BofA – Best Bank of America Credit Cards | Fintech Zoom

The Bank of America Cash Rewards credit card offers cash back rewards across a few different categories. You’ll get 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} on a category of your choice from the following: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, and 2{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back at grocery stores and wholesale clubs. These rewards apply to the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then drop to 1{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back. Plus, earn 1{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back on all other purchases. 

You can get a $200 cash rewards bonus after making $1,000 in purchases in the first 90 days of account opening, and an introductory 0{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} APR on purchases and balance transfers for the first 12 billing cycles. You’ll need to make balance transfers within 60 days of account opening and pay a 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} fee ($10 minimum). After the introductory period, you’ll have a variable 13.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} to 23.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} APR. There’s no annual fee.

The Bank of America Cash Rewards credit card is most valuable for its broad range of rewards categories. Plus, you can change your chosen 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} category every month to keep up with your spending habits, or make no change and allow last month’s category to roll over. Going on a road trip? Change that 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} category to gas rewards. Planning a home project? Switch to the home improvement/furnishings category. 

This card offers even more value for certain existing Bank of America customers and the bank’s Preferred Rewards members, with 25{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146}-75{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} more cash back on every purchase. For the 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} earning category, that means you could earn up to 5.25{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back. You’ll need a Bank of America checking account and a three-month combined daily balance of $20,000 or more in deposit or investment accounts to enroll in Preferred Rewards.

BankAmericard is a straightforward zero interest credit card option. There’s no rewards structure, but you save money on interest with a 0{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} intro APR for 12 billing cycles on purchases and on balance transfers. You’ll need to make your balance transfer within 60 days of account opening and pay a 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} balance transfer fee ($10 minimum). After the intro offer ends, you’ll be subject to a variable APR of 12.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146}-22.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146}. This card has no annual fee.

If you’re looking for a card to help you pay off debt or help finance an upcoming purchase, the BankAmericard is a solid choice. A 12-month 0{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} introductory APR on purchases and balance transfers can go a long way in helping you wrangle your debt for no annual fee. There’s also no penalty APR, which is a great safety net in case you make a late payment (though you shouldn’t make a habit of paying late). Still, there are other balance transfer and 0{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} APR cards with longer periods available, which might offer more value.

The Bank of America Travel Rewards credit card offers flat rewards that can knock down the price of your future travel. You’ll earn 1.5 points for every $1 you spend on all purchases, with no annual fee and no foreign transaction fees. When you’re ready to redeem, use your card to book and then redeem your points for statement credits toward travel purchases (as well as dining purchases, including takeout). 

The card also comes with an introductory 0{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} APR on purchases for your first 12 billing cycles, then a variable 14.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} to 22.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} APR after that. You can earn a 25,000-point welcome bonus (worth $250 in statement credits) after spending $1,000 within 90 days of opening your account.

The Bank of America Travel Rewards credit card offers flat points on every purchase. Instead of redeeming through a rewards program or travel portal, you can simply redeem points for statement credits toward your next trip or restaurant purchase. Flat-rate travel rewards are a great way to begin saving points now to use when you’re able to travel again in the future, and if you’re just starting to explore travel rewards, this card offers a straightforward introduction to travel savings.

Plus, if you’re a Preferred Rewards member, you can earn up to 75{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} more points on every purchase (up to 2.62 points per $1 spent). To enroll in Preferred Rewards, you need to have a Bank of America checking account and a three-month combined daily balance of $20,000 or more in Bank of America deposit accounts or Merrill investment accounts.

The Bank of America Premium Rewards credit card offers 2 points for every $1 spent on travel and dining, and 1.5 points per $1 on all other purchases. The card has a $95 annual fee, and offers up to $200 in combined statement credits toward airline incidentals and TSA PreCheck or Global Entry fees. 

There’s a high-value 50,000-point welcome offer if you spend at least $3,000 in purchases within 90 days of opening your account (worth up to $500). You’ll also get some added perks, like travel and purchase protections, and access to the luxury hotel collection and concierge service via Visa Signature. 

The Premier Rewards card offers flexible rewards that can add up if you spend a lot on travel and dining, and added benefits that’ll quickly offset the annual fee (especially considering the great welcome bonus your first year). 

You can redeem your points in a number of ways: for a deposit into a Bank of America checking or savings account, for credit on Merrill investment accounts (including a 529 account), as a statement credit, for gift cards, or for purchases at the Bank of America Travel Center. 

You can also increase your rewards value with Bank of America Preferred Rewards, which requires a Bank of America checking account and a three-month combined daily balance of $20,000 or more in deposit or investment accounts. You’ll earn 25{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146}-75{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} more points on every purchase with Preferred Rewards, meaning you can earn up to 3.5 points on travel and dining purchases.

For students looking to build their credit and also earn some cash back, Bank of America Cash Rewards for Students is a solid choice. Like the standard Cash Rewards card, you’ll get 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back in a category of your choice (among gas, online shopping, dining, travel, drug stores, or home improvement/furnishings), 2{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146}) and 1{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} cash back on all other purchases. You can change your 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} choice category every month to keep up with your spending habits.

There’s a $200 welcome bonus if you spend at least $1,000 within 90 days of account opening. Cash Rewards for Students also offers a 0{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} interest intro offer on purchases and balance transfers for your first 12 billing cycles after account opening (13.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} – 23.99{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} variable APR thereafter). There’s a balance transfer fee of 3{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} or $10, whichever is higher, but this card has no annual fee.

Bank of America Cash Rewards for Students offers more rewards potential than your typical starter credit card. Its rewards structure is identical to the standard Bank of America Cash Rewards card, but is more accessible for students with fair credit or a limited credit history. You’ll need to supply information about your student status and year in school when you apply.

We like this option for students because you can take advantage of valuable rewards customization and simple cash back, while building your credit history (Bank of America reports your payments to the credit bureaus and offers account alerts and mobile banking features to help you stay on top of your spending).