Bank of America (BofA) Credit Card Review — Top 5 Options to Consider
In a Nutshell
Founded in 1904 by Amadeo Giannini, the Bank of America has quickly risen to be one of the top players in the USA. The bank offers a handful of credit card options. It also entails meaningful benefits to its cardholders via the Preferred Rewards program. It includes a handsome welcome bonus and the opportunity to access up to 75% bonus on all their spending.
Pros
- It reports customer credit history to three credit bureaus.
- Most credit card options have no recurring fee or are available under $100 annually.
- The smallest account deposit is $300, which is significantly lower than its competitors.
Cons
- Most cards come with a high foreign transaction fee.
- The APR of most cards is higher compared to comparable offerings by their competitors.
Overview
The Bank of America (BofA) was initially termed “Bank of Italy” and catered to working-class citizens in San Francisco. It was founded in 1904 by Amadeo Giannini and became the “Bank of America” in 1930. Since then, it has become the second-largest banking institution in the US. Today, it serves over 66 million consumers and business clients and has several credit card options for all their needs.
Suitable for?
Being one of the largest banks and fifth-largest issuer of credit cards in the US, its credit card catalog has something for everyone. Also, it is one of the biggest issuers in the Visa network, with over 4,200 branches in the country. Therefore, it makes BofA suitable for students and professionals alike.
For example, those looking for a credit card option with the most cashback offers can choose the ‘Bank of America Customized Cash Rewards.’ It lets users earn up to 3% cashback on their purchases.
The ‘Bank of America Business Advantage Travel Rewards’ credit card suffices the needs of frequent travelers. It allows users to earn up to 3 points per dollar spent on their travel needs.
The ‘Bank of America Premium Rewards’ would fit the bill for those looking for a premium travel credit card and are willing to pay for it. It is perfect for travel as it has several travel-specific benefits. The benefits include baggage fee reduction, in-flight premium services, lounge access, and more.
The next section summarizes the best Bank of America credit cards and covers interest rates, APR (Annual Percentage Rate), and more.
Interest Rates and Fees
Bank of America has around 20 credit cards in its lineup. They have partnered with several other brands, such as Free Spirit and Alaska, to unveil a range of co-branded cards.
Below, we discuss the top five BofA credit card options to consider, their interest rates, and other fees -
Rewards & Cashback
The ‘Bank of America Customized Cash Rewards’ offers an introductory APR of 0% for the first 18 billing cycles pertaining to purchases. Besides, it lets users transfer their balance for the first 60 days of their account opening for free. In addition, one can get up to 3% cashback in preferred rewards categories, such as dining, drug stores, travel, and more. The bank also offers up to 2% cash back on different categories.
The ‘Bank of America Travel Rewards’ lets users enjoy 0% APR for the first 18 billing cycles for all the purchases made. Users also get 25,000 online bonus points if they spend over $1,000 in purchases within 90 days of their account opening. Furthermore, they can collect up to 2.62 points for every dollar spent.
The ‘Bank of America Premium Rewards Elite’ credit card does not have an introductory APR perk. It, instead, offers 50,000 online bonus points — equivalent to $500 in value. But the offer is only for customers who make at least $3,000 worth of purchases within the first 90 days of their credit card account opening. The card costs $550 annually but lets cardholders collect up to 3.5 points for every dollar spent. It also provides $550 worth of additional perks as lifestyle conveniences, Airline Incidental Statement Credits, and TSA PreCheck or Global Entry.
The ‘BofA Customized Cash Rewards for Students’ credit card offers a low introductory APR offer. Here, users need not pay it for the first 18 billing cycles for purchases. Plus, no charges on the balance are transferred within 60 days of their account opening. It comes with no annual fee and lets cardholders earn up to 3% cash back on different expenses. Users who spend at least $1,000 in purchases within the first 90 days of account opening are also eligible for a $200 cash reward bonus.
The ‘Bank of America Business Advantage Travel Rewards’ is a perfect option for ardent travelers. It offers up to 2.62 points per dollar on travel purchases. In addition, also comes with no annual fee or international transaction charges. Users also enjoy a 0% introductory APR for their first nine billing cycles to sweeten the deal further.
Bank of America Preferred Rewards
Individuals looking to maximize their BofA credit card benefits can consider subscribing to their Preferred Rewards program. It is an incentive scheme with three tiers depending on the balance customers keep in their account -
- Gold (25% bonus) — Between $20,000 and $49,999
- Platinum (50% bonus) — Between $50,000 and $99,999
- Platinum Honors (75% bonus) — $100,000 or higher
The Application Process
Users can apply for a BofA credit card online or via their physical branches.
If they opt for the online method, start by browsing the options, finding the right product, and clicking on the Apply button. It will redirect them to a secure credit card application page, where they fill in and submit the required details.
Moments after submitting the application form, they will receive a confirmation email from the Bank of America. After a few days, they will send an update email to let them know if their application has been approved, declined, or requires more time for review. They can expect the physical credit card within the next ten working days if approved.
Help & Support
BofA offers robust customer support, which users can reach by phone, app, or writing. We tried contacting one of their customer care executives, and the response was prompt and amicable.
For those wishing to know more, visit the BofA contact us page.
Security
The security of credit card holders’ funds is one of the top priorities at the Bank of America. So, they have established a Global Information Security Team to minimize their customers’ risk of losing funds to fraud. They also have a stringent privacy policy. Combining it with responsible information collection and processing helps optimize data protection.
Every time they make a credit card transaction, they use their phone’s location services to ensure that their location matches the place of the transaction. They may also contact the hotline for any help 24/7 to receive a timely resolution of their queries and complaints.
Conclusion
Given the myriad of options available, a customer will likely find a suitable Bank of America credit card to suit their requirements. But, it is suggested to weigh the options based on their primary goal and choose the one that best suits their needs and credit history. It will enable them to make the most of the perks available with it and align them with their spending habits.
Methodology
I have used all the information on the Bank of America’s official website and spoke to some people using its credit cards to compile this review.