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: