards but has a lower barrier to entry.

Read our full Capital One Venture Rewards Credit Card review or jump back to this cards offer details.

Preferred Rewards Redemption Options

In addition to the cant-miss points boost and bountiful benefits, the Bank of America Preferred Rewards program is versatile: You arent tied down to specific travel partners, for example, and you can even get a check cut for your rewards, if you so desire. Here are ways you can redeem your points:

  • Gift cards. You can redeem from Lands End to iTunes, starting at 1:1 for your points.
  • Travel. Bank of America doesnt have partners, so you can use your points to book directly with an airline, hotel or rental car company.
  • Cash. Redeem as a statement credit.
  • Deposit in Bank of America account. With the Bank of America® Customized Cash Rewards credit card, redeem cash back into a checking or savings account and even get up to 75% extra value for qualifying Preferred Rewards customers. You can even redeem rewards automatically to the account of your choice.
  • Merrill. With the Premium Rewards Card, deposit into a Merrill account such as savings, checking or a 529 plan.
  • Personal check. Allow for 14 days for this option.

With all the perks, impactful savings opportunities and flexible ways to redeem, becoming a member of the program is a must if you want to get value out of your regular purchases. See our guide to the Preferred Rewards program for further tips on how to utilize your BofA credit card.

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The Best Bank Of America Credit Cards Of 2022

Articlesby Madison Blancaflor This page is a marketplace where our partners can highlight their current card offers. The reviews and insights represented are editorial, but the order in which cards appear on the page may be influenced by compensation we may receive from our partners.

Bank of America offers an impressive lineup of more than 20 credit cards that run the gamut from cash-back credit cards to airline credit cards. It can be helpful to analyze these cards individually and see where they might fit in your wallet instead of trying to build out a grand strategy such as the Chase or Amex Trifecta. See cards below from our partners.

at Bank of America’s secure site

Bank Of America Travel Rewards Card

Bank of America Travel Rewards Credit Card Review 2021 – Is this the best no annual fee travel card?

If you like to travel to exotic locations and want your credit card purchases to aid in that endeavor, the Bank of America Travel Rewards Card might be a good fit. The card provides an unlimited 1.5 miles for every dollar spent, which can be redeemed for statement credits toward travel purchases. This means you can use your rewards for plane tickets, rental cars, and hotel stays without blackout dates or restrictions. The card has no annual fee, an intro APR, and other perks specifically for Bank of America customers.

  • : 0% for first 12 months 15.99%23.99% variable APR after that
  • Benefits: Qualify for 1.5 points for every dollar you spend
  • Category: Travel Credit Card

Card Highlights

The Bank of America Travel Rewards Credit Card is a travel card designed for those who love to hit the skies or the open road. The credit card offers 1.5 miles for each dollar spent without limits and without restrictions when redeeming rewards. New cardmembers also have an opportunity to earn an additional 25,000 miles when at least $1,000 in purchases is made on the card within the first 90 days of account opening.

Customers with an active Bank of America checking or savings account can earn 10% bonus rewards on each purchase. Preferred Rewards customers can increase their rewards by 25% to 75%.

Rates & Fees

The Verdict

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