Bank of America Credit Cards Review
Discover the top Bank of America credit cards, tailored to various needs. Whether you seek travel rewards, cash back, or low interest, this comprehensive review will guide you to the best choice.
Table of Contents
- Introduction
- Bank of America® Travel Rewards Credit Card
- BankAmericard® Credit Card
- Bank of America® Premium Rewards® Credit Card
- Bank of America® Customized Cash Rewards Credit Card
- Bank of America® Unlimited Cash Rewards Credit Card
- FAQs
Introduction
When choosing a credit card, it’s crucial to find one that aligns with your financial goals and lifestyle. Bank of America offers a range of credit cards catering to different needs, from travel rewards to cash back and low-interest options. In this review, we’ll explore the features, benefits, and drawbacks of each card to help you make an informed decision.
Bank of America® Travel Rewards Credit Card
Overview
The Bank of America® Travel Rewards Credit Card is ideal for frequent travelers who want a straightforward rewards system without an annual fee.
Key Features:
- Annual Fee: $0
- Rewards Rate: 1.5 points per dollar on all purchases
- Intro Offer: 25,000 online bonus points after making $1,000 in purchases in the first 90 days
- Intro APR: 0% on purchases for 15 billing cycles
- Regular APR: 19.24%-29.24% Variable
- Foreign Transaction Fees: None
Pros and Cons
Pros:
- No annual fee
- Flexible rewards redemption
- No foreign transaction fees
- Intro APR period
Cons:
- Requires good/excellent credit
- No bonus categories
Detailed Review
The Bank of America® Travel Rewards Credit Card offers unlimited 1.5 points per dollar spent on all purchases. Points can be redeemed for travel or dining purchases with no foreign transaction fees. The card’s rewards never expire, and there are no blackout dates. However, the lack of bonus categories may limit rewards potential for some users.
Comparison Table
| Feature | Bank of America® Travel Rewards | Chase Sapphire Preferred® | Discover it® Miles |
|---|---|---|---|
| Annual Fee | $0 | $95 | $0 |
| Intro APR | 0% for 15 billing cycles | N/A | 0% for 15 months |
| Regular APR | 19.24%-29.24% Variable | 21.49%-28.49% Variable | 18.24%-28.24% Variable |
| Rewards Rate | 1.5 points per dollar | 2 points per dollar on travel and dining; 1 point on other purchases | 1.5 miles per dollar |
| Foreign Transaction Fees | None | None | None |
BankAmericard® Credit Card
Overview
The BankAmericard® Credit Card is perfect for those looking to save on interest with its low intro APR and no annual fee.
Key Features:
- Annual Fee: $0
- Intro APR: 0% on purchases and balance transfers for 18 billing cycles
- Regular APR: 17.24%-27.24% Variable
- Penalty APR: None
Pros and Cons
Pros:
- Long intro APR period
- No annual fee
- No penalty APR for late payments
Cons:
- No rewards program
- Requires good/excellent credit
Detailed Review
The BankAmericard® Credit Card is designed to help you manage your debt effectively with a long 0% intro APR on purchases and balance transfers for 18 billing cycles. The absence of a penalty APR makes it a reliable choice for those who occasionally miss payment deadlines.
Bank of America® Premium Rewards® Credit Card
Overview
The Bank of America® Premium Rewards® Credit Card offers generous rewards and premium benefits for those willing to pay an annual fee.
Key Features:
- Annual Fee: $95
- Rewards Rate: 2 points per dollar on travel and dining; 1.5 points on all other purchases
- Intro Offer: 60,000 online bonus points after making $4,000 in purchases in the first 90 days
- Travel Statement Credit: Up to $200 in combined airline incidental and TSA PreCheck®/Global Entry credits
Pros and Cons
Pros:
- High rewards rate on travel and dining
- Valuable intro bonus
- Travel statement credits
Cons:
- Annual fee of $95
- Requires good/excellent credit
Detailed Review
This card is tailored for travelers who want to maximize their rewards and enjoy premium perks. With a generous sign-up bonus and substantial travel credits, it can quickly offset the annual fee. The ongoing rewards rate makes it a strong contender for those who spend heavily on travel and dining.
Bank of America® Customized Cash Rewards Credit Card
Overview
The Bank of America® Customized Cash Rewards Credit Card lets you choose how to earn your rewards with a flexible rewards structure.
Key Features:
- Annual Fee: $0
- Intro Offer: $200 online cash rewards bonus after making $1,000 in purchases in the first 90 days
- Rewards Rate: 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs, and 1% on all other purchases
- Intro APR: 0% on purchases and balance transfers for 15 billing cycles
- Regular APR: 18.24%-28.24% Variable
Pros and Cons
Pros:
- Flexible rewards categories
- No annual fee
- Intro APR period
Cons:
- Quarterly cap on bonus categories
- Requires good/excellent credit
Detailed Review
The Bank of America® Customized Cash Rewards Credit Card offers a unique feature where you can select your 3% cash back category each month, allowing you to maximize rewards based on your spending habits. The card also provides a competitive intro APR on purchases and balance transfers.
Rewards Categories Table
| Category | Rewards Rate |
|---|---|
| Choice Category | 3% |
| Grocery Stores | 2% |
| Wholesale Clubs | 2% |
| All Other Purchases | 1% |
Bank of America® Unlimited Cash Rewards Credit Card
Overview
The Bank of America® Unlimited Cash Rewards Credit Card is designed for those who prefer straightforward cash back on every purchase.
Key Features:
- Annual Fee: $0
- Intro Offer: $200 online cash rewards bonus after making $1,000 in purchases in the first 90 days
- Rewards Rate: 1.5% cash back on all purchases
- Intro APR: 0% on purchases and balance transfers for 15 billing cycles
- Regular APR: 19.24%-29.24% Variable
Pros and Cons
Pros:
- Unlimited cash back on all purchases
- No annual fee
- Intro APR period
Cons:
- Requires good/excellent credit
- No bonus categories
Detailed Review
The Bank of America® Unlimited Cash Rewards Credit Card is an excellent choice for those who want a simple and consistent rewards program. With a flat 1.5% cash back on every purchase and no annual fee, it offers great value for everyday spending.
FAQs
1. Which Bank of America credit card is best for travel rewards?
The Bank of America® Travel Rewards Credit Card is the best option for travel rewards due to its flexible redemption options, no foreign transaction fees, and no annual fee.
2. What are the benefits of the Bank of America® Premium Rewards® Credit Card?
This card offers high rewards on travel and dining, valuable intro bonuses, and travel statement credits, making it ideal for frequent travelers who want premium perks.
3. Is there a card that allows me to choose my rewards categories?
Yes, the Bank of America® Customized Cash Rewards Credit Card lets you select your 3% cash back category each month, giving you flexibility in maximizing rewards.
4. What card is best for low interest?
The BankAmericard® Credit Card is best for low interest, with a long 0% intro APR on purchases and balance transfers for 18 billing cycles and no penalty APR.
5. Which card is best for consistent cash back on all purchases?
The Bank of America® Unlimited Cash Rewards Credit Card offers 1.5% cash back on all purchases, making it the best choice for straightforward, unlimited cash rewards.
The Bottom Line
Choosing the right credit card from Bank of America depends on your individual needs and spending habits. Whether you prioritize travel rewards, cash back, or low interest rates, there is a Bank of America card that fits your lifestyle. Evaluate your options carefully to maximize your benefits and make the most out of your credit card.
