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Bank of America® Unlimited Cash Rewards Credit Card for Students
Bank of America® Unlimited Cash Rewards Credit Card for Students
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
- 0% for 15 months Intro Purchase APR
At a Glance
The Bank of America® Unlimited Cash Rewards Credit Card for Students is the ideal mix of excellent rewards, a decent sign-up bonus, and a competitive APR. The card, which has no annual fee, also gives students the credit building tools they need to succeed – including FICO Score and Bank of America’s financial education program access.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Unlimited 1.5% cash back on every purchase
- Build credit with responsible use
- 0% introductory APR for 15 months from account opening
- Intro Purchase APR: 0% for 15 months
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months for transactions made within 60 days of account opening
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 21.24% to 30.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You’re a college student
- You want an accelerated cash back earning rate
- You plan to make use of the financial education tools
- You don’t want to pay an annual fee
Bank of America® Unlimited Cash Rewards Secured Credit Card
Bank of America® Unlimited Cash Rewards Secured Credit Card
- 28.24% variable based on the Prime Rate Regular Purchase APR
- 28.24% variable based on the Prime Rate Balance Transfer APR
- 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Bank of America® Unlimited Cash Rewards Secured Credit Card offers cash back rewards and credit building tools in one nice, neat package. The card earns unlimited 1.5% cash back on all purchases, with no cap on rewards – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Monthly reporting to the 3 major credit bureaus
- Unlimited 1.5% cash back on all purchases
- Chance at a deposit return with responsible usage
- Regular Purchase APR: 28.24% variable based on the Prime Rate
- Balance Transfer APR: 28.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $300
- You have bad credit or no credit history at all
- You want to earn 1.5% back while repairing their credit score
- You have $300 available for a security deposit
- You don’t want to pay an annual fee
Bank of America® Travel Rewards Credit Card for Students
Bank of America® Travel Rewards Credit Card for Students
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on creditworthiness and Prime Rate Cash Advance APR
- 0% for 18 months from account opening date Intro Purchase APR
At a Glance
The Bank of America® Travel Rewards Credit Card for Students is a go-to payment choice for shoppers who are both frequent jetsetters and enrolled in a learning institution.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 25,000 bonus points after spending $1,000 within 90 days
- Earn unlimited 1.5 points per dollar spent on all purchases
- Points never expire + no limits on earnings
- Access to FICO® Score (updated monthly)
- No annual fee
- No foreign transaction fees
- Intro Purchase APR: 0% for 18 months from account opening date
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 18 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 21.24% to 30.24% variable based on creditworthiness and Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You’re a student traveling or studying abroad
- You want to start building a respectable credit score
- You want to earn rewards points for everyday purchases
- You’re looking for a credit card with no annual fee and no foreign transaction fees
BankAmericard® Credit Card for Students
BankAmericard® Credit Card for Students
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 19.24% to 29.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
- 0% for 21 months from account opening date Intro Purchase APR
At a Glance
The BankAmericard® Credit Card for Students is a no-frills card for college students with little to no credit history who are looking to build and monitor the health of their credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory 0% purchase APR for 18 months
- Introductory 0% APR for 18 months on balance transfers made within 60 days of account opening
- No fee on balance transfers made within 60 days of account opening
- Access to credit and budgeting education and free monthly FICO Score reports
- No annual fee
- Intro Purchase APR: 0% for 21 months from account opening date
- Regular Purchase APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 21 months from account opening date
- Balance Transfer APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 19.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You’re a student just starting out building your credit history
- You’re looking for a great introductory APR offer on purchases and balance transfers
- You want a credit card with no annual fees
- You want the ability to monitor your credit score monthly
BankAmericard® Secured Credit Card
BankAmericard® Secured Credit Card
- 26.24% variable based on the Prime Rate Regular Purchase APR
- 26.24% variable based on the Prime Rate Balance Transfer APR
- 29.24% variable based on the Prime Rate Cash Advance APR
At a Glance
Designed for establishing, building, or even rebuilding one’s credit score, the BankAmericard® Secured Credit Card offers the basic tools needed to strengthen your financial standing while covering everyday purchases. With a refundable security deposit, no annual fee and a few educational resources thrown in, this card can guide you to becoming a responsible credit card user with minimal hassle.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Requires minimum $300 deposit (refundable)
- Free access to monthly updated FICO® Score
- Digital wallet compatible
- No annual fee
- Overdraft protectio
- Regular Purchase APR: 26.24% variable based on the Prime Rate
- Balance Transfer APR: 26.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transactio
- Cash Advance APR: 29.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $300
- You’re looking for your first credit card or need to boost your existing credit
- You have at least $300 to put toward the security deposit
- You want to learn about the impact of credit card usage on a credit score
- You need a card that won’t penalize by raising the interest rate
- You want the opportunity to get your security deposit back eventually
Air France KLM World Elite Mastercard®
Air France KLM World Elite Mastercard®
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.24% to 30.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
Designed for avid travelers, the Air France KLM World Elite Mastercard® rewards generously for flight purchases and offers versatility when it’s time to redeem your earnings.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3X miles per $1 spent directly on purchases with Air France, KLM Royal Dutch Airlines, and SkyTeam member carriers
- 1.5X miles per $1 on all other purchases
- Earn 70,000 bonus miles and $100 statement credit after making $2,000 in purchases within 90 days
- 5,000 miles anniversary bonus after spending $50 in purchases within anniversary year
- 20 XP every account anniversary with additional 40 XP after spending $15,000 or more per year
- No foreign transaction fee
- Regular Purchase APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 23.24% to 30.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99% variable based on the Prime Rate
- Annual Fee: $89
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You travel often, whether for business or pleasure
- You’re a member of the Flying Blue loyalty program
- You want flexibility when redeeming your accumulated miles and the ability to choose from multiple airlines for flight awards
- You’re planning to use a credit card for purchases abroad or in foreign currencies
Alaska Airlines Visa® Credit Card
Alaska Airlines Visa® Credit Card
- 20.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 20.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 23.24% to 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Alaska Airlines Visa® Credit Card offers plenty of introductory and ongoing perks starting with an impressive signup bonus 40,000 miles plus Alaska’s Famous Companion Fare™. Although mile earning potential is limited, cardholder benefits are substantial make this a must-have card for frequent Alaska Airline customers.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3X miles per dollar spent on Alaska Airlines purchases
- 1X miles per dollar spent on all other purchases
- Annual Alaska’s Famous Companion Fare® on account anniversary
- Free checked bag on Alaska Airlines flights for up to six other guests on the same reservation
- Enjoy 50% off Alaska Lounge day passes
- 20% back on in-flight purchases
- No foreign transaction fee
- Regular Purchase APR: 20.24% to 28.24% variable based on creditworthiness and Prime Rate
- Balance Transfer APR: 20.24% to 28.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 23.24% to 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Annual Fee: $95
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You travel on Alaska Airlines at least twice a year
- You want to save on Alaska Airline lounge access
- You want the annual Companion Fare™ pass (only eligible to cardholders)
- You’re planning to spend $2,000 within 90 days of opening the account
Alaska Airlines Business Credit Card
Alaska Airlines Business Credit Card
- 21.24% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 21.24% to 29.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
At a Glance
If you are a business owner that frequently flies with Alaska Airlines, applying for the Alaska Airlines Business Credit Card allows you to enjoy the same airline rewards as the Alaska Airlines consumer card but for a lower annual fee of $50 (rather than $75).
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Annual Alaska’s Famous Companion Fare™ on account annversary
- Free checked bag on Alaska flights for up to six other passengers on the same reservation
- 3 miles for every $1 spent directly on Alaska Airlines purchases
- 1 mile for every dollar spent on all other purchases
- 50% off Alaska Lounge day passes
- 20% back on in-flight purchases
- Regular Purchase APR: 21.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 21.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $50 for the company and $25 per card
- Late Payment Penalty Fee: Up to $49
- You own or operate a business
- You frequently fly with Alaska Airlines
- You’re looking for a mileage rewards program that can be used in connection with other carriers
- You plan to make regular international transactions
Allways Rewards Visa®
Allways Rewards Visa®
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.24% to 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Allways Rewards Visa® is a good value for those who frequently fly with Allegiant and can make the most of the card given its $59 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3 points per $1 on Allegiant purchases (air, hotel, car rental and attractions)
- 2 points per $1 on qualifying dining purchases
- 1 point per $1 on all other purchases
- No blackout dates, destination restrictions, or minimum points redemption
- Complimentary priority boarding and one free beverage on Allegiant flights
- Buy one, get one free airfare with purchase of a vacation package from Allegiant
- Regular Purchase APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Cash Advance APR: 23.24% to 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Annual Fee: $59
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You travel often
- You frequently book trips with Allegiant
- You’re looking to earn rewards redeemable for award flights and other perks
- You want a card with no foreign transaction fees
Celebrity Cruises® Visa Signature® Credit Card
Celebrity Cruises® Visa Signature® Credit Card
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Celebrity Cruises® Visa Signature® Credit Card will make it easier – and more rewarding – to book your next voyage by netting you MyCruise® Points with every purchase, plus an additional introductory bonus.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 2 MyCruise points for every $1 spent on qualifying purchases with Celebrity Cruises, Royal Caribbean, and Azamara Club Cruises
- 1 MyCruise point per $1 on all other purchases
- No annual fee
- No foreign transaction fees
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Cash Advance APR: 21.24% to 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Annual Fee: $69
- Late Payment Penalty Fee: Up to $40
- You often travel with Celebrity Cruises®
- You want to quickly earn MyCruise® points by making purchases – both exceptional and everyday
- You’re looking for a travel credit card with no foreign transaction fees
You’ve viewed 5 of 43 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. |
Regular APR | Always check the interest rates before applying. The better your credit score, the better the rate you can expect. |
0% 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? Is there an introductory points or cash back bonus? 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? |
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%. |
Info for Applying for Bank of America Credit Cards
When it comes to applying for a Bank of America credit card, applicants must meet certain requirements to be considered for approval. While these criteria may vary based on the specific card and individual circumstances, there are general guidelines that applicants should be aware of:
What Credit Score Does Bank of America Require?
Bank of America credit cards are targeted towards different credit profiles. Most of the bank’s reward credit cards require good or excellent credit scores. Despite this, the bank also offers subprime options, including secured card versions of some popular cash back and travel rewards cards. The bank also offers student credit cards.
Does Bank of America Offer Pre-Qualification Before Applying?
Like most major issuers, Bank of America provides a credit card pre-qualification process on its website. Checking for a pre-qualified offer is easy, requiring the following information:
- Full name
- Address
- Date of birth
- Last four (4) digits of your Social Security Number (SSN)
There is no impact on your credit score when checking for offers on the Bank of America website.
Applying for a Bank of America Credit Card
Applying for a Bank of America credit card is straightforward. The bank doesn’t have any unique requirements for personal information, instead asking for the usual info:
Info | Explained |
---|---|
① Full legal name and contact information | You’ll need your full legal name, contact address, phone number, and e-mail address to apply for pretty much every credit card. |
② Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) |
Most credit card issuers require applicants to have a U.S. Social Security number to apply for a credit card. Since foreign citizens likely lack an SNN, they may receive an Individual Taxpayer Identification Number (ITIN) instead. An ITIN is an ID number the IRS issues to anyone who needs to file income tax returns in the United States but doesn’t qualify for an SSN. Be ready to provide either of these items when applying for a personal credit card. The following banks accept foreign national applicants with an ITIN number, according to Experian:
Currently, only two major card issuers don’t allow applicants with an ITIN:
|
③ Income | You’ll need to provide income information when applying for a credit card. Banks like to see that you aren’t too stretched financially, and part of this process is by evaluating how much income you have from things like your job, investments, and other sources. |
④ Expenses | Your monthly expenses are the second part of the puzzle when it comes to gauging your risk as an applicant. Your monthly housing costs (rent, mortgage) current utilities, and other relevant info might be asked when you apply. |
⑤ Credit Score | The final piece of informational lender needs to judge a credit card application is your credit score. Much of the information in your credit report is supplied by creditors and lenders, and potential lenders will use these details as a point of reference when considering you for a loan or line of credit. Your credit report is prepared and sold to prospective lenders and creditors by three credit reporting agencies – or bureaus, as they’re also known. They are Equifax, Experian, and TransUnion. |
Bank of America Application Rules
Like Chase or Citi, Bank of America has specific rules regarding credit card applications. These rules are known as the 7/12 and 3/12 rules.
Bank of America 7/12 Rule
The first “secret” rule of Bank of America credit card applications is the 7/12 rule. This rule stipulates that a Bank of America credit card applicant with seven (7) or more new credit cards opened in the past 12 months will automatically be rejected on their application. This rule is similar to Chase’s 5/24 rule.
Bank of America 3/12 Rule
The Bank of America 3/12 rule is another “secret” rule. This rule stipulates that Bank of America credit card applicants who do not have any Bank of America products now or in the past and have already opened two (2) new credit cards in the last 12 months will be rejected on their application. In practice, the 3/12 rule may affect more applicants than the 7/12 rule, as it’s likely that people who do not already have a Bank of America account or credit card will be more likely to apply for two or more cards in a year.
Understanding the Bank of America Credit Card Application Process
The easiest way to apply for a Bank of America card is online. The online application provides a convenient and efficient way to apply from the comfort of your home. When completing the application, ensure that all the information provided is accurate and up to date. Any discrepancies or inaccuracies could delay the approval process or lead to the rejection of your application.
After submitting your application, it’s essential to monitor the status of your application. Bank of America typically provides a way for applicants to check the status of their credit card application online or by contacting customer service. If additional information or documentation is required, promptly provide the requested items to expedite the review process. Finally, once your application is approved, you can expect to receive your new Bank of America credit card in the mail within 7 to 10 business days.
Common Mistakes to Avoid in Your Credit Card Application
When applying for a Bank of America credit card, or any credit card, it’s critical to be mindful of common mistakes that can hinder the approval process. Filling out inaccurate or incomplete information on the application is one of the most common mistakes people make. Any discrepancies or missing details can raise red flags and potentially lead to the rejection of your application. To ensure accuracy, it’s crucial to meticulously review and verify all the information before submitting your application.
Another common mistake is applying for multiple credit cards within a short timeframe. Each credit card application typically results in a hard inquiry on your credit report, which can temporarily lower your credit score. By spacing out your credit card applications and applying strategically, you can minimize the impact on your credit score and demonstrate responsible credit-seeking behavior.
Finally, failing to review the terms and conditions of the credit card, including the annual fee, interest rates, and rewards structure, can lead to unexpected surprises down the line. Always ensure you take the time to fully understand the card’s terms and benefits before applying.
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 | Platinum | Platinum Honors | |
Req. balance: | $20,000 to $49,000 | $50,000 to $99.999 | $100,000+ |
Savings interest bonus: | 5% | 10% | 20% |
Credit card rewards bonus: | 25% | 50% | 75% |
Forex discount: | 1% | 1% | 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 in select categories. Those categories are travel and dining, with the travel category encompassing the following:
Airline, bus, and cruise tickets | Auto and boat rentals | Tours and attractions |
Taxis, tolls, and parking garage fees | Hotels, timeshares, and campground rentals |
Redeeming Premium Rewards is also straightforward, with the following options available:
Statement credits | Cash back into a Bank of America account | Credits for Merril investments | Travel Center gift cards |
Premium Rewards Credit Cardholders also receive additional travel perks and benefits. These include:
Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement | Luxury Hotel Collection | Extended Warranty Coverage |
Roadside Dispatch | Lost/Stolen Card Reporting | ID Navigator from Norton | Travel & Emergency Assistance |
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:
Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement | Luxury Hotel Collection | Extended Warranty Coverage |
Roadside Dispatch | Lost/Stolen Card Reporting | ID Navigator from Norton | Travel & Emergency Assistance |
FAQs
- You can contact BoA customer service at 1 (800) 732-9194. The agents can help with disputes, bill and account management, closing accounts, and more.
- Bank of America typically uses Experian for checking credit. That said, they may use any of the big three, Equifax, Experian, or TransUnion.
- Bank of America says you will receive your card within 10 business days after you’re approved. There is no option for expediting, but the company may provide an instant card number on select co-branded cards
- Getting cash with your credit card is known as a cash advance. This process works in the same way as a debit card withdrawal, but with set limits on how much you can pull (usually around 20% of your credit limit), higher than average interest rates, and fees.
Conclusion
By understanding the application process, meeting the necessary requirements, and navigating the process with care and diligence, you can position yourself for a successful credit card application experience. Remember to avoid common mistakes, proactively address issues, and stay informed about the terms and conditions of your credit card.
Editorial Disclosure – The opinions expressed on BestCards.com's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, BestCards.com lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.