Bank of America Credit Cards

 

Benefits of Bank of America Credit Cards

Bank of America is a popular option for those looking for a quality credit card. The bank currently has over 58 million cardholders, which accounts for over 10% of all the credit cards in the United States.

Bank of America (BOA) is an excellent option for those who like the convenience of a bank with thousands of locations across the country. The bank is seemingly on every street corner, with over 4,200 branches nationwide. The bank is also known for its customer service, which ranks high amongst customers.

Bank of America currently issues over twenty cards, including cards co-branded with leading names in the travel industry. These include impressive names like Norwegian Cruise Lines, Alaska Airlines, Air France, and Amtrak. Bank of America also teams with leading charities, such as the World Wildlife Fund and Susan G. Komen. The bank even has a card for baseball fans – the MLB Cash Rewards Card.

The bank also issues a variety of own-brand cards, either through the Bank of America (BOA) name or through the name Bankamericard. These include excellent cards that earn rewards on purchases and balance transfer cards.

What to Look for In A Bank of America Credit Card

Before applying for a Bank of America Card, there are several factors you should carefully consider. Here’s what to look at before applying, features to compare, and red flags to avoid:

• Annual Fee: Does the card charge an annual fee? Rewards cards – especially travel rewards cards – sometimes come with annual fees. Before applying for a card that charges a yearly fee, make sure you’ll get enough value from the perks, credits, and benefits to justify that cost.
• APR: Always check the interest rates before applying. The better your credit score, the better the rate you can expect.
• 0% Intro APR: Does the card offer a 0% intro APR period? Cards that provide interest-free promotional periods of 15 billing cycles or more are great for those with existing credit card balances. These intro periods let you pay down balances without additional interest charges racking up.
• Fees: Are there extra fees? Is there a penalty APR or balance transfer fee?
• Rewards: What type of rewards does the card offer? Pay special attention to how those rewards are earned. How long are points good for? Do they expire?
• Intro Bonuses: How much do you need to spend? Typically rewards cards require a spending minimum within 90 days of account opening.
• Foreign Transaction Fees: If you plan on using your card for purchases outside the U.S., make sure the card charges no foreign transaction fees. Failing that, look for a card with a low foreign transaction charge – below 2%.

Bank of America Preferred Rewards

Bank of America offers different types of rewards. One is the Premium Rewards Program, which applies to their top-end credit cards. The BOA Preferred Rewards, on the other hand, seeks to reward those who do most of their banking with Bank of America.

The program offers rewards for those who have multiple accounts with the bank, including checking accounts, savings accounts, mortgages, auto loans, and more. Customers also get rewarded for Guided Investment accounts through Merrill, an investment and brokerage firm.

Preferred Rewards Tiers

Bank of America Preferred Rewards features three tiers. Each tier requires cardholders and BOA banking customers to meet spending minimums and offers unique benefits. These tiers are:

Gold

• Required Balance: $20,000 to $49,000
• Savings Interest Bonus: 5%
• Credit Card Rewards Bonus: 25%
• Foreign Exchange Currency Discount: 1%

Platinum

• Required Balance: $50,000 to $99,000
• Savings Interest Bonus: 10%
• Credit Card Rewards Bonus: 50%
• Foreign Exchange Currency Discount:5%

Platinum Honors

• Required Balance: $100,000+
• Savings Interest Bonus: 20%
• Credit Card Rewards Bonus: 75%
• Foreign Exchange Currency Discount: 2%

Preferred rewards tiers also enjoy enhanced earning rates on Merrill Lynch investment accounts, mortgage origination fees savings, home equity discounts, auto loan discounts, and more.

Bank of America Premium Rewards

BOA Premium Rewards are the pinnacle of rewards for Bank of America credit card customers. Bank of America Premium Rewards has a value of approximately one cent per point. To be eligible for Premium Rewards, you’ll need to have the Bank of America® Premium Rewards® Credit Card.

BOA Premium Rewards are earnable on every purchase, with additional rewards ins elect categories. Those categories are travel and dining, with the travel category encompassing the following:

• Airline, bus, and cruise tickets
• Auto and boat rentals
• Hotels, timeshares, and campground rentals
• Taxis, tolls, and parking garage fees
• Tours and attractions

Redeeming Premium Rewards is also straightforward, with the following options available:

• Statement credits
• Cash back into Bank of America checking or savings accounts
• Credits toward individual Merrill investment accounts
• Bank of America Travel Center gift cards and purchases

Premium Rewards Credit Cardholders also receive additional travel perks and benefits. These include:

• Auto rental collision waiver
• Common carrier travel accident insurance
• Visa® warranty manager
• Trip cancellation insurance
• Trip interruption insurance and trip delay reimbursement
• Baggage delay reimbursement
• Lost luggage reimbursement
• Return protection
• Visa® Roadside dispatch

Other Bank of America Rewards

Travel Rewards

Bank of America® Travel Rewards is one of the types of BOA credit card rewards. BOA Travel Rewards apply towards travel statement credits using a Bank of America travel credit card. Cardholders also earn loyalty bonuses if they are an existing Bank of America banking customer, or a Merrill wealth account customer.

Cash Rewards

Bank of America® Cash Rewards is another popular option for BOA credit cardholders. Cash rewards allow holders to select their preferred 3% cash back category. Options for 3% back categories include travel, gas, or online shopping purchases. These rewards also have a higher spend limit than many other cash back programs, with BOA credit cards enjoying up to $2,500 in quarterly spending caps, compared with $1,500 with many different credit card issuers.

Cash Rewards and Travel Rewards Member Benefits

Travel and cash Rewards members also enjoy Visa® benefits and perks, including:

• Auto rental collision waiver
• Common carrier travel accident insurance
• Visa warranty manager
• Return protection
• Visa Roadside dispatch

Looking for the Best Bank of America® Credit Cards for 2020?

Finding your ideal Bank of America Card isn’t easy. That’s where the team at BestCards comes in. We’ve compiled over 800 credit card reviews to date, covering issuers large and small. We offer impartial and insightful analysis to help you find precisely what you want.

Browse our comprehensive reviews. Read our credit card news and advice, and find your best card today.