When it comes to credit cards, Bank of America offers an array of options, that are non-competitive. But their shine truly comes to light for those enrolled in their Preferred Rewards program.
This program can elevate your rewards game by 25%-75% based on your bank relationship.
Let’s take a closer look at the top 4 Bank of America credit cards, their perks, and whether they’re worth a spot in your wallet. Ensure you keep reading not to miss out.
Best Bank of America Credit Cards
Bank of America Customized Cash Rewards Visa
Our top pick in the Bank of America lineup is the Customized Cash Rewards Visa.
This card lets you earn a substantial 3% cash back in a category of your choice, including online shopping (our personal favorite), gas, dining, and travel, among others.
Grocery stores and wholesale clubs grant you 2% back, while everything else earns you 1% cash back.
Keep in mind, though, that there’s a cap: after reaching $2500 in combined 3%/2% category purchases per quarter, further spending in these categories drops to 1%.
Moreover, if you spend $1000 in the first 90 days, you’ll bag a $200 bonus. The best part is there’s no annual fee to worry about.
BankAmericardÂ
For those seeking simplicity and value, the BankAmericard is a solid contender.
It might not hold great rewards, but it carries a lower interest rate compared to other Bank of America reward cards.
The vital thing here is the 0% Intro APR, stretching across a big 21 billing cycles for both purchases and balance transfers within the first 60 days of account opening.
After this introductory period, the variable APR ranges from 14.99% to 24.99%, depending on your credit history.
With no annual fee and practical benefits, this card is perfect for those looking to manage their finances smartly.
Bank of America Premium Rewards VisaÂ
For the adventure lovers, the Bank of America Premium Rewards Visa card steps up to the plate. It comes with a $95 annual fee, but whether it’s worth it boils down to the travel credits on offer.
On the rewards front, you earn 2 points per dollar on travel and dining purchases and 1.5 points for other spending.
These points equate to 1 cent per point when redeemed. Plus, newcomers can grab a 60,000-point bonus ($500) by spending at least $4000 in the first 90 days.
Notably, the card showers you with up to $100 in Airline Incidental statement credits annually for seat upgrades, baggage fees, and more.
Additionally, there’s up to $100 towards TSA PreCheck or Global Entry Application fees every 4 years. If you’re a frequent traveler, this card could become your trusty sidekick.
Bank of America Travel Rewards Visa
Lastly, the Bank of America Travel Rewards Visa presents itself as an uncomplicated companion for the journey-minded.
With 1.5 points for every dollar charged, each point translating to a penny against your travel purchases, it offers flexibility.
Earning a 25,000-point bonus ($250) requires a $1000 spend in the first 90 days.
This card stands out with no annual fee and no foreign transaction fees.
However, its rewards might leave some wanting more, especially since redemptions are limited to travel-related expenses.
What is the Bank of America® Preferred Rewards program?
The Preferred Rewards program rewards cardholders who bank and invest heavily with Bank of America® or its investment arm, Merrill Lynch.
To be eligible for Preferred Rewards, you must have a personal checking account with Bank of America® and $20,000 or more in qualifying Bank of America® accounts, including qualified Merrill investment accounts.
The rewards bonus is decided by your combined balance and your Preferred Rewards tier.
| Program tier | Required balance | Relationship perk |
| Gold | $20,000 to $49,999 | 25% |
| Platinum | $50,000 to $99,999 | 50% |
| Platinum Honors | $100,000 to $999,999 | 75% |
| Diamond | $1,000,000 to $9,999,999 | 75% |
| Diamond Honors | $10 million or more | 75% |
Conclusion
In summary, while Bank of America’s credit card offerings might not always steal the spotlight, they do cater to specific needs and preferences.
Their Preferred Rewards program sweetens the deal for some, while others might find better rewards elsewhere.
As you contemplate on these credit cards, keep in mind your financial goals, spending habits, and the features that align with your lifestyle.
Frequently Asked Questions
What is America’s best credit card?
- Wells Fargo Reflect® Card *: Best Balance Transfer for Long Payment Window.
- Prime Visa: Best for Amazon
- Discover it® Secured Credit Card: Best Secured Card.
- Discover it® Student Cash Back: Best Student Card.
- Blue Cash Preferred® Card from American Express: Best for Groceries.
Which Bank of America credit card has the largest credit limit?
The largest credit limit offered by a Bank of America card is the Bank of America® Customized Cash Rewards credit card, which has a stated maximum limit of $95,000. Your credit history, income, outstanding obligations, and other factors will be used to set your particular limit.