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American Express and Bank Of America are two of the best credit card companies out there. Amex cards are usually seen as more high-end, but Bank Of America has some great choices too, especially if you already have a bank account with them.
Let's compare what each company offers, looking at different types of cards like cashback, points rewards, cards with 0% introductory rates, and travel cards.
Amex vs BofA Cashback Card Battle: Which Card Wins?
For those who need a cashback card, there are a variety of options – all of those cards offer a generous welcome bonus and 0% intro APR. But, their reward structure is the main thing to look for – and here are the main differences.
The Blue Cash Everyday® and Blue Cash Preferred® cards from American Express cater to those who spend heavily on groceries. While the Blue Cash Preferred card offering higher rewards, it charges an annual fee of $95 ($0 intro for the first year).
The Bank of America® Customized Cash Rewards card stands out for its flexibility, letting cardholders choose their 3% cash back category each month. This makes it a great option for those with changing spending habits. On the other hand, the Bank of America Unlimited Cash Rewards card offers a straightforward 1.5% cash back on all purchases, making it ideal for those who prefer simplicity and consistent rewards.
Points Rewards: Amex Gold or BofA Premium Rewards?
Despite the higher annual fee, the Amex Gold may be the most attractive options according to our opinion. It offers a higher rewards structure than the Premium Rewards card and additional benefits such as baggage insurance covering up to $500 for checked bags and $1,250 for carry-on bags, $100 experience credit, $120 in annual Uber and dining credits ($10/month each).
In contrast, the Bank of America® Premium Rewards® credit card offers a more balanced approach with its travel and dining rewards, coupled with a lower annual fee. The $200 annual travel credit effectively reduces the net cost of the card, making it appealing to travelers who can utilize these credits.
You can redeem points from both cards for travel, cashback, and gift cards. While the BofA Premium Rewards card doesn’t have as many airline and hotel transfer partners as the Amex Gold Card, its connection to Bank of America’s Preferred Rewards program can boost your points value by earning an additional 25% to 75% on every purchase.
Which Bank Has the Edge in Travel Cards?
When it comes to premium travel credit cards, we think that there is a clear winner in the category – the Amex Platinum card.
The BofA travel rewards card is a low-tier travel card with no annual fee and limited beenfis, especially for those who travel rarely.
The Bank Of America Elite card is a more interesting option, but we think the high annual fee is simply not worth it, as the rewards structure is less appealing compared to the Amex Platinum card.
Cardholders of the Platinum Card enjoy numerous exclusive benefits. These include Marriott Bonvoy Gold Elite status for hotel perks and a complimentary Priority Pass Select membership for access to over 1,400 lounges worldwide.
Additional perks include preferred event seating, a $100 experience credit for The Hotel Collection booking, up to $200 in annual hotel credits, $240 in digital entertainment credits, $155 in Walmart+ credits, $200 in airline fee credits, and $189 for CLEAR® Plus memberships.
Conversely, the Bank of America Premium Rewards Elite card provides several valuable statement credits: $300 annually for airline incidentals such as seat upgrades and baggage fees, $150 annually for lifestyle services like streaming and food delivery, and $100 every four years for Global Entry or TSA PreCheck® application fees.
0% Intro APR Cards: Bank Americard vs. Amex Everyday
When it comes to balance transfer cards with a 0% introductory APR, the Bank Americard and the Amex Everyday card are both excellent options without annual fees.
For those willing to compromise on the length of the introductory APR, the Amex Everyday stands out due to its appealing rewards structure. However, if you require an extended 0% introductory APR period, the Bank Americard offers one of the longest durations available in the market.
Amex And BofA Co-Branded Cards: Additional Options
While we covered the main credit cards Amex and BofA offer, both banks have partnerships with airline and travel companies so they offer great co-branded credit cards (and it's just part of them).
For example, the Delta SkyMiles® Gold Amex Card and the Hilton Honors Amex Surpass® Card are best for those loyal to Delta Airlines and Hilton hotels, respectively. The Delta card offers airline-related perks like free checked bags and priority boarding, while the Hilton card provides hotel benefits like complimentary Gold status and Priority Pass lounge visits.
On the other hand, the Alaska Airlines Visa Signature® Card is perfect for those who frequently fly with Alaska Airlines, offering a unique Companion Fare benefit and in-flight savings. The Royal Caribbean Visa Signature® Credit Card is ideal for cruise enthusiasts, offering rewards and benefits that enhance the cruising experience.
Bottom Line
Both Amex and Bank Of America offer a variety of cards for almost any purpose. Despite BofA has launched some new and exciting cards, Amex is a clear leader in practically every category, especially when it comes to travel credit cards and luxury benefits for cardholders.
