In general, Bank of America’s credit card offerings are fairly non-competitive with the rest of the credit card market UNLESS you have enough money saved or invested with Bank of America to qualify for its Preferred Rewards program, which increases your rewards earning by 25%-75% depending on how much money you have with the bank. Below we rank & review the top 4 Bank of America credit cards:
Bank of America Customized Cash Rewards Visa – The best Bank of America credit card in our opinion. You’ll earn 3% cash back in a purchasing category of your choice from a list that includes gas, online shopping (our favorite category here), dining, travel and others. You’ll also get 2% back at grocery stores and wholesale clubs, and 1% back on everything else. There is a cap on the earnings in the categories above 1% — if you hit $2500 in combined 3%/2% purchases in a calendar quarter, any further purchases in those categories would earn 1%.
You can earn a $200 bonus if you use the card for at least $1000 in purchases in the first 90 days after you are approved. No annual fee.
BankAmericard – This Mastercard is a no-frills, no rewards credit card that offers a slightly lower interest rate than Bank of America’s reward credit cards. Maybe most important, it offers a 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account.
After the intro APR offer ends, the card has a variable APR that is currently anywhere from 16.24% to 26.24% (your APR will be in that range but will depend on Bank of America’s assessment of your credit history). A 3% fee (min $10) applies to all balance transfers. No annual fee.
Bank of America Premium Rewards Visa – This travel-focused credit card has a $95 annual fee, and whether that fee is worth it or not will probably depend on whether you find the card’s travel credits useful. In terms of rewards, you earn 2 points per $1 on travel and dining purchases and 1.5 points per dollar on all other purchases. (Those points are worth 1 cent per point when redeemed.) New cardholders can earn a 60,000-point ($600) bonus if you spend at least $4000 with the card in the first 90 days of account opening.
The travel credits to consider: First, get up to $100 in Airline Incidental statement credits per year for things such as seat upgrades, baggage fees, in-flight services, and airline lounge fees. Second, get up to $100 towards TSA PreCheck or Global Entry Application fees (once every 4 years).
Bank of America Travel Rewards Visa – You get 1.5 points per dollar charged to the card, with each point being worth a penny when redeemed against travel purchases you’ve made with the card. No annual fee, and you can earn a 25,000-point bonus if you spend at least $1000 with the card in the first 90 days of having it. No annual fee and no foreign transaction fees.
While the lack of foreign transaction fees is nice, this card is otherwise not overly generous with rewards, In addition, by restricting point redemptions to only travel-related or dining-related purchases, it becomes even less attractive. Preferred Rewards members may like it, but it’s not very competitive if you don’t qualify for that program.
Author: Adam Jusko