Choosing the right credit card can seem overwhelming. Interest rates, annual fees, rewards points — all these things factor into the decision.
Bank of America, Member FDIC, has a credit card for just about every need, so GOBankingRates researched the best ones across several categories.
This card lets you earn cash back of 1.5% on every purchase, regardless of how much you charge. There’s no limit to the amount of cash back you can earn, and your rewards never expire.
Currently, Bank of America is offering a $200 online cash rewards bonus offer when you make $1,000 or more in purchases within the first 90 days of opening this account.
There’s no annual fee for this card. It has a 0% annual percentage rate for the first 15 billing cycles for purchases and for balance transfers you make within the first 60 days of opening your account. There is a fee of 3% of the transfer amount for balance transfers. After the 15th billing cycle, a APR applies.
Best for: Those who use their card for everyday purchases, and those who want to transfer balances from other cards that they will pay off within 18 months.
With this card, you can earn more cash back for the types of purchases you make most. You earn 3% cash back on the category of your choice, which could be gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You can change the category once a month, or just leave it as is. You also get 2% cash back at grocery stores and wholesale clubs. The 3% and 2% rewards are good on the first $2,500 in combined purchases each quarter. You get 1% cash back on everything else.
You can earn a $200 online cash rewards bonus offer when you make $1,000 or more in purchases within the first 90 days of opening this account.
The interest rate on this card is 0% APR for purchases in the first 15 billing cycles, and for balance transfers made in the first 60 days. After the 15th billing cycle, a APR applies.
Best for: Those who make a lot of purchases at one particular type of merchant. For example, this would be a great card to use if you’re planning a home improvement project because you could get 3% cash back on all your materials, supplies and furnishings. It’s also a good choice for those who use their card at grocery stores and wholesale clubs.
Travelers earn 1.5 points for every dollar spent. There are no limits on the number of points you can earn, and they never expire. You can use your points to book travel at any time, with no blackout dates or booking restrictions, or you can get cash back to your account.
The Travel Rewards card has no annual fee and no foreign transaction fees. You get 25,000 bonus points, redeemable as a $250 travel or dining credit, if you spend at least $1,000 in the first 90 days.
The interest rate for the first 15 statement cycles is 0% APR for purchases. After that and for balance transfers, a APR will apply.
Best for: Frequent travelers, especially those who travel overseas and will take advantage of no foreign transaction fees.
A travel rewards card, the Premium Rewards card offers two points per dollar spent on dining and travel and 1.5 points per dollar on everything else. You’ll also get up to $200 in combined airline incidental and TSA Precheck or Global Entry statement credits. A minimum of 2,500 points can be redeemed for cash back into your Bank of America checking or savings account, for credit to a Merrill investment account, as a statement credit or for purchases at the Bank of America Travel Center.
This card has a $95 annual fee, so make sure you’ll use it enough to rack up enough points to offset the fee. It also comes with a more premium welcome offer of 60,000 points after $4,000 spent within the first 90 days, which is worth $600 in value.
Best for: Very frequent travelers who will earn enough points to offset the annual fee.
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 you’ll 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.
There’s no introductory interest rate for this card. The standard interest rate ranges from APR.
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® Customized Cash Rewards for Students
With this student card, you earn 3% cash back on your purchases in the category of your choice, such as online shopping or off-campus dining. You also get 2% cash back at grocery stores and wholesale clubs. The 2% and 3% cash back awards apply to the first $2,500 in purchases each quarter. On all other purchases, you get 1% cash back.
If you make $1,000 or more in purchases in the first 90 days your account is open, you get a $200 cash rewards bonus.
This card has no annual fee. The interest rate ranges from APR.
Cardholders can access their FICO score using the mobile app or online banking.
Best for: Students who need a first credit card or are trying to establish their credit.
Bank of America offers Preferred Rewards to its customers who have multiple accounts and at least $20,000 in combined balances. Your combined account balance determines which level of rewards you receive. Preferred Rewards members can get 25% to 75% more cash back on their credit cards, as well as other perks.
No matter which Bank of America credit card you choose, make sure you understand all the terms and conditions. Know your interest rate, annual fee and credit limit to avoid incurring charges you don’t expect.
This article has been updated with additional reporting since its original publication. Rates and fees are accurate as of August 9, 2022.
Editorial Note: This content is not provided by any entity covered in the article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.