Comparing Bank of America Credit Card Offers
Whether you are a Millennial buying your first house or a Boomer looking to get your second home, Bank of America has the products to help you achieve your goals. From credit cards to stocks and bonds, this full-service bank offers the gamut. Today, we look at:
Some of the more rewarding aspects of Bank of America products are the credit cards, which include business, consumer, rewards and other types. We look at the best of our Bank of America cards here:
Best Bank of America credit cards of 2018:
|Credit Card||Best For:||Annual Fee||CreditCards.com Rating|
|Bank of America® Cash Rewards Credit Card||Gas rewards||$0||3.8 / 5|
|Bank of America® Travel Rewards Credit Card||Booking flights and hotels||$0||3.4 / 5|
|Bank of America® Premium Rewards® Credit Card||Sign-up bonus||$95||4 / 5|
|BankAmericard® Credit Card||0% intro APR for 15 billing cycles and no penalty rate||$0||3.5 / 5|
|Alaska Airlines Visa Signature® Credit Card||Airline miles||$75||4.2 / 5|
|MLB™ Cash Rewards Mastercard® from Bank of America||Baseball fans||$0||N/A|
|Susan G. Komen® Cash Rewards Visa® credit card from Bank of America||Bank of America customer bonus||$0||N/A|
|Bank of America® Platinum Visa® Business credit card||Low interest rate||$0||1.8 / 5|
|Bank of America® Business Advantage Cash Rewards Mastercard® credit card||Cash back on business expenses||$0||2.5 / 5|
|Bank of America® Business Advantage Travel Rewards World Mastercard® credit card||Business travel purchases||$0||3.5 / 5|
Details on the best cards
With a host of travel, cash and business cards to choose from, Bank of America also offers niche cards such as the MLB and Susan G. Komen cards, which both offer cash rewards to boot. Another plus – most come with no annual fee.
With low or no annual fees, Bank of America cards are great entry-level options, although you need to have good or excellent credit to qualify. The requirements are fairly straight-forward and you can get as little as 5% bonus for using your Bank of America checking or savings account for redemption.
Check out our best Bank of America cards:
Bank of America Cash Rewards Credit Card
If you find yourself often shuttling the kids to soccer practice or picking up a fair amount of school and lunch supplies at your wholesale club, this may be a good choice for you.
With the Bank of America Cash Rewards, you can earn 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined purchases each quarter and 3% back at gas stations for up to $2,500 a quarter combined. Also, for a rock-bottom spend of $500 on purchases within 90 days of opening your account, you can earn $150 cash rewards bonus. There's a 0% intro APR for 12 billing cycles on purchases and on balance transfers made in the first 60 days (then 14.99% - 24.99% variable).
Bank of America Travel Rewards Credit Card
There are a wide variety of travel cards, including cards that encourage brand loyalty. But, if you aren't careful, you can get bogged down by requirements. Well, this card is a great set-it-and-forget-it travel product, allowing you to use points toward all manner of travel brands and events.
Not only do you enjoy 1.5X points on all spending, there's no annual fee or foreign transaction fee. Also, earn 20,000 bonus points after a $1,000 spend in purchases within 90 days of card membership.
Bank of America Premium Rewards Credit Card
This card doubles as a travel and cash rewards product, encouraging you to make it your go-to card. Although it has a $95 annual fee, the rewards more than counterbalance the annual charge.
First off, you get 50,000 points (equal to $500) after a $3,000 spend in purchases within your first 90 days of card membership. Then, earn 2X points on travel and dining purchases, which rivals the Chase Sapphire Preferred (although the CSP points get a 25% boost when booking through Chase Ultimate Rewards). But the kicker is that you earn 1.5X points on all other purchases, and up to $200 in statement credits in combined airline incidental and airport expedited screening.
There's no foreign transaction fee.
BankAmericard® Credit Card
The BankAmericard may not be the flashiest credit card – indeed, it doesn't have an intro bonus or ongoing rewards like some other Bank of America cards, although it does come with standard features like free online access to your FICO score. Instead, the BankAmericard's primary value comes from its long 0% intro APR period of 15 billing cycles (then 14.74% - 24.74% variable APR), and the fact that there is no APR penalty for paying late.
All-in-all, there are definitely more attractive options out there if you are looking for a rewards card with a sign-up bonus. But, for what it is, the BankAmericard credit card is a reliable and straightforward product.
Alaska Airlines Visa Signature Credit Card
The Companion Fare feature says it all about this card – as devoted as Alaska Airlines customers are, this is yet another reason to love the brand. As a welcome bonus, you'll buy 1 ticket, get 1 for just the taxes and fees (from $22). But that's not all.
Each year, you get another Companion Fare from $121 ($99 plus taxes and fees from $22) on your account anniversary. This is good for Alaska and flights booked on alaskaair.com.
There's so much more. From free first checked bags to a 30,000-mile bonus after a $1,000 spend in purchases within your first 90 days of card membership, the hits just keep on coming. There are even 3X miles on spending on Alaska Airlines.
MLB Cash Rewards Mastercard from Bank of America
This card allows you to celebrate your love of the game, with a customized card using the colors and logo of your favorite team. But it isn't just a source of pride you'll get.
With this card, you can earn $150 cash rewards after a $500 spend on purchases within the first 90 days of card membership, as well as 3% cash back on gas and 2% on grocery stores/wholesale clubs for up to a combined $2,500 a quarter.
Susan G. Komen Cash Rewards Visa from Bank of America
This card does good things, with Bank of America guaranteeing Susan G. Komen $3 million from June 2015 to December 2020 in conjunction with its Pink Ribbon Banking credit card and checking program. Indeed, Bank of America has given $8 million to the Komen operation through this program since 2009.
But you get personal benefits as well, with the $150 bonus after a $500 spend on purchases within the first 90 days of card membership and the 3% cash back on gas and 2% on grocery stores/wholesale clubs for up to a combined $2,500 a quarter.
Bank of America Platinum Visa Business
If you're looking for a business card that is light on the fees, this might be the one for you. There's no annual fee, and you aren't charged for employee cards either, which you are allowed to set limits on.
This card also has a generous $200 statement credit after only spending $500 in net purchases within the first 60 days of card membership, and you get 0% intro APR for 7 billing cycles on purchases. The variable go-to rate is also low, starting at 10.99% and going to 21.99% APR on purchases and balance transfers.
Bank of America Business Advantage Cash Rewards Mastercard
If you spend a fair amount on office supplies and gas, this may be the right card. You'll earn 3% cash back on those categories for up to $250,000 each calendar year, 1% after that; 2% on restaurant purchases (perfect for business dinners); and 1% on all other purchases. You'll also get a $200 statement credit after a $500 spend in net purchases within the first 60 days of card membership.
The 0% intro APR on purchases is a little more generous than the Platinum Visa Business, with 9 billing cycles, but the go-to rate is a little higher, albeit still low, at 12.99%-22.99% variable on purchases and balance transfers.
Bank of America Business Advantage Travel Rewards World Mastercard
For a solid travel business card, look no further. This card will earn you 25,000 bonus points after a $1,000 spend in net purchases within your first 60 days of card membership, which can be used as a $250 statement credit on travel. There are also sky high 3X points on travel made through the Bank of America Travel Center, which is powered by Orbitz. It's 1.5X points on all other purchases.
So, not only are the ongoing travel rewards beating the Sapphire Preferred even with its Ultimate Rewards boost (although the Chase card does have a higher sign-up bonus), but the everyday rewards do as well. Add to that, there's no annual fee.
What is Bank of America?
Bank of America is a full-service bank with all types of accounts, credit cards and even physical locations. In fact, it's the second largest U.S. bank, according to Bankrate.
Biggest banks in the U.S...
|1||JPMorgan Chase & Co.||$2.53 trillion|
|2||Bank of America Corp.||$2.28 trillion|
|3||Wells Fargo & Co.||$1.95 trillion|
|4||Citigroup Inc.||$1.84 trillion|
|5||Goldman Sachs Group Inc.||$917 billion|
So, Bank of America is much more than just a card issuer. From car loans to investing, the suite is extensive, to say the least. Here are some of the products available through Bank of America:
- Mortgages. Whether buying your first home or refinancing, Bank of America's rates are competitive. For example, you might get a 4.5% rate (4.717% APR) for 30 years on a $200,000 loan in the zip code of 95464, with a 0.928 point.
- Auto loans. Rates start at a competitive 3.24% APR for a 60-month loan.
- Investments. Through Merrill Edge, the bank offers products for saving for retirement, college and more, giving you access to ETFs, mutual funds, stocks, fixed income and bonds, and even options and margins.
- Credit cards. Well known for competitive cards, Bank of America offers a full line of business, consumer, travel and cash rewards products.
- Checking and savings accounts. This includes business and student checking, as well as CDs, IRAs and child savings.
Bank of America rewards program and best redemption options
One advantage to the Bank of America Preferred Rewards program is its versatility. You aren't 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. From Lands' End to iTunes, you can redeem starting at 1:1 for your points.
- Travel. For example, with the Travel Rewards Card, since Bank of America doesn't have partners, you can use your points to book directly with an airline, hotel or rental car company.
- Cash. You can redeem as a statement credit.
- Deposit in Bank of America account. For example, with the Cash Rewards Card, you can redeem your cash back into a checking or savings account, and even get a 10% bonus for doing that – and even up to 75% for qualifying customers. You can even redeem rewards automatically to the account of your choice.
- Merrill Edge. For example, with the Premium Rewards Card, you can deposit into a Merrill Edge account such as savings, checking or a 529.
- Personal check. Allow for 14 days for this option.
Other benefits of having Bank of America cards
The Preferred Rewards program is the pinnacle of Bank of America's rewards opportunities, with savings on stock trades, auto loans and mortgages, even transactions with non-Bank of America ATMs. While the Preferred Rewards program starts at $20,000 in a Bank of America account, there are cards that offer 10% bonus with credit statements deposited into Bank of America accounts, and those bonuses go up to 75% with select cards and depending on the amount in the account.
But what about Preferred Rewards benefits? Here are what Preferred Rewards tiers offer:
Bank of America Preferred Rewards...
|Rewards savings interest rate booster||5%||10%||20%|
|Credit card rewards bonus||25%||50%||75%|
|Non-Bank of America transactions||12 a year||Unlimited|
|Merrill Edge online investing and trading||$0 30/mth ETF, stock trades (other fees may apply)||$0 100/mth ETF, stock trades (other fees may apply)|
|Priority client service||Yes||Yes||Yes|
|Mortgage reduced origination fee, new or refinance||$200||$400||$600|
|Home equity discount||0.125%||0.250%||0.375%|
|Auto loan discount, new or refinance||0.25%||0.35%||0.50%|
|No monthly maintenance fees on up to 4 eligible checking and 4 savings accounts||Yes||Yes||Yes|
|No fees on select services, including standard check orders, cashier's checks, incoming domestic wire transfers and more||Yes||Yes||Yes|
Bank of America
Card benefits vary widely according to which product you pick, but there are some common advantages to card membership, such as:
We've looked at 3 popular Bank of America cards and what they have to offer in the way of benefits. From travel accident insurance to lost luggage coverage, they are numerous. Heads up that each card is different in what they offer, and benefit details are sparse online. Your best bet when shopping is to call 877-754-6707 and ask.
- Auto rental collision waiver
- Common carrier travel accident insurance
- Warranty manager with in-home service, double the time period of warranty
- Purchase security, repair, replace or reiumburse within 90 days
- Trip cancel/trip interruption
- Trip delay reimbursement
- Baggage delay reimbursement
- Lost luggage
- Return protection, reimbursement of item within 90 days and retailer won't accept return
- Emergency evacuation
- Roadside dispatch
- Auto rental collision waiver
- Common carrier accident insurance
- Extended warranty
- Price protection
- ID theft resolution services full restoration with ID theft alerts
- Enhanced trip cancellation/trip interruption
- Trip delay reimbursement
- Auto rental collision waiver
- Common carrier accident insurance, $250,000
- Warranty manager service
- Purchase security
- Travel and emergency assistance
- Roadside dispatch