Banking

What Is The Best Bank Of America Credit Card

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 9 minute read

As a leading American credit card issuer, Bank of America serves a sizable portion of the population. All consumers and business owners, regardless of wealth or credit history, can find a suitable card among its ever-evolving selection.

Sure, some Bank of America credit cards is better than others. Instead of sifting through every BofA credit card ever issued, you can use this handy list to quickly find the top options.

Most effective Bank of America credit cards

Currently, these are Bank of America’s top-tier credit card options. Each excels in one area, such as providing you with cash-back benefits tailored to your buying habits or assisting you in eliminating high-interest debt before it spirals out of control.

You can acquire one of these cards even if you don’t have or don’t want to open a savings or checking account with Bank of America, although you might get more out of it if you do.

The Bank of America® Premium Rewards® Credit Card is the best overall.

If you’re looking for the most bang for your buck from a Bank of America credit card, go no further than the Bank of America® Premium Rewards® Credit Card. People who like to try new restaurants while on the road can benefit greatly from this.

Some of the highlights are as follows:

  • Costs $95 yearly
  • Spend at least $3,000 in the first three months after opening an account to receive 50,000 bonus points (worth $500) to use toward future purchases made online.
  • Spend as much as you like on restaurants and hotels and get double points.
  • For all other purchases, your point accrual rate is a flat 1.5 percent.
  • Various ways for cashing out, such as direct payments to savings or investment accounts, credit card bill credits, and gift cards.
  • Enjoy a credit of up to $200 on your next trip bill: Up to $100 off of TSA PreCheck or Global Entry application fees, as well as up to $100 off of eligible purchases like seat upgrades, baggage fees, airline lounge fees, and in-flight services.
  • There are no hidden fees when making an overseas purchase.

Bank of America® Customized Cash Rewards is the best credit card for cashback.

There is no yearly cost for the Bank of America® Customized Cash Rewards Credit Card, which is a cash-back credit card. Its rewards program is tailored to your buying habits and lifestyle, and it’s intended for candidates with excellent credit or better.

The most significant aspects are:

  • There is no yearly cost
  • Spend at least $1,000 on purchases within the first 90 days after opening your account and receive a $200 online cash rewards incentive.
  • Enjoy a 0% interest rate on all purchases and balance transfers for the first 15 billing periods (balance transfers must be made within the first 60 days of opening your account)
  • Get a 3% rebate on your purchases at any place you like, whether it’s a gas station, an online retailer, a restaurant, a hotel, a pharmacy, or a retailer of home furnishings and decor.
  • Your 3% allocation can be updated as often as once every month.
  • You can get a 2% rebate at warehouse clubs and supermarkets.
  • Get a one percent rebate on everything else you buy.
  • Cash rebates of 3% and 2% are capped at $2,500 every quarter; beyond that, you’ll earn 1% cash back on all qualified purchases.

Bank of America® Travel Rewards Credit Card is the best option for frequent travelers.

If you travel frequently but don’t want to pay a yearly fee, the Bank of America® Travel Rewards Credit Card is the card for you. When compared to other no-annual-fee credit cards, the sign-up bonus is among the finest.

Some of the highlights are as follows:

  • There is no yearly cost
  • There are no hidden fees when making an overseas purchase.
  • Spend at least $1,000 on purchases within the first 90 days of opening your account and receive 25,000 extra points (worth $250 as a statement credit) for using your card online.
  • 1.5 times the points on all purchases, with no limits
  • Utilize the redeemed amount as a statement credit to offset or completely pay expenses such as travel, lodging, car rentals, and meals (including takeout)
  • Enjoy a 0% interest rate on purchases for the first 15 payments.

BankAmericard is the Best Credit Card for Those Who Have Credit Card Debt.

If you have previous credit card debt and want to pay it down quickly and cheaply, the BankAmericard from Bank of America is your best option. Its 18-month introductory 0% APR on balance transfers is a big help.

Some of the highlights are as follows:

  • There is no yearly cost
  • Absolutely no repercussions APR
  • Receive a 0% interest rate on purchases and balance transfers for the first 18 billing periods (balance transfers must be made within the first 60 days of opening your account)
  • Qualify for a $100 statement credit online bonus after you make at least $1,000 in purchases in the first 90 days

Most Effective for Those with Limited or Impaired Credit Bank of America® Secured Credit Card with Customized Cash Rewards

People with low or bad credit can benefit from the cash incentives offered by the Bank of America® Customized Cash Rewards Secured Credit Card. A security deposit is required to open a secured credit card account, although it is refundable upon account closure or upon transferring to an unsecured credit card.

Some highlights are:

  • There is no yearly cost
  • Put down between $300 to $4,900 to start.
  • Get a 3% rebate on your purchases at any place you like, whether it’s a gas station, an online retailer, a restaurant, a hotel, a pharmacy, or a retailer of home furnishings and decor.
  • Maintain a monthly update schedule for your 3% section.
  • Get 2% back on purchases made in supermarkets and wholesale clubs, and 1% on everything else.
  • Quarterly maximum of $2,500 in qualifying purchases for 3% and 2% cashback

Bank of America® Premium Rewards® Credit Card has the best welcome bonus.

The Bank of America® Premium Rewards® Credit Card is featured again because it offers one of the most significant welcome bonuses among credit cards with annual fees of less than $100.

You’ll get it if you make at least $3,000 in purchases during the first three months of starting your account. After that, within one to two billing cycles, you will receive 50,000 online bonus points, which are equivalent to $500.

Bank of America® Unlimited Cash Rewards for Students is the best option for students.

When it comes to cash-back credit cards, the Bank of America® Unlimited Cash Rewards for Students is among the top options. Also, the underwriting rules are more lenient, so students with little credit history can apply.

Some of the highlights are as follows:

  • There is no yearly cost
  • Spend at least $1,000 on qualifying purchases during the first 90 days and receive a $200 cash rewards incentive to use online.
  • 1.5% cash back on all purchases, forever.
  • Enjoy a 0% interest rate on all purchases and balance transfers for the first 15 billing periods (balance transfers must be made within the first 60 days of opening your account)

The Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card is the best option for business owners.

To get the most out of your business credit card with Bank of America, choose the Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card. Those who frequently travel for work, such as business owners and employees, will find it very helpful.

Some of the highlights are as follows:

  • There is no yearly cost
  • There are no hidden fees when making an overseas purchase.
  • Book your trip through the Bank of America® Travel Center and earn triple the points.
  • For all other purchases, your point accrual rate is a flat 1.5 percent.
  • Use the credit on qualifying travel and dining expenses on your credit card statement.
  • In the first three months, if you spend at least $3,000, you’ll receive 30,000 bonus points that may be redeemed for a $300 statement credit toward future dining and/or travel purchases made through the online portal.
  • Make purchases with zero-interest for the first nine payments.

The Best Bank of America Credit Cards are Chosen Using the Following Methodology

The best Bank of America credit card deals are selected after careful consideration of a number of factors. Spending money on a trip, for example, or moving around a large balance with a high-interest rate are just two examples of the many user experiences and use case facets covered here.

Reward System

A credit card’s reward system is one of its most appealing features. Fortunately, you may choose from a wide variety of reward programs at Bank of America, including numerous cash-back credit cards and travel rewards credit cards.

Many credit cards with generous rewards programs also charge annual fees, although this is not always the case. The Bank of America Customized Cash Rewards Card offers one of the most generous cash-back programs while still being free of a monthly fee.

Sign-Up Bonus

A significant sign-up bonus is a major incentive for discerning credit card applicants. Bank of America offers a number of credit cards with attractive sign-up bonuses, including one that ranks highly among the finest in the field of travel rewards (the Bank of America Premium Rewards Credit Card).

Make sure the minimum spending for a credit card sign-up bonus fits comfortably inside your monthly budget. Spending $500 or $1,000 on the card in the first three months can be easy, but charging $4,000 or $5,000 might be more of a challenge.

Promotional Offer of 0% APR

There are a number of Bank of America credit cards that provide attractive initial 0% APR offers. These cards often offer a 0% APR on debt transfers and 0% APR on purchases made during the promotional period.

An annual percentage rate (APR) of 0% makes it possible to finance large purchases like home renovations or Christmas shopping that would otherwise be out of reach.

Paying off high-interest debt might be difficult, but a credit card balance transfer can help. The top choices also have perks like robust cash-back or travel rewards programs.

Interest Rate

Promotions offering 0% APR tend to run out of steam at some point. When this occurs, it is helpful to have a low continuous APR to reduce the expense of making minimum monthly payments on a balance. Credit card balances should be paid in full each month, but we understand that things come up and a lower interest rate is welcome.

Requirements for Credit

Bank of America offers a wide variety of credit cards, from secured cards for those with poor credit to premium travel cards for those with outstanding or very strong credit.

Credit cards with stricter eligibility requirements are not always worse than those with looser standards. These selective cards typically offer superior benefits and rewards. However, if you are just beginning to build credit, you should narrow your options down.

Target Customer

In the end, we think about who is supposed to use each card. Although there is a clear divide between consumer credit cards and business credit cards, both types of cards can be further subdivided based on factors such as the cardholder’s age, credit history, and typical spending habits. 

Here are some typical instances of intended audiences:

  • Frequent travelers
  • Students
  • People with impaired or limited credit
  • People rebuilding credit
  • People with existing credit card debt
  • People planning major purchases
  • People who spend heavily in specific spending categories, like gas or groceries

How to Pick the Best Credit Card from Bank of America

You can’t go wrong with any of the cards on this list if you’re looking for a new Bank of America credit card. We stand by our recommendations for them since they are the best that BofA has to offer.

However, your perfect Bank of America credit card may be different from that of the individual next to you. Asking yourself what you want from the card can help you choose it for your needs.

Do you want to finance a sizable purchase or pay off existing high-interest debt at a low ongoing interest rate or for an extended period at 0% APR? It’s the BankAmericard. Are you trying to find a rewards card that you can customize to your spending habits? That is the customized cash card from Bank of America.

Are you looking for a high-end credit card that offers a fantastic sign-up bonus and abundant ongoing benefits that grow even better with the Preferred Rewards program’s online cash rewards incentive? The Bank of America Premium Rewards Card is the one in question.

These are only a few concepts. You might be envisioning a different perfect BofA card. However, one thing is certain: You can utilize this list to expedite your search.

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