Bank of America is one of the top financial institutions in the world, operating more than 4,000 Bank of America locations nationwide and a user-friendly Bank of America app used by 26 million customers. It offers a number of products and services to both personal and business clients in the fields of banking, investing and asset management. Among the personal banking products offered is a suite of credit cards, each with its own perks — and drawbacks.
If you’re in the market for a new credit card for personal use, you might be considering a card with Bank of America. Keep reading to find out which Bank of America credit card is the best credit card for your needs.
Bank of America Credit Card Comparison
Before choosing a credit card, it’s important to compare fees, interest rates, perks and more. The best credit card for you will depend on the types of perks you value, as well as the fees and interest rates that are affordable to you. Here are the credit cards offered by Bank of America:
- Bank of America Cash Rewards: Earn cash back on all purchases
- BankAmericard: 0% intro APR and $0 intro balance transfer fee
- Bank of America Travel Rewards: Earn points toward travel on all purchases
- Bank of America Premium Rewards: Earn unlimited points
- Alaska Airlines Visa: Get companion fare tickets and free checked bags on Alaskan flights
- Susan G. Komen Cash Rewards Visa: Get cash back, plus help fight breast cancer
- MLB: Get cash back and support a baseball team you love
- World Wildlife Fund: Earn cash back and help support the WWF
- U.S. Pride: Cash-back card with no annual fee
- Spirit Airlines: Earn two miles for every dollar spent
- Allegiant World Mastercard: Earn extra points on Allegiant purchases
- Amtrak Guest Rewards World Mastercard: Earn three Amtrak Guest Reward points for every $1 spent
- Air France KLM World Elite Mastercard: Earn three miles per $1 spent on Air France and SkyTeam member airlines
- Norwegian Cruise Line: Earn three WorldPoints points for every $1 spent on Norwegian purchases
- Royal Caribbean: Earn two MyCruise points for every $1 spent on qualifying purchases with Royal Caribbean
- Virgin Atlantic: Earn three miles per $1 spent directly on Virgin Atlantic purchases
- Asiana Visa Signature: Get three miles for every $1 spent on purchases with Asiana Airlines
- Celebrity Cruises: Earn two MyCruise points for every $1 spent on qualifying purchases with Celebrity Cruises
- BankAmericard Secured: Establish, strengthen or build your credit
- Bank of America Cash Rewards for Students: A cash-back card especially for students
- Bank of America Travel Rewards for Students: Students earn travel rewards with purchases
- BankAmericard for Students: Save on interest with one of the lowest APRs offered by Bank of America
Bank of America Credit Card Reviews
If you have a special interest, frequently fly a certain airline or are a student, you might select one of the aforementioned credit cards specifically catered toward you. If you’re looking for a card to meet more general needs, take a closer look at the bank’s four featured cards:
Bank of America Cash Rewards
- Annual fee: $0
- APR: 0% introductory APR; after the first 12 billing cycles, variable APR of 16.24% to 26.24%
With the Bank of America Cash Rewards credit card, you’ll earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. Cash-back rewards apply to the first $2,500 spent each quarter. As a bonus for opening the card, you’ll receive an online $150 cash rewards bonus after making at least $500 in purchases in the first 90 days of your account opening. If you’re a Bank of America customer, you’ll get even more rewards.
- Annual fee: $0
- APR: 0% introductory APR; after the first 15 billing cycles, variable APR of 15.24% to 25.24%
The BankAmericard could be a good fit for people who want to save on interest to help pay down a balance faster. Transfer high-rate balances with an introductory $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3%, with a minimum of $10. There’s also no penalty APR, and you can access your FICO score each month for free.
Bank of America Travel Rewards
- Annual fee: $0
- APR: 0% introductory APR; after the first 12 billing cycles, variable APR of 17.24% to 25.24%
You’ll earn 1 1/2 points for every $1 you spend on all purchases with this travel reward credit card. There is no limit to the points you can earn and points do not expire. Points can be used to pay for flights, hotels, vacation packages, cruises, rental cars or baggage fees. In addition to no annual fee, there are also no foreign transaction fees with this card. As a sign-up bonus, you’ll receive 25,000 bonus points if you make at least $1,000 in purchases in the first 90 days of your Bank of America account opening.
Bank of America Premium Rewards
- Annual fee: $95
- APR: Variable APR of 18.24% to 25.24%
The Premium Rewards credit card allows you to choose how to redeem your reward points: You can redeem for cash back as a deposit into Bank of America checking or savings accounts, credit to eligible Merrill Edge and Merrill Lynch accounts including 529 accounts, statement credit, or gift cards and purchases using the Bank of America Travel Center. You’ll earn two points for every $1 spent on travel and dining purchases and 1 1/2 points for every $1 spent on all other purchases. There’s no limit to the points you can earn, and points do not expire. This card also comes with a sign-up bonus: 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening. You’ll also get travel perks including extra cash back for certain services, travel insurance and access to exclusive hotel perks and concierge services. Although there is a $95 annual fee, there are no foreign transaction fees.
Find Out: How Much Is Bank of America Worth?
Pros and Cons of Bank of America Credit Cards
The best credit card for you will really depend on your individual needs, but there are some overall advantages and disadvantages to Bank of America’s suite of credit cards.
When you’re opening a new credit card, there are many options to choose from. Here’s why you might want to open one with Bank of America:
- Apply online
- Many cards have no annual fee
- Online balance checks and bill pay available
- Option to schedule an appointment with a specialist or chat with a representative online to help you choose the best card for you
- Many options to choose from
The primary disadvantages to Bank of America credit cards are:
- Some do charge annual fees
- APR typically rises after the first year
Should You Get a Bank of America Credit Card?
If you’re unsure what the best Bank of America credit card is for you — if any — it could be worth the time to meet with a specialist or talk to a bank representative to review the options that are right for you. With so many options available, however, it’s likely you can find a card to meet your needs. And if you do choose a reward card, make sure any associated fees are outweighed by the benefits you receive.
Click through to read about Bank of America savings accounts.
More on Credit Cards:
- 10 Best Student Credit Cards
- 12 Essential Money Tips for Every Phase of Your Financial Life
- How to Cancel a Credit Card Without Hurting Your Credit Score
Priscilla Aguilera contributed to the reporting for this article.
Disclaimer: This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Bank of America.