Comparing Bank of America Credit Card Offers
With a host of travel, cash and business credit cards to choose from, Bank of America credit cards are known for offering excellent rewards – another plus is that most of BofA’s cards 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. 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. 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 2021
Why this is the best Bank of America credit card for cash back
The Bank of America Cash Rewards card offers a gracious 3% cash back on a category of your choice, including gas stations, online shopping, dining, travel, drugstores or home improvement/furnishing purchases. The customizable rewards make for an easy way to have this card fit your spending, and on top of the flexible categories, this card features 2% cash back at grocery stores and wholesale clubs, plus 1% on all other purchases. You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%.
The cash back you’ll earn with this no annual fee card never expires, plus there’s no need to try to keep up with rotating categories. Also, Bank of America Preferred Rewards members can earn up to 75% more on their cash back offers, something you may want to take advantage of with a high-earning card. Additionally, this card comes with welcome offers: You can earn $200 in online cash rewards after spending $1,000 in your first 90 days and take advantage of intro 0% APR offers on purchases and balance transfers made in the first 60 days for your first 15 billing cycles (then 13.99% – 23.99% variable, 3% fee (min $10) applies to all balance transfers).
Although it comes with many ways to earn, the rewards are a little limited: There is a $2,500 cap each quarter in the 2% and 3% cash back categories (1% after threshold is met). Also, the 3% foreign transaction fee makes the Bank of America Cash Rewards card an ill-advised choice to swipe abroad.
Why this is the best Bank of America credit card for travel
Bank of America Travel Rewards cardholders will enjoy widespread travel rewards with the freedom to book their well-earned vacations with the travel brands of their choice. Every purchase made is rewarded with 1.5 points per dollar, and points are unlimited and won’t expire. Purchases made through the Bank of America Travel Center will earn a boosted 3X points, a way for cardholders to make their travel purchases at a discount. Travelers will also appreciate no foreign transaction fees, car rental insurance, concierge services and other perks for the on-the-go lifestyle.
There are no blackout dates with this no annual fee card, so flights and hotels stays can be scheduled on your own time. As a welcome offer, new accounts have the opportunity to earn a bonus of 25,000 points after spending $1,000 in the first 90 days of account opening – a $250 value when redeeming on travel purchases.
This card has cash redemption options. However, 1 point is worth just .006 cents, so the rewards’ value lies elsewhere. This card may not be worth it for those not eligible to sign up for Bank of America Preferred Rewards, as the boosted rewards is a necessity to maximize value and compete with other top travel cards.
Why this is the best Bank of America credit card for sign-up bonus
The Premium Rewards card comes with several benefits, most notably the welcome offer – earn 50,000 points after spending $3,000 in the first 90 days. With smart shopping and redeeming through Bank of America, this sign-up bonus alone can be worth $500 in travel purchases.
True to its name, this card offers some top-tier rewards: 2X points on travel and dining purchases, as well as 1.5X points on all other purchases. Points are unlimited, won’t expire and can be redeemed for any purchase at a rate of 1 cent per point. Additionally, cardholders will be given an annual bonus of up to $100 for airline incidentals and up to $100 in credit toward TSA Precheck or Global Entry every 4 years. They will also have access to features like trip delay reimbursement, travel accident insurance, lost luggage reimbursement and an array of other perks.
This card has a $95 annual fee and requires a credit score over 670 to qualify, so the lucrative rewards don’t come without an initial cost and a little exclusivity. Also, points aren’t transferable, which could limit what you do with your earnings.
Why this is the best Bank of America credit card for airline miles
Earning airline miles is easy with this card: Cardholders get 3X miles on eligible Alaska Airlines purchases and 1 mile per $1 on all other purchases. Additionally, new cardholders can take advantage of a generous welcome offer to gather miles early on. After being approved, you can earn 40,000 miles and Alaska’s Famous Companion Fare from $121 ($99 fare plus taxes and fees from $22) after spending $2,000 in the first 90 days.
Alaska’s Famous Companion Fare isn’t just available in year one; it’s an annual bonus available as long as you keep the card active. The points you earn won’t expire and there are no blackout dates, allowing for flexibility with booking travel. Even if you close your account, points can be reinstated up to a year after. This card features several more travel perks, such as free checked bags for you and up to 6 other people on the same reservation, car rental insurance, no cancellation fees 60 days in advance and a large network of partner airlines.
While there are no blackout dates, finding available rewards seats could be a tough task on some flights. Additionally, booking through the call center constitutes a $15 fee, plus another $25 fee if coordinating with a partner airline. It requires a $75 annual fee.
Why this is the best Bank of America credit card for small business
The Business Advantage Cash Rewards Mastercard will open new doors for your small business, giving access to 3% cash back on a category of your choice (office supply stores, TV/telecom and wireless, computer services, gas, travel, and business consulting services), 2% cash back at restaurants and 1% on all other purchases. You’ll earn 3% and 2% cash back on the first $50,000 in combined category/dining purchases each calendar year, 1% thereafter. Plus, 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.
For an option with no annual fee, this card’s 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 a bonus, purchases are welcomed with a 0% intro APR for 9 billing cycles, followed by a variable APR of 12.24% to 22.24% variable.
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 can’t 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.
Why this is the best Bank of America credit card for low interest
This card’s variable APR of 10.24% to 21.24% variable 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 7 billing cycles. The average business card charges a minimum APR around 14.43%, so this card’s welcome window and low APR provide a rare level of freedom to those having to carry a balance.
On top of the 0% APR offer on purchases, the Platinum Plus Mastercard offers a $300 statement credit if you spend $3,000 in your first 90 days as a cardholder. 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.
Unlike most business cards, this option doesn’t provide a way of earning regular rewards. Although it’s a valuable money-saving option, your business may benefit more from a card that rewards your spending and has more premium benefits.
Why this is the best Bank of America credit card for business travel
For a solid travel business card, look no further. As a sign-up bonus, you can earn 30,000 bonus points after a $3,000 spend in net purchases within your first 90 days of card membership, which can be used as a $300 statement credit on travel. The card also features 3X points when spending on travel through the Bank of America Travel Center and 1.5X points on all other purchases.
For a no annual fee card, the yearly rewards value is tough to beat. There’s no rush to redeem, as points don’t expire and there’s no limit on how much you can earn. Plus, cardholders won’t be victim to blackout dates when booking travel, so business trips can fit your calendar’s demands. This card also comes with a 9-month intro 0% APR on purchases (variable rate of 12.24% to 22.24% thereafter), allowing some leeway on any early-on business expenses.
Points earned can’t be transferred to other loyalty programs.
Why this is the best Bank of America credit card for business miles
Thanks to a healthy rewards rate and welcome bonus, this card makes earning miles for your business easy. Cardholders will earn 3X miles on Alaska Airlines purchases, plus 1X miles on all other purchases. You’ll also be greeted with the opportunity to earn 40,000 miles after spending $2,000 in your first 90 days. Good news: Meeting this threshold will also qualify you for Alaska’s Famous Companion Fare for a discounted ticket from $121 ($99 fare plus taxes and fees starting at $22).
When you adjust your travel plans more than 60 days in advance, you won’t face a change/cancellation fee. Also, ensuring that your purchases continue to be rewarded, points are unlimited and never expire. Some other notable perks: Alaska Airlines allows cardholders to bring a free checked bag on any flight, gives a Companion Fare each year the account stays open and grants the ability to redeem miles with 15 different airline partners.
This card requires an annual fee of $50 per company, and $25 per additional card. Additionally, there are cases with limited seat availability. Alaska Airlines’ flight network is best suited for those who often travel on the West Coast.
Compare Bank of America credit card offers
No matter your needs, you can choose from Bank of America’s wide variety of credit cards. See below for a glance at the top offers:
|Credit Card||Best For:||Annual Fee||CreditCards.com Rating|
|Bank of America® Cash Rewards credit card||Cash back||$0||4.0 / 5|
|Bank of America® Travel Rewards credit card||Travel||$0||3.4 / 5|
|Bank of America® Premium Rewards® credit card||Sign-up bonus||$95||3.9 / 5|
|Alaska Airlines Visa Signature® credit card||Airline miles||$75||3.7 / 5|
|Bank of America® Business Advantage Cash Rewards Mastercard® credit card||Cash back on business expenses||$0||2.5 / 5|
|Bank of America® Platinum Plus Mastercard® Business card||Low interest rate||$0||1.8 / 5|
|Bank of America® Business Advantage Travel Rewards World Mastercard® credit card||Business travel purchases||$0||3.3 / 5|
|Alaska Airlines Visa® Business credit card||Airline miles for your business||$50 for the company and $25 per card||3.4 / 5|
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. by assets
|1||JP Morgan Chase & Co.||$2.82 trillion|
|2||Bank of America||$2.16 trillion|
|3||Wells Fargo & Co.||$1.80 trillion|
|4||Citigroup Inc.||$1.63 trillion|
|5||U.S. Bancorp||$536.29 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, 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.
Redemption options for Bank of America card rewards
The Bank of America Preferred Rewards program is versatile: 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. You can redeem from Lands’ End to iTunes, starting at 1:1 for your points.
- Travel. Bank of America doesn’t have partners, so you can use your points to book directly with an airline, hotel or rental car company.
- Cash. Redeem as a statement credit.
- Deposit in Bank of America account. With the Bank of America® Cash Rewards credit card, redeem cash back into a checking or savings account – and even get up to 75% extra value for qualifying Preferred Rewards customers. You can even redeem rewards automatically to the account of your choice.
- Merrill. With the Premium Rewards Card, deposit into a Merrill 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, the Platinum Honors status requires a balance of over $100,000.
Bank of America Preferred Rewards Program
Bank of America account holders with a balance of $20,000 or higher may qualify for higher reward rates and discounted fees through the Bank of America Preferred Awards program. That balance is based on the available funds in your Bank of America checking, savings, or Merrill investment accounts.
The program is divided into three tiers. Gold Preferred Rewards members earn a five percent savings interest rate booster and a 25 percent credit card rewards bonus with an account balance of $20,000 to $50,000. Platinum Preferred Rewards members earn a ten percent savings interest rate booster and a 50 percent credit card rewards bonus with an account balance of $50,000 to $100,000. Platinum Honors Rewards members earn a twenty percent savings interest rate booster and a 75 percent credit card rewards bonus with an account balance of $100,000 or higher. Here are the benefits that Preferred Rewards tiers offer:
|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 Guided Investing||.05% program fee discount||.10% program fee discount||.15% program fee discount|
|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:
- 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 reimburse 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
- 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
How we choose the best Bank of America credit cards
Methodology: When determining which Bank of America credit cards are the best in key categories such as rewards, cash back and travel, we consider the following:
- Ancillary benefits: Does the card offer a competitive range of benefits and special features such as purchase security, extended warranty, travel assistance and ID theft services?
- Rates and fees: Are rates and annual fees reasonable in relation to the benefits and rewards offered? Are foreign transaction fees and APR rates competitive?
- Rewards program: We examine rewards offered in popular card categories including travel, cash back, and business, against spend requirements to assess value.
Deciding which Bank of America credit card is right for you will depend on your unique spending habits and financial goals. Learn more on how to choose the best credit card.