Bank Of America Vs Wells Fargo
Bank of America is almost twice the size of Wells Fargo . But as far as banks go, they each have unique credit products.
Bank of America is known for extra rewards and benefits for banking clients with higher bank balances, while Wells Fargo has some surprisingly good rewards cards for travel.
Heres how the issuers compare in areas like customer experience, rewards flexibility and credit card offerings.
How We Chose These Cards
If youre thinking of applying for one of these Bank of America credit cards, here are the reasons we selected each one:
First, we always look at sign-up bonuses. These bonuses can be a vital part of a credit card being the right fit for you. When a sign-up bonus is available, we look at it carefully to dissect its actual value.
Second, we look at spending categories. While earning a sign-up bonus is great, having a card thats valuable in your billfold long term is even better. Im always looking at products to possibly replace what I currently have for better returns on my expenses. The cards chosen above do have great spending categories.
Third, we look to see if theres an introductory APR offer. This can be an important factor for someone looking to consolidate debt or prepare for a large expense, such as a home improvement project.
Lastly, we avoid cards with poor or no rewards system. There are exceptions to the rule such as with secured cards but generally, we like to point our readers to products that will earn them cash back or rewards points so they can make the most of their spending. Check out our list of the best cashback credit cards for more details.
What Is The History Of Bank Of America
Bank of America Corporation was formed through the merger of San Francisco, CA-based BankAmerica and Charlotte, NC-based NationsBank in 1998, creating one of the country’s largest banking organizations. Bank of America can trace its roots to the Bank of Italy, started by an Italian immigrant to serve his community in 1904. Bank of America launched the BankAmericard in 1958, which was the second universal credit card ever offered, with Diners Club being the first. The card network behind the BankAmericard eventually evolved into Visa after being spun off from the bank in the 1970s. Bank of America dramatically grew its credit card portfolio when it acquired MBNA in 2004.
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Perks Of The Preferred Rewards Program
The real benefit of the Premium Rewards Elite Card is for Preferred Rewards Program members. In order to be eligible for the Preferred Rewards program, you must hold a three-month combined average daily balance of $20,000 or more in a BoA deposit account and/or Merrill investment account.
If you’re a Preferred Rewards program member, you can earn up to 75% more cash-back with the card. Here’s how the additional cash-back breaks down by tier:
- Gold tier rewards member, with at least $20,000 in deposit or investment accounts, is eligible for 25% more cash-back
- Platinum tier rewards member, with at least $50,000 in deposit or investment accounts, is eligible for 50% more cash-back.
- Platinum Honors tier, with at least $100,000 in deposit or investment accounts and above, is eligible for 75% more cash-back.
BoA announced that it would be creating more tiers of the Preferred Rewards Program. The Diamond tier is available to people with $1 million or more in deposit and investment accounts and the Diamond Honors tier is for those with $10 million or more. Diamond and Diamond Honors tiers will also receive a higher interest rate on Bank of America Advantage Savings accounts and a reduced annual fee for Merrill Guided Investing accounts.
For Platinum Honors tier members and above can earn 3.5 points per dollar spent on travel and dining purchases and 2.62 points per dollar spent on all other eligible purchases on the Premium Rewards Elite Card.
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.
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Bank Of America Business Advantage Customized Cash Rewards Mastercard Credit Card: Best For Small Business
Why we picked it: Youll open new doors for your small business, giving access to 3% cash back on a category of your choice , 2% cash back at restaurants and 1% on all other purchases . The 3% and 2% categories have a combined limit of $50,000 on purchases each year. The sign-up bonus is easily attainable if your company has an upcoming large purchase to make: Earn a $300 statement credit after spending $3,000 with your card in the first 90 days.
Pros: For an option with no annual fee, this cards impact is strong. For some added flexibility, the cash you earn never expires and you can change your bonus category on a monthly basis. As an added perk, purchases are welcomed with a 0% intro APR for 9 billing cycles, followed by a variable APR of 12.24% to 22.24% variable.
Cons: As with most cash back cards, there are limited redemption options. Cardholders can only redeem earnings for a check, statement credit or deposit into a Bank of America account. Another limiting feature, rewards cant be moved to other loyalty programs. Also, if your business spends heavily, there could be more fruitful options earnings in the 2% and 3% categories are capped at a combined total of $50,000 annually.
Who should apply? Small business owners whose common expenses fall in one of the custom bonus categories and have an annual budget less than $50,000 so you dont face a low earnings rate.
How To Set Up Bank Of America Credit Card Autopay
In order to set up automatic payments, you will need to enroll in Bank of Americas eBills system. This is as simple as adding your credit card as a payee for your Bank of America account , then selecting Request eBills from the Bill Pay tab and following the instructions provided. You will be given an option to Add AutoPay or Set Up Autopay for your specific credit card accounts. You can set up AutoPay in a web browser or through the mobile app.
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Can I Have Two Bank Of America Credit Cards
You can definitely have more than one Bank of America credit card, and it can make sense to do so if you want to earn different types of rewards or access different cardholder benefits. Having more than one Bank of America credit card can also let you earn more than one initial bonus offer, provided you sign up for a different card.
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
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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.
Bank Of America Travel Rewards Credit Card For Students
- Not packed with rewards as some of our top picks.
- Students may be lured by the rewards and end up overspending.
This card is designed with a college student who loves to travel in mind. To begin with, the Bank of America helps you get your next vacation quicker once your account is opened by giving you 25,000 points for at least $1,000 in purchases within the first 90 days. Those points can be redeemed for $250 towards your travel purchases.
Their best ongoing reward is an unlimited 1.5 points for every dollar spent. You can redeem the points statement credit to offset flights, hotels, vacation packages, rental cars, or baggage charges.
All these perks come at a $0 annual and foreign fees.
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Types Of Bank Of America Credit Cards
Like most credit card issuers, including the likes of Chase and American Express, Bank of America offers different types of rewards credit cards that can make sense for different people. If you’re curious about the types of cards they offer and how they might work for you, consider the following card types and card options.
Bank Of America Customized Cash Rewards Credit
- No bonus categories to boost reward earnings
Eligible new cardholders can earn a welcome bonus of 25,000 online bonus points for at least $1,000 in purchases in the first 90 days of account opening.
Every cardholder earns an unlimited 1.5 points for every dollar that they spend, regardless of spending category. This has the potential to increase by 25% -75% if you are a preferred reward card owner.
Rewards never expire as long as the account is open, but some of the redemption options have a time limit attached. Points can be redeemed for credit against any travel dining purchases. For instance, you can redeem statement credits when paying for flights, hotels, vacation packages, rental cars, or baggage fees.
Lastly, it is among the few travel cards that will offer you the interest rate of 0% intro APR for 15 billing cycles on purchases, and then the ongoing APR of 13.99% 23.99% Variable APR.
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Free Spirit Travel More World Elite Mastercard
Annual fee: $79, waived the first year.
Sign-up bonus: 40,000 bonus points plus a $100 Companion Flight Voucher after making at least $1,000 in purchases within the first 90 days of account opening.
Earning rate: 3 points per dollar on eligible Spirit purchases, 2 points per dollar on eligible dining and grocery store purchases, and 1 point per dollar on all other purchases.
Why you should apply: Spirit is an ultra-low-cost carrier with a no-frills approach to flying. While it wont be winning any TPG awards for the best premium flight experiences, budget travelers can take advantage of its low prices on both cash and award flights . This card offers a solid way to rack up miles for this airline and an easy-to-hit welcome bonus.
Best For People With Existing Credit Card Debt: Bankamericard
BankAmericard is the best Bank of America credit card for people who need to pay down existing credit card debt without paying any more interest than necessary. Its 18-month 0% APR promotion on balance transfers is a great help here.
- No annual fee
- No penalty APR
- Get 0% APR for your first 18 billing cycles for purchases and balance transfers
- Qualify for a $100 statement credit online bonus after you make at least $1,000 in purchases in the first 90 days
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Types Of Bank Of America Cards
Bank of America issues Mastercard and Visa cards but does not issue cards on the American Express or Discover networks. Its cards include points and cash back rewards options for consumers and small businesses, along with cards for college students and those who want to transfer balances or build credit. The different types of credit cards offered by Bank of America include:
- Cash rewards credit cards
- Lower interest rate credit cards
- Points rewards credit cards
- Airline rewards credit cards
Best Bank Of America Credit Cards Of July 2022
When it comes to credit cards, the best Bank of America credit cards offer a little bit of everything. You’ll find some of the best rewards cards with travel perks and generous cash back rates. Bank of America also offers cards with lengthy intro APR offers or lenient credit requirements. These Bank of America credit cards are simple and effective, and they could give your wallet a great boost.
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Best For People With Limited Or Impaired Credit: Bank Of America Customized Cash Rewards Secured Credit Card
The Bank of America® Customized Cash Rewards Secured Credit Card is a cash rewards credit card for people with limited or impaired credit. As a secured credit card, it requires a security deposit when you open your account, but dont worry youll get it back if you close your account in good standing or upgrade to an unsecured card.
- No annual fee
- Deposit between $300 and $4,900 to open your account
- Earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishing
- Update your 3% category as often as once per month
- Earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other eligible purchases
- 3% and 2% cash back capped at $2,500 in eligible purchases each quarter
Does Bank Of America Have Travel Insurance
Some Bank of America credit cards offer travel insurance such as trip delay reimbursement, trip cancellation and interruption insurance, baggage delay coverage, lost luggage reimbursement and emergency evacuation and transportation coverage. For this coverage to apply, you’ll have to pay for your trip with your Bank of America credit card.
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Who Should Get A Bank Of America Credit Card
Bank of America offers credit cards suitable for a wide array of consumers. Frequent travelers, students and small business owners can all benefit from using Bank of America cards, as can customers who are strictly interested in cash back benefits or who need to rebuild credit. If your brand loyalty to Bank of America is strong enough to rule out all options from other card issuers, be sure to thoroughly research all of Bank of Americas credit card options in order to find the one most suiting your needs.
How We Chose The Best Bank Of America Credit Cards
After looking at Bank of Americas credit card lineup, we studied the cards pros and cons. We evaluated each card type and each cards details. Bank of America cards can be broken down into three categories: Bank of America-branded cards, airline cards and business cards.
Bank of Americas branded cards are the issuers primary cards that can take advantage of the Preferred Rewards program. Airline cards are cobranded options for flyers loyal to certain airline programs. Business cards are similar to Bank of Americas consumer options but use a separate Preferred Rewards program.
When looking at each card within their respective categories, we evaluated the sign-up bonus, rewards, perks, redemption and annual fees before choosing which ones are worth looking at.
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Best Bank Of America Cards
Offering a wide selection of both Visa and Mastercards, Bank of America has a variety of travel cards to suit your needs and wants. Whether it be flexible rewards, airline, cruise, or even train rewards, Bank of America has a travel card for it.
Let’s not forget their selection of cash back cards, too. Bank of America covers all the rewards bases, whatever you may be looking for.