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Virgin Atlantic World Elite Mastercard®
Virgin Atlantic World Elite Mastercard®
- 19.99% to 27.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.99% to 27.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 22.99% to 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Virgin Atlantic World Elite Mastercard® is a versatile travel credit card that is more than generous when it comes to awarding you Virgin Points, even for making an initial purchase.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3X miles on direct Virgin Atlantic purchases
- 1.5X miles on all other purchases
- No foreign transaction fees
- 15,000 Virgin Points every account anniversary
- 5,000 bonus Virgin Points for adding authorized users
- Companion reward when redeeming Virgin Points for a reward ticket (must spend at least $25,000 per year)
- Earn 60,000 bonus Virgin Points after spending $2,000 or more within the first 90 days of account opening
- Earn 25 tier points per $2,500 in purchases
- Regular Purchase APR: 19.99% to 27.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 19.99% to 27.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 22.99% to 29.99% 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: $90
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You travel often, especially with Virgin Atlantic
- You wish to earn rewards points for making purchases with your credit card
- You seek a credit card you can use worldwide without having to pay foreign transaction fees
Bank of America® Customized Cash Rewards Credit Card
Bank of America® Customized Cash Rewards Credit Card
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on the Prime Rate Cash Advance APR
- 0% for 15 billing cycles from account opening date Intro Purchase APR
At a Glance
The Bank of America® Cash Rewards Credit Card boasts impressively flexible cash rewards on purchases in the category of your choice, on top of cash back for groceries and other everyday purchases. This card also offers an attractive introductory APR for purchases and balance transfers, making it a great all-around rewards card for those with dynamic purchase habits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3% cash back on the category of your choice: gas, EV charging, phone, internet, and cable plans, select streaming, online shopping, dining, travel, drug stores, or home improvement
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- 1% on all other purchases
- Introductory 0% APR for the first 15 billing cycles from the date you open your account
- Free FICO® Score reports updated monthly so you can monitor your credit score
- Intro Purchase APR: 0% for 15 billing cycles from account opening date
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 15 billing cycles on transfers made within 60 days from account opening date
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and 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 5% of the amount of each transaction, whichever is greater.
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- You want the flexibility to choose your cash back category from month to month
- You’re looking for a generous rewards credit card with no annual fee
- You plan to take advantage of the long introductory APR period with a significant purchase or balance transfer
- You have a Bank of America checking or savings account and qualify for a Preferred Rewards membership
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on creditworthiness and Prime Rate Cash Advance APR
- 0% for 15 billing cycles Intro Purchase APR
At a Glance
The Bank of America® Unlimited Cash Rewards Credit Card offers an unlimited 1.5% back, two lengthy 0% APR periods, and a $200 statement credit offer – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Unlimited 1.5% cash back on every purchase
- 0% Intro APR for the first 15 billing cycles on purchases and balance transfers
- $200 online cash rewards bonus after you make at least $1,000 in purchases within the first 90 days from account opening
- No limit on the amount of cash back you can earn – and rewards do’t expire
- Intro Purchase APR: 0% for 15 billing cycles
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 15 billing cycles for transactions made within 60 days of account opening
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and 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 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
- You already bank with Bank of America
- You want a simplified cash back rewards system
- You plan on carrying a balance
- You do’t want to pay an annual fee
Bank of America® Travel Rewards Credit Card
Bank of America® Travel Rewards Credit Card
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on creditworthiness and Prime Rate Cash Advance APR
- 0% for the first 15 billing cycles from account opening date Intro Purchase APR
At a Glance
Offered primarily to individuals who suffer from occasional wanderlust, the Bank of America® Travel Rewards Credit Card makes it easy to get out and see the world. It compensates you for everyday purchases with points you can easily redeem towards your next adventure, without the hassle of annual or foreign transaction fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 25,000 bonus points after spending $1,000 in purchases within the first 90 days
- Introductory 0% purchase APR for 15 billing cycles
- 1.5 points for every $1 you spend on all purchases
- No annual fee
- No foreign transaction fees
- Points do’t expire
- Unlimited earning
- Intro Purchase APR: 0% for the first 15 billing cycles from account opening date
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for the first 15 billing cycles from account opening date
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and 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 creditworthiness and 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% variable based on creditworthiness and Prime Rate
- Late Payment Penalty Fee: Up to $40
- You’re a casual traveler that likes to take a couple of trips each year but don’t need a hardcore travel card
- You wish to earn rewards on any purchases that can go toward your next vacation
- You’re looking for a travel credit card with no annual or foreign transaction fees
- You plan to make a large purchase that may require multiple payments that can benefit from the introductory APR
Amtrak Guest Rewards® World Mastercard®
Amtrak Guest Rewards® World Mastercard®
- 13.99% to 23.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.99% to 23.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.99% to 28.99% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3X points per $1 spent with Amtrak
- 2X points per $1 spent on other qualifying travel purchases
- 1X point per $1 spent on all other purchases
- Annual companion coupon ($300 value)
- Annual upgrade coupon ($150 value)
- 5% Amtrak Guest Rewards point rebate when booking with points
- Earn 1,000 Tier Qualifying Points each time spending reaches $5,000
- 20% rebate on onboard food and beverage purchases
- One complimentary station lounge pass
- Regular Purchase APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 16.99% to 28.99% 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: $79
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- N/A
AAA Member Rewards Card
AAA Member Rewards Card
- 13.99% to 23.99%, variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.99% to 23.99%, variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.99 to 26.99%, variable based on creditworthiness and the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- 3X points on travel and AAA purchases
- 2X points on gas, groceries, wholesale clubs, and drugstore purchases
- 1X points on all other purchases
- No foreign transaction fees
- Regular Purchase APR: 13.99% to 23.99%, variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for the first 12 months
- Balance Transfer APR: 13.99% to 23.99%, 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: 16.99 to 26.99%, 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% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $28
- N/A
U.S. Pride® Credit Card
U.S. Pride® Credit Card
- 13.99% to 23.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.99% to 23.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.99% to 26.99% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
The U.S. Pride® Customized Cash Rewards Credit Card is a versatile cash back card that rewards you for making everyday purchases and also offers an enticing 15-month 0% APR introductory promotion.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory 0% Purchase APR for 15 months
- Introductory 0% APR for 15 months on balance transfers made within 60 days of opening your account
- 3% cash back on your choice of 6 popular rewards categories
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- No annual fee
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 13.99% to 23.99% 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: 16.99% to 26.99% 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
- 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 make everyday purchases with a credit card
- You’re looking for a cash back program that earns you rewards with every purchase you make
- You’re seeking a credit card with a 0% APR introductory offer
- You prioritize using your credit card for gas and grocery purchases
AMSA Customized Cash Rewards Card
AMSA Customized Cash Rewards Card
- 17.74% to 27.74%, variable based on creditworthiness and Prime Rate Regular Purchase APR
- 17.74% to 27.74%, variable based on creditworthiness and Prime Rate Balance Transfer APR
- 20.74% to 29.74% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
At a Glance
The Bank of America® Cash Rewards Credit Card for the American Medical Student Association (AMSA) is a co-branded card that rewards both you and the organization when you spend. If you’re looking for an easy way to earn cash back on your everyday purchases while giving back to this student-centric nonprofit, this card is the cure.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 3% cash back on your chosen category: online shopping, dining, gas, travel, or home furnishings and improvement
- 2% cash back on purchases at grocery stores, bakeries, and wholesale clubs
- 1% cash back on all other purchases
- Introductory 0% APR for the first 15 months from the date your account is opened
- Your card use benefits the American Medical Student Association (AMSA)
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 17.74% to 27.74%, variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 17.74% to 27.74%, 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: 20.74% to 29.74% 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
- 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 current or prospective members of AMSA and want your credit card use to benefit the organization
- You’re entering medical school and can take advantage of the 0% introductory APR to pay for textbooks or transfer a balance
- You want the flexibility to choose your own rewards category each month
- You have Preferred Rewards status with Bank of America to maximize rewards
World Wildlife Fund Credit Card
World Wildlife Fund Credit Card
- 13.99% to 23.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 13.99% to 23.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.99% to 28.99% variable based on the Prime Rate Cash Advance APR
- 0% for 15 months from account opening date Intro Purchase APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- World Wildlife Fund receives $3 for every account opened and 0.08% of each transaction
- Introductory 0% purchase APR for your first 15 months
- 3% cash back on the category of your choice
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- No annual fee
- Intro Purchase APR: 0% for 15 months from account opening date
- Regular Purchase APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months from account opening date
- Balance Transfer APR: 13.99% to 23.99% 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: 16.99% to 28.99% 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 the Prime Rate
- 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
- N/A
Asiana Visa® Business Card
Asiana Visa® Business Card
- 14.74% variable based on the Prime Rate Regular Purchase APR
- 14.74% variable based on the Prime Rate Balance Transfer APR
- 25.74% variable based on the Prime Rate Cash Advance APR
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 2 miles per $1 spent on Asiana Airlines ticket purchases
- Earn 1 mile per $1 on all other purchases
- Get 10,000 bonus miles after your first purchase
- Get two annual $100 statement rebates toward qualifying Asiana ticket purchases
- No limit to the number of miles you can ear
- Regular Purchase APR: 14.74% variable based on the Prime Rate
- Balance Transfer APR: 14.74% variable based on the Prime Rate
- Balance Transfer Transaction Fee: $10 or 4% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 25.74% variable based on the Prime Rate
- Cash Advance Transaction Fee: $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $80
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transactio
- Late Payment Penalty Fee: Up to $49
- Return Payment Penalty Fee: $39
- N/A
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.
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