Best Bank of America card 2022: The top BoA credit cards
Bank of America is one of the leading institutions for credit cards and financial services as the second-largest financial institution today. In total, there are 16 credit cards for you to choose from, making it easily overwhelming when you are looking for a new credit card, but we analyzed each to bring you the very best that Bank of America has to offer.Â
Intro Balance Transfer APR0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
Balance Transfer APR12.99% – 22.99% Variable APR on purchases and balance transfers
Late Payment Fee Up to $40
Foreign Transaction Fees 3%
Penalty APR none
The BankAmericard starts strong with a $100 statement credit online bonus after $1,000 in purchases within the first 90 days of account opening. There is also an introductory 0% APR for your first 18 billing cycles for purchases and wire transfers. After that, there is a 12.99% to 22.99% variable APR, one of the lowest that Bank of America offers on our list of the best Bank of America credit cards. However, there is no regular rewards program, so this is not your card if you are looking for cashback. There is no annual fee and no penalty APR, so if you run a little late, you will not suffer an increase in your interest rate.
As part of Bank of America’s credit card services, you also get to access your FICO score for free each month, as well as credit education resources to help improve your finances.
Pros
- Intro APR
- Additional shopping rewards
- No annual fee
Cons
- No rewards
- Monthly fee
- Requires good credit
Balance Transfer Fee Either $10 or 4% of the amount of each transaction, whichever is greater.
Balance Transfer APR12.24% to 22.24% Variable APR on purchases and balance transfers
Foreign Transaction Fees None
- Earn 3 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center – powered by Expedia®.
- Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time-no matter how much you spend. Points don’t expire.
The Bank Of America Business Advantage Travel Rewards comes with a special online offer of 30,000 bonus points after a minimum of $3,000 in purchases within the first 90 days of account opening. You have the option to redeem those points for a $300 statement credit that you can use for travel or dining purchases. There is no cap on points with unlimited 1.5x points without any restrictions of where or how much you use your card. You can also enjoy 3x the points when you book travel through Bank of America’s Travel Center. Points do not expire for a stress-free experience.
Bank of America also offers additional incentives when you bundle financial services. Those companies with a business checking account can earn up to 75% more points on all purchases, plus you can qualify for the top Preferred Rewards for Business tier. Once you reach that tier, you will receive 2.62x points on every purchase, plus up to 5.25x points when you book through the Bank of America Travel Center. There are no annual fees and no foreign transaction fees.
Pros
- No annual fee or penalty APR
- Intro offer
- Rewards programs
Cons
- Excellent credit required
- No premium travel rewards
- Limited premium rewards
Intro Balance Transfer APR0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
Balance Transfer APR13.99% – 23.99% Variable APR on purchases and balance transfers
Late Payment Fee Up to $40
Foreign Transaction Fees 3%
Penalty APR up to 29.99% APR
- Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases)
- Earn unlimited 1% on all other purchases.
The Bank of America Customized Cash Rewards Secured does not offer an introductory APR, so it is not your pick when you are looking for extra incentives to open an account. However, you do receive regular rewards from day one, including 3% cashback in your choice of category, such as gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You also receive 2% cashback on groceries and wholesale clubs like Costco and Sam’s Club up to $2,500 per quarter before reverting to the normal rate of unlimited 1% cashback on all other purchases.
The Bank of America Customized Cash Rewards Secured cards comes with a flat 23.99% variable APR and requires a $300 refundable deposit. There is a maximum deposit of $4,900. After some time, Bank of America will review your account and you may be eligible for the return of your deposit with timely payments.
Pros
- Great for bad credit
- Intro APR and bonus offer
- No annual fee
Cons
- High APR
- Requires good credit
- Spending caps apply
Intro Balance Transfer APR0% Introductory APR on purchases for 15 billing cycles
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
Balance Transfer APR13.99% – 23.99% Variable APR on purchases and balance transfers
Late Payment Fee Up to $40
Foreign Transaction Fees 3% of the U.S. dollar amount of each transaction (1) made in a foreign currency, or (2) made in U.S. dollars if the transaction is made or processed outside of the United States
Penalty APR Up to 29.99% Variable
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
With the Bank of America Customized Cash Rewards for Students, you have the freedom to choose your category of rewards. There is a choice of 3% cashback in gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You can also receive 2% cashback on groceries and wholesale clubs with 1% cashback on all other purchases. All 3% and 2% cashback is capped at $2,500 before moving to 1% cashback.Â
Bank of America charges no annual fee for this card, and cash rewards have no expiration date.
Pros
- More cashback
- Choice of category
- 0% introductory offer
Cons
- Foreign transaction fee
- Limited categories
- Fair credit required
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
Balance Transfer APR15.99% – 22.99% Variable APR on purchases and balance transfers
Foreign Transaction Fees None
Penalty APR up to 29.99% APR
- Earn unlimited 2 points for every $1 spent on travel and dining purchases
- Unlimited 1.5 points per $1 spent on all other purchases
Bank of America Premium Rewards comes with an impressive 50,000 bonus points after a minimum of $3,000 in purchases within the first 90 days of having your card. After that, regular rewards include 2x the points on travel and dining and 1.5x the points on all other purchases for upgraded rewards from the standard offers. In addition to redeeming your redwards through your Bank of America bank account or Merrill account, you also have the choice of redeeming them as gift cards, a statement credit to your credit card, or Bank of America Travel Center purchases. Up to $200 in travel statement credits is also included as Airline Incidental Statement Credits to cover things like baggage fees, seat upgrades, in-flight services, and airline lounge fees with up to $100 for TSA PreCheck or Global Entry. Preferred rewards also apply for eligible cardholders.Â
There are no blackout dates, restrictions, or expiration dates, and Bank of America does not charge foreign transaction fees for your purchases.Â
ProsÂ
- Intro bonus offer
- Extra travel and dining rewards
- No foreign transaction fees
Cons
- Annual fee
- Restricted limited rewards
- Requires good credit
How did we choose these credit cards?
To find the best Bank of America credit cards, we considered a number of items:
- Type of card: Bank of America offers many different types of credit cards, including student, business, and travel credit cards. We analyzed each to find the very best of Bank of America’s offerings.
- Fees: Annual fees and foreign transaction fees can quickly add up, cutting into your savings. To find the best credit cards, we looked at whether each card has an annual membership fee and whether it will work for global travel with its foreign transaction fees.
- Introductory offer: Many card cards offer an introductory APR or bonus points, but not all of them do.Â
- Rewards: We also look at the type of regular rewards offered after the introductory period, such as extra cashback or travel rewards.Â
Consider what factors are most important to you, and be sure to shop and compare your options to find the best Bank of America credit card for you.
Which is the right credit card for you?
There are quite a few Bank of America credit cards, including branded cards, so it can be hard to find the right Bank of America card to fit your specific needs.Â
From student to business credit cards, these are our expert recommendations to help you find the best Bank of America credit card for you.
|
Choose this product… |
If you… |
|
BankAmericard |
Want an intro APR offer for transfers |
|
Business Advantage Travel Rewards |
Want corporate travel benefits |
|
Customized Cash Rewards Secured |
Need a secured card for credit building |
|
Customized Cash Rewards for Students |
Are a student looking for rewards while you build credit |
|
Premium Rewards |
Want flexible redemption options |
What is Bank of America?
Bank of America was founded in 1904, and today, it is the second-largest investment bank and financial holding bank in the U.S. In addition to credit cards, it offers personal and business banking, investment, and other financial services.Â
What credit score do you need for a Bank of America credit card?
The best Bank of America credit cards generally requires fair to excellent credit based on the credit card you want. This means a credit score ranging from 670 to 850, but you might be able to get approval for specific types of credit cards, such as a secured card or student card.
What rewards come with a Bank of America credit card?
Each Bank of America credit card comes with certain perks, like increased savings interest and credit card rewards. You could also receive credits for non-Bank of America ATM fees, as well as discounts for other Bank of America services. Bank of America has a Preferred Rewards program with three tiers: gold, platinum, and platinum honors. The gold tier requires a three-month combined daily average balance of $20,000 to $50,000. While platinum requires $50,000 to $100,000, and $100,000 to $1 million for Platinum Honors.Â
Are there alternative credit cards worth considering?
In our search for the best Bank of America credit cards, we came across many cards that could be a great fit. There are several credit cards to consider, but these are some other recommendations for you to consider in your search to find the best Bank of America credit cards.
While shopping for credit cards, check out our guides for the best starter credit card for no credit, best premium credit cards, and the best Capital One business cards.Â
