Best Bank of America Credit Cards. As of my last training data in January 2023, Bank of America (BofA) offered a range of credit cards tailored to various needs, including cash back, travel rewards, balance transfers, and more. Here are some of the popular Bank of America credit cards:
Best Bank of America Credit Cards
- Bank of America® Cash Rewards Credit Card:
- Offers cash back on a category of your choice (like gas, online shopping, dining, etc.) and on grocery stores/wholesale clubs.
- Typically comes with a welcome bonus for new cardholders who meet a spending threshold in the first few months.
- No annual fee.
- Bank of America® Travel Rewards Credit Card:
- Earns unlimited points for every dollar spent on all purchases.
- Points can be redeemed for travel expenses.
- No annual fee and no foreign transaction fees.
- Bank of America® Premium Rewards® Credit Card:
- Comes with a higher earning rate on dining and travel purchases.
- Offers a welcome bonus for new cardholders.
- Has an annual fee but offers travel statement credits and other premium benefits.
- BankAmericard® Credit Card:
- Known for its introductory APR offers on purchases and balance transfers.
- No annual fee.
- Especially beneficial for those looking to transfer balances or finance a large purchase.
- Bank of America® Business Advantage Cash Rewards Mastercard® credit card:
- Designed for businesses.
- Offers cash back on a category of your choice (like office supplies, travel, etc.) and at gas stations/restaurants.
- No annual fee.
- Bank of America® Customized Cash Rewards Secured Credit Card:
- Designed for those looking to build or rebuild credit.
- Earns cash back in select categories.
- Requires a security deposit, but it’s refundable if you eventually qualify to upgrade to an unsecured card.
- MLB® Credit Card from Bank of America:
- Offers cash rewards and features team logos, for the baseball enthusiast.
- No annual fee.
- Credit card offers, terms, and conditions can change over time.
- It’s essential to compare the interest rates, fees, rewards, and other features of each card to determine which is the best fit for your financial needs and spending habits.
- Regularly check Bank of America’s official website or contact the bank directly to get the most up-to-date information on their credit card products.
If you’re considering a new credit card, always ensure that you understand the terms and can responsibly manage the credit.
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Bank of America® Cash Rewards Credit Card
As of my last update in January 2023, the Bank of America® Cash Rewards Credit Card was one of the more popular offerings from Bank of America due to its flexible cash back rewards system. Here are some key features and details about the card:
- Cash Back Rewards:
- Earn 3% cash back in a category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.
- Earn 2% cash back at grocery stores and wholesale clubs.
- 1% cash back on all other purchases.
- There’s a cap on combined 2% and 3% category rewards on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, after which you earn 1%.
- Welcome Bonus: Typically, the card offers a cash bonus for new cardholders who spend a certain amount within the first few months of account opening.
- Introductory APR: The card might offer an introductory APR for a certain period on purchases and/or balance transfers.
- No Annual Fee: The card doesn’t charge an annual fee.
- Redemption: Cash rewards can be redeemed as a statement credit, check, or a deposit into a Bank of America checking or savings account. There’s also an option to redeem it into an eligible 529 account with the Merrill Lynch-operated platform.
- Bank of America Preferred Rewards: If you’re a Bank of America Preferred Rewards client, you can get a 25% to 75% bonus on your cash rewards depending on your tier. This means the card’s rewards rate could increase significantly if you maintain higher balances across Bank of America and/or Merrill accounts.
- Fees: The card might have certain fees, such as for balance transfers or cash advances. It’s also important to be aware of potential late payment or returned payment fees.
- Security Features: The card offers $0 liability guarantee for unauthorized transactions if reported promptly. It also provides other security features such as account alerts, mobile banking, and text banking.
- Digital Wallet: The card is compatible with digital wallet technology, allowing you to shop in-store, in-app, or online with your mobile device.
This is a general overview, and terms and conditions, rewards, fees, and other features can change over time. It’s always a good practice to check directly with Bank of America or review their official website for the most up-to-date information before making any decisions. And, as with any credit card, ensure you read the terms and conditions carefully and understand them before applying.
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