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Whether you’re searching for ways to pay down debt faster, claim lucrative travel rewards, or earn cash back, Bank of America has the solution, with a suite of high-quality credit cards that customers consistently rate favorably.
The Ascent's best Bank of America credit cards:
- Cash rewards program: Bank of America® Cash Rewards credit card
- 0% intro APR: BankAmericard® credit card
- Premium travel rewards: Bank of America® Premium Rewards® credit card
- Travel card with no annual fee: Bank of America® Travel Rewards credit card
- Building credit: BankAmericard® Secured Credit Card
- Students and cash back: Bank of America® Cash Rewards Credit Card for Students
Big bonus
Great for: Cash rewards program
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
Includes a market-leading bonus in the no-annual fee category and a flexible cash rewards program that enables you to earn premium cash back in a category of your choice. Plus, the long intro APR offer makes this card a standout among its peers. Read Full Review
Rewards
3% cash back in your choice category, 2% at grocery stores & wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), 1% on all other purchases.
Annual Fee
$0
Intro APR
Purchases: 0%, 12 billing cycles
Balance Transfers: 0% Intro APR for 12 billing cycles for any balance transfers made in the first 60 days
Ongoing APR
13.99% - 23.99% Variable
Welcome Bonus
$200 after making at least $1,000 in purchases within 90 days of account opening
Highlights
- No annual fee
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
- 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No expiration on rewards
- If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
- Contactless Cards - The security of a chip card, with the convenience of a tap
Great for: 0% intro APR
Rating image, 3.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
This no-annual-fee card has an ok 0% intro APR that apply to both purchases and qualifying balance transfers. But that 0% intro APR offer can be beat by other cards on the market. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 12 billing cycles
Balance Transfers: 0% Intro APR for 12 billing cycles for any balance transfers made in the first 60 days
Ongoing APR
12.99% - 22.99% Variable
Welcome Bonus
N/A
Highlights
- 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
- Contactless Cards - The security of a chip card, with the convenience of a tap
Great for: Premium travel rewards
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
The bonus offer, premium travel & dining rewards, and up to $200 in travel-related statement credits make this a compelling offer for travelers who can justify paying an annual fee. Read Full Review
Rewards
2 points per $1 on travel & dining, unlimited 1.5 points per $1 on all other purchases, 25%-75% more points for Bank of America Preferred Rewards members
Annual Fee
$95
Foreign Transaction Fee
$0
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
15.99% - 22.99%, variable
Welcome Bonus
50,000 points after making at least $3,000 in purchases within the first 90 days of account opening
- Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
- No limit to the points you can earn and your points don't expire
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center
- Get up to $100 in Airline Incidental Credits annually and TSA Pre✓ ®/Global Entry Statement Credits of up to $100, every four years
- No Foreign Transaction Fees
- Low $95 annual fee
- Contactless Cards - The security of a chip card, with the convenience of a tap
Great for: Travel card with no annual fee
Rating image, 5.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
No-annual-fee travel cards typically skimp on the sign-up bonus, but this card delivers with its market-leading intro bonus offer, unlimited rewards on purchases, and other wallet-friendly perks. Read Full Review
Rewards
Unlimited 1.5 points per $1 on purchases, 25%-75% more points for Bank of America Preferred Rewards members
Annual Fee
$0
Intro APR
Purchases: 0%, 12 billing cycles
Balance Transfers: N/A
Ongoing APR
14.99% - 22.99% Variable
Welcome Bonus
25,000 points after making at least $1,000 in purchases within 90 days of account opening
Highlights
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout
- 0% Introductory APR for 12 billing cycles for purchases. After the intro APR ends, 14.99% - 22.99% Variable APR will apply
- If you're a Preferred Rewards member, you can earn 25% - 75% more points on every purchase
- Contactless Cards - The security of a chip card, with the convenience of a tap
Great for: Building credit
BankAmericard® Secured Credit Card
Rating image, 4.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
This card offers a low minimum deposit and a high maximum to go along with free access to your FICO® score and the ability to graduate to an unsecured card -- the only thing missing is a modest rewards program. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
22.99%
Welcome Bonus
Free access to your FICO® score
Highlights
- A secured credit card designed to help establish, strengthen or rebuild credit.
- It can graduate to an unsecured card once Bank of America feels you qualify.
- Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established. If you provide a deposit that exceeds the calculated maximum amount based on your ability to pay, a check will be returned to you for the difference.
- Now, you can access your FICO Score updated monthly for free, within your Mobile Banking app or in Online Banking. Opt-in to receive your score, the key factors affecting your score, and other information that can help you keep your credit healthy.
- We'll periodically review your account and, based on your overall credit history (including your account with us and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
- Access to credit education on topics like using credit cards responsibly, budgeting and more.
Great for: Students and cash back
Bank of America® Cash Rewards Credit Card for Students
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
This student credit card has it all. You'll have a hard time finding a student card with a cash back program this lucrative to go along with a sign-up bonus. Read Full Review
Rewards
3% cash back in a category of your choice, 2% cash back on groceries both up to $2,500, and then 1% on all other purchases.
Annual Fee
$0
Intro APR
Purchases: 0%, 12 billing cycles
Balance Transfers: 0%, 12 billing cycles
Ongoing APR
13.99% - 23.99%, variable
Welcome Bonus
$200 online cash bonus after spending $1,000 within 90 days
Highlights
- No annual fee.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- 0% Introductory APR for 12 billing cycles for purchases, and for any balance transfers made in the first 60 days.
- No expiration on rewards.
- If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase.
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Bank of America may be a household name, but it's never been high on the list when it comes to rewards credit cards. However, between partnerships with major travel brands and the recent release of a premium rewards credit card, it's clear that Bank of America is stepping it up. Simple and effective, these Bank of America credit cards can give your wallet a great boost.
What is Bank of America?
Bank of America is a financial services corporation that offers banking, lending, investing, wealth management and other services. If you've spent time in the United States, you've heard of Bank of America. Not only is it one of the biggest banks in the United States, it's also among the biggest in the world.
As a credit card issuer, Bank of America's card products can meet plenty of different financial needs. Its co-branded cards are an area where the bank stands out, with a diverse collection of partnerships. There are co-branded cards through travel partners, such as Alaska Airlines and Norwegian Cruise Lines. It also has cards with brands that aren't travel-related, including MLB®, the World Wildlife Fund, and Susan G. Komen®.
What are the top perks of Bank of America?
One of the best Bank of America perks is its Preferred Rewards program. If you're in this program and you have a qualifying Bank of America credit card, you'll earn an extra 25% to 75% on all your credit card rewards. To get Preferred Rewards benefits, you must maintain a minimum combined balance across your banking and investment accounts with Bank of America and Merrill Lynch.
The Preferred Rewards program doesn't just boost your credit card rewards. It entitles you to extra benefits with all Bank of America services you use. For example, you could get a higher savings account interest rate, a lower auto loan interest rate, and a reduction in your mortgage origination fee.
The bottom line is that Bank of America likes to give special treatment to its most loyal clients. If you're part of that group, that's good news.
In addition to the Preferred Rewards program, Bank of America credit cards have quite a few useful features, including:
- High rewards rates, with both cash back cards and travel rewards cards
- 0% intro APR offers for purchases and balance transfers
- Large sign-up bonuses
- Premium travel perks
What could be improved about Bank of America?
Bank of America's main flaw is the lack of a big credit card rewards program. Several of its competitors have built topnotch rewards programs for their flagship cards. These programs let cardholders transfer their points to airline and/or hotel partners for award travel bookings.
Even though Bank of America has travel rewards credit cards, it only lets you use your points towards cash travel purchases. Let's say you have the Bank of America® Travel Rewards credit card. You can use your rewards to book cash travel purchases at a fixed rate of $0.01 per point. You could also redeem rewards as a statement credit towards previous travel purchases. But you can't transfer your points anywhere. If you could, you'd be able to get more value from them.
Who should get a Bank of America card?
If you qualify for the Preferred Rewards program, then you should get a Bank of America card. Bank of America credit cards already have competitive rewards rates, so an additional 25% to 75% makes those rates even better. You'll need a combined balance of at least $20,000 to qualify for the Preferred Rewards Gold tier, and higher balances can qualify you for the Platinum or Platinum Honors tier.
Even if you're not an existing Bank of America client, its credit cards still have some strong benefits. Its cards are worth a look if you're interested in travel rewards, cash back, or 0% intro APR offers.
| Card | Rating | Great For |
|---|---|---|
|
Rating image, 4.5 out of 5 stars.
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Great For: Cash rewards program |
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Rating image, 3.0 out of 5 stars.
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Great For: 0% intro APR |
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Rating image, 4.5 out of 5 stars.
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Great For: Premium travel rewards |
|
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Rating image, 5.0 out of 5 stars.
|
Great For: Travel card with no annual fee |
|
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Rating image, 4.0 out of 5 stars.
|
Great For: Building credit |
|
|
Rating image, 4.5 out of 5 stars.
|
Great For: Students and cash back |
About the Author
Elizabeth is a personal finance writer specializing in credit cards, debt repayment, and small business. Her work has appeared on The Motley Fool, MSN Money, Yahoo! Finance, and Business Insider. She’s an avid credit card points collector and perpetual traveler currently living in Costa Rica.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
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