Best Bank of America Credit Cards

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Choosing the right credit card can seem overwhelming. Interest rates, annual fees, rewards points – all these things come into the consideration process.

Bank of America has a credit card for just about every need, so we looked at the best ones for different requirements.

Bank of America Unlimited Cash Rewards

This card lets you earn cash back of 1.5% on every purchase, regardless of how much you charge. There’s no limit to the amount of cash back you can earn.

Currently, Bank of America is offering a $200 online cash rewards bonus offer when you make $1,000 or more in purchases within the first 90 days of opening this account.

There’s no annual fee for this card. The interest rate is 0% APR for the first 15 billing cycles for purchases, and for balance transfers you make within the first 60 days of opening your account. There is a fee of $10 or 3% of the transfer amount, whichever is greater, for balance transfers. After the 15th billing cycle, the APR is variable and currently ranges from 13.99% to 23.99%.

Best for: Those who use their card for everyday purchases, and those who want to transfer balances from other cards that they will pay off within 15 months.

Bank of America Customized Cash Rewards

With this card, you can earn more cash back for the types of purchases you make most. You earn 3% cash back on the category of your choice, which could be gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You can change the category once a month, or just leave it as is. You also get 2% cash back at grocery stores and wholesale clubs, on the first $2,500 in purchases each quarter. You get 1% cash back on everything else.

The interest rate on this card is 0% APR for purchases in the first 15 billing cycles, and for balance transfers made in the first 60 days. After the 15th billing cycle, the interest rate is variable, currently ranging from 13.99% to 23.99%.

Best for: Those who make a lot of purchases at one particular type of merchant. For example, this would be a great card to use if you’re planning a home improvement project, because you could get 3% cash back on all your materials, supplies and furnishings. Also a good choice for those who use their card at grocery stores and wholesale clubs.

Bank of America Travel Rewards

Travelers earn 1.5 points for every dollar spent. There are no limits on the number of points you can earn, and they never expire. You can use your points to book travel at any time with no blackout dates, or you can get cash back to your account.

This card has no annual fee and no foreign transaction fees. You get 25,000 bonus points if you spend at least $1,000 in the first 90 days.

The interest rate for the first 15 statement cycles is 0% APR for purchases, and for balance transfers within the first 60 days. After that, it’s variable and currently ranges between 13.99% and 23.99%.

Best for: Frequent travelers, especially those who travel overseas and will take advantage of no foreign transaction fees.

Bank of America Premium Rewards

A travel rewards card, the Premium Rewards card offers two points per dollar spent on dining and travel, and one point per dollar on everything else. You’ll also get up to $200 in combined Airline Incidental and TSA Precheck or Global Entry statement credits. Points can be redeemed for cash back into your Bank of America checking or savings account, for credit to a Merrill investment account, as a statement credit, or for purchases at the Bank of America Travel Center.

This card has a $95 annual fee, so make sure that you’ll use it enough to rack up enough points to offset the fee.

Best for: Very frequent travelers, who will earn enough points to offset the annual fee.

Bank of America Premium Rewards Elite Credit Card

The most noteworthy feature of this card is its hefty $550 annual fee. If you make $3,000 or more in purchases in the first three months, you get 50,000 bonus points, which almost covers the fee for the first year. You also get two points per dollar spent on dining and travel, and 1.5 points per dollar spent on everything else. When you use points to pay for airfare, you save 20% on any class of domestic or international airfare.

There are also several automatic statement credits you’ll get with this card. You can get up to $300 per year when you pay for seat upgrades, baggage fees, in-flight services and airport lounge fees. You can also get up to $150 a year when you use the card for “lifestyle conveniences” like streaming and rideshare services, food delivery and fitness subscriptions. Plus, there’s up to $100 in statement credit for TSA PreCheck or Global Entry fees, once every four years.

There’s no introductory interest rate for this card. The standard interest rate is variable, and ranges from 15.99% to 22.99% APR.

Best for: Frequent business travelers who pay their balance in full every month, and who earn enough points to offset the $550 annual fee.

Bank of America Customized Cash Rewards for Students

With this card, you earn 3% cash back on your purchases in one of these categories: online shopping, gas, dining, drug stores, travel or home improvement/furnishings. You can change the category once a month if you want. You also get 2% cash back at grocery stores and wholesale clubs. The 2% and 3% cash back awards apply to the first $2,500 in purchases each quarter. On all other purchases, you get 1% cash back.

If you make $1,000 or more in purchases in the first 90 days your account is open, you get a $200 cash rewards bonus.

This card has no annual fee. The interest rate is 0% APR for the first 15 billing cycles for purchases and for balance transfers made in the first 60 days. After that, the interest rate is variable and ranges from 13.99% to 23.99% APR.

Cardholders can access their FICO score using the mobile app or online banking.

Best for: Students who need a first credit card or are trying to establish their credit.

Preferred Rewards

Bank of America offers Preferred Rewards to its customers who have multiple accounts. Your combined account balance determines which level of rewards you receive. Preferred Rewards members can get 25% to 75% more cash back on their credit cards, as well as other perks.

No matter which Bank of America credit card you choose, make sure you understand all the terms and conditions. Know your interest rate, annual fee, and credit limit to avoid incurring charges you don’t expect.

Gabrielle Olya and Priscilla Aguilera contributed to the reporting for this article.

Rates and fees are accurate as of March 4, 2022.

About the Author

Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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