What credit score will I need in order to be approved for these Bank of America credit cards?

When it comes to credit cards, you will need to meet certain qualifying requirements beforehand in order to be issued a card. For people who do not have much of a credit score or they have a poor or limited score, it can be a struggle to get anything more than the most basic of cards. Those consumers who have built up an average credit score will have a bit more of a choice, while those who have very good credit scores will be able to get their hands on almost any type of credit score. When it comes to the top Bank of America cards, you will generally need to have at least a good credit score in order to get in on these great cards. FICO scores influence whether you may be accepted for credit. A good FICO score can determine whether you obtain mortgage or finance approval, attractive auto insurance rates or even acceptance for a lease. In this chart using Experian data, you can see the average FICO score has increased significantly over the last decade. While there was a dip in 2013, the average score has consistently increased year on year.

How Do Bank of America Cash Back Offers Work?

The cash back offers through the Bank of America cards will vary depending on which specific one you are looking for. However, one of the standout features that you will come across with many of the Bank of America cards is that you will often be given a choice of what category of spending you want to get the highest cash back rate for. Taking the Bank of America Cash Rewards credit card as an example, you will be able to get 3% cash back in a category that you can choose from a predefined list. You will then get 2% cash back of the likes of groceries, and other types of purchases will garner you 1%. Some of the Bank of America cards will carry caps on how much cash back you can earn at the high rate during a certain period of time. For example, you might be able to earn 3% cash back on a certain category until you spend a certain amount in a quarter, with the rate then dropping to 1% for the remainder of the period. The process by which cash back offers at Bank of America works is not too different from the other major credit card issuers.

How Do Bank of America Point Rewards Offers Work?

When you use certain Bank of America credit cards, you will earn points rewards from your purchases. For example, the Bank of America Premium Rewards credit card will give you 2 points for each dollar spent on dining or travel. For any other purchases, you earn 1.5 points per dollar. For this card, the signup offer also gives you 50,000 points if you spend at least $3,000 in the first 90 days of the card’s life. You can view the number of points you have by logging into your Bank of America account. These points will be redeemable for different types of rewards. The basic option will be to redeem the points for cash, with the exchange value usually being $0.01-$0.06 per point. However, you will normally get better value if you are using the points to get other types of rewards. This includes redeeming them for different forms of travel expenses and gift cards. Whatever the case may be, this points program is a great reward for your loyalty to Bank of America.

What is the Bank of America Rewards Program?

The main rewards program in place is the Bank of America Preferred Rewards program. The aim of this scheme is for customers to have all of their banking needs looked after by Bank of America. In exchange for this loyalty, there are various rewards you will be able to get access to. To qualify for a Preferred Rewards account, you need to have an eligible personal checking account at Bank of America, as well as a three-month average combined balance of at least $20,000 across qualifying Bank of America deposit accounts, as well as Merrill investment accounts. There will be different tier levels to this program depending on your total assets. You will be able to hold onto your tier level for 12 months. There are many different rewards on offer, with the benefits improving with each higher tier you reach. Here are the main benefits: Savings interest rate boost Credit card rewards bonus Auto loan interest rate discount Mortgage origination fee reduction Discount on home equity interest No-fee banking Free transactions at non-Bank of America ATMs Fee discount on Merrill Guided Investing Therefore, there are plenty of great benefits attached to this program. If you think that you might meet the criteria, make sure that you get involved today as there are many useful rewards waiting for you.

How to Maximize Bank of America Rewards?

If you currently have a Bank of America credit card or you are looking at getting one and you want to know what the best approach will be for maximizing your rewards here are some tips to keep in mind. The approach you take will vary depending on which credit card from Bank of America you are looking at. 1. Inform Yourself First and foremost, you should be fully aware of all of the rewards that are on offer, as well as any caps that you need to keep in mind. Your spending will often get different levels of cash back depending on what category your purchases are a part of. Therefore, you should focus on spending your money on where it counts the most. For example, if you purchase food in a gas station, this will go under the gas purchase category, rather than a grocery purchase. Therefore, if you can make sure that you maximize your rewards by buying the right items in the most beneficial categories for you. 2. Max Out Rewards Caps You will also want to max out all of the bonus spending caps that are in place, once you do not overspend. Some credit cards will have a $2,500 quarterly cap on the rewards you get at a higher rate of 3%. By maxing out this cap, you will be able to get $300 of rewards every year and make the most of the enhanced cash back offers. 3. Join Preferred Rewards Scheme Another very important point is making sure that you have signed up for the Bank of America Preferred Rewards. This is not something that you are going to be enrolled in automatically. Once you have a three-month average balance across the eligible Bank of America and Merrill account, you will qualify. There are three different tiers to this program that will depend on your total average balance. The higher the tier level you are, the greater rate at which you will earn rewards. Overall, there is not going to be any quick and simple way for you to earn fast money through the Bank of America rewards programs. You will be rewarded for your loyalty over a longer period of time and committing to Bank of America for your various banking needs.

What Are the Other Benefits of Having a Bank of America Card?

As well as all of the different rewards programs that are associated with using Bank of America credit cards, there are some other side benefits that are always good to consider. Free Admission There are certain places whereby you will get free admission when you showcase your Bank of America credit card and photo ID. This covers many participating museums across the United States. Welcome Offer There are also plenty of great signup offers when you get a certain Bank of America credit card. While the occasional type of card does not have a welcome offer, most of them will give the likes of extra rewards points when you spend a certain amount in the first 90 days of your account. Car Rental Cover All of the credit cards available from Bank of America will allow you to get an auto rental collision damage waiver. This means that you will get reimbursed for any damage that comes via theft or a collision. It will be in excess of your own insurance coverage and will be supplemental. There is also a roadside emergency assistance program on offer. Travel Benefits If you are someone who does plenty of travel, there are some travel-related benefits with Bank of America credit cards. You can get reimbursement up to $500 per ticket you have bought if a trip is delayed. You can also get $5,000 worth of trip cancellation coverage per person. Other travel benefits include baggage delay coverage, common carrier travel accident cover, and emergency evacuation in transport coverage. Purchasing Protection Certain eligible customers who have Bank of America credit cards will be able to check for free their FICO credit. Finally, the great advantage of using credit cards is the extra security that you get. Through the Bank of America purchase security feature, you will be reimbursed for a replacement for any eligible item that was damaged or stolen within 90 days of buying it. The total coverage is $10,000 for a claim. You can also often get your warranty for eligible items doubled, as well as a return protection benefit if the retailer won’t accept your return within 90 days of buying it.

How many Bank of America Credit Cards Can I Have at One Time?

Currently, there is not going to be any limit on the number of Bank of America credit cards that you can have. However, you will have to showcase that you will be able to sufficiently handle each of these cards. This includes making sure that you always meet the payments on time, as well as having a strong credit history. However, having a lot of credit cards is not necessarily going to be a good thing. Each of the applications you send for a credit card will lead to a hard credit history inquiry, which can decrease your credit score. Therefore, you need to weigh up the pros and cons before making a final decision.

How Do I Cancel a Bank of America Credit Card?

If for some reason you are looking to cancel a Bank of America credit card, there are a few different ways in which you can do so. You might have gotten a different type of card and no longer need a particular one, had a card stolen, or you simply prefer not to have a credit card at all. The main way in which you are able to cancel the card will be by ringing Bank of America over the phone. Before you make this telephone call, be prepared with any relevant information about the card and your Bank of America account that might be needed. The customer support person will often ask your reasons for canceling the card. Therefore, having your reason in mind will also be useful. You can also close your Bank of America credit card when you go to a branch in-person, as well as being able to send a written request via mail. In some cases, your credit score might be hurt when you cancel a credit card, so make sure that you are aware of any potential drawbacks of doing so before pulling the trigger.

Credit Cards » Compare Credit Cards » Best Bank of America Credit Cards of 2024

Best Bank of America Credit Cards of 2024

Bank of America credit cards cover a wide range of different needs. The Smart Investor experts review the best cards to consider

Article update: November 25, 2024

Article update:November 25, 2024

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Bank of America is the second biggest banking institution currently in the United States and is trusted by millions of Americans. It has retail locations all around the country, as well as about 17,000 ATMs and 66 million customers and clients. It is listed on the New York Stock Exchange and also has a client base across 35 different countries.

Card	Rewards	Bonus	Annual Fee
Bank of America® Customized Cash Rewards credit card	1-3% 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)	$200 $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening	$0
Bank of America® Travel Rewards credit card	1.5X 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points	25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases	$0
BankAmericard® credit card	N/A	N/A N/A	$0
Bank of America® Premium Rewards® credit card	1.5X – 2X Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases	60,000 points 60,000 online bonus points after spending $4,000 on purchases in the first 90 days.	$95
Bank of America Unlimited Cash Rewards credit card	1.5% unlimited 1.5% cash back on all purchases	$200 $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.	$95
Bank of America® Premium Rewards® Elite	1.5x – 2x 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases	75,000 points 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account	$550

Bank of America® Customized Cash Rewards credit card

Bank of America® Customized Cash Review

Bank of America® Customized Cash Rewards credit card

Bank of America® Customized Cash Review

Reward details

Current Offer

Credit Rating

Good – Excellent

Annual Fee

0% Intro

15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.

APR

18.74% – 28.74% Variable APR on purchases and balance transfers

Overview
Card Features
Pros & Cons
FAQ

If you are looking to have a bit more control over what categories in which you are going to be earning rewards, the Bank of America® Customized Cash Rewards could be for you. You are able to choose the category in which you get spending rewards.

You will be able to earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%).

The signup offer allows you to get $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. Another great advantage of this card is that you do not have to pay an annual fee.

APR: 18.74% – 28.74% Variable APR on purchases and balance transfers
Annual fee: $0
Balance Transfer Fee: 3% or $10
Foreign Transaction Fee: 3%
Rewards Plan: 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
Sign Up bonus: $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
0% APR Introductory Rate period: 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account.

Sign-Up Bonus
0% APR Intro
No Annual Fee
Bash Back Rewards
Cap on Rewards
Balance Transfer Fee
Foreign Transaction Fee

Is there a limit to cash back rewards? There is a quarterly limit on the 3% and 2% cashback each quarter, equalling a combined total of $2,500 worth of purchases.
Can I get car rental insurance with Bank of America Cash Rewards Card? Yes, it offers rental insurance for cars if you pay for the full cost with this credit card and you decline the rental company’s insurance.
Does Bank of America ask for proof of income? No out and out income requirements and normally you will not have to provide proof of income.
Can I get pre-approved? Yes, you can get pre-approved.
Should You Move to Bank of America Cash Rewards Credit Card? If you spend a lot on everyday purchases it can definitely be a good option.
Why did Bank of America Cash Rewards Card deny me? Perhaps you did not meet all of the requirements. You can ask the customer service team what you need to do to get accepted or you can look at other card options.
How to maximize rewards on Bank? Make the most of the signup offer and max out the caps on quarterly purchases at the premium rates.
What are top reasons NOT to get the Bank of America Cash Rewards Card? If you spend a considerable amount on relevant purchases each month.
What is the initial credit limit of? It will usually be at least $500
What purchases don't earn cash back? All purchases are covered

Bank of America® Travel Rewards credit card

Bank of America® Travel Review

Bank of America® Travel Rewards credit card

Bank of America® Travel Review

Reward details

Current Offer

Credit Rating

Good – Excellent

Annual Fee

0% Intro

15 billing cycles on purchases and balance transfers

APR

18.24% – 28.24% Variable APR will apply.

Overview
Features
Pros & Cons
FAQ

The Bank of America® Travel Rewards credit card is a good option for frequent travelers, especially if you're an existing customer of Bank of America.

It offers a $0 annual fee while customers can use when they travel to earn points and gain rewards.

To gain access to this card, you will need a solid credit score of between 680 to 850.

The Bank of America® Travel Rewards offers an agin up bonus of 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases, which you can use for purchases and other travel expenses.

The card also grants you flexibility when making travel arrangements.

APR: 18.24% – 28.24% Variable APR will apply.
Annual fee: $0
Balance Transfer Fee: 3% or $10 (the greater)
Foreign Transaction Fee: $0
Rewards Plan: 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
Sign Up bonus: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
0% APR Introductory Rate period: 15 billing cycles on purchases and balance transfers

Point Sign-Up Bonus
Point Rewards
No Annual Fee
No Foreign Transaction Fee
Preferred Rewards, No Expiration
Minimum Redemption
There are Better Rewards Cards
Good – Excellent Credit Needed
Limited Travel Protections

Is there a limit to rewards/cash back on the Bank of America Travel Rewards Card? There is no cap.
Can I get car rental insurance with Bank of America Travel Rewards Card? how? Yes it offers rental insurance for cars if you pay for the full cost with this credit card and you decline the rental company’s insurance.
Does Bank of America ask for proof of income? No out and out income requirement and you do not always have to provide proof of income.
Does the card offer pre approval? Yes, pre-approval is an option
What is the initial credit limit ? The smallest credit limit for this card iwll usually be $500.
How do I redeem cash back ? You are able to redeem these points as statement credit to pay for the likes of travel and dining purchases or you can redeem as cash or in the form of gift cards.
Should You Move to Bank of America Travel Rewards Card? If you travel frequently and will use the rewards on travel-related purchases.
The bank denied my request, What's now?? Perhaps you did not meet all of the requirements. You can ask the customer service team what you need to do to get accepted or you can look at other card options.
How to maximize rewards? Redeem the points for travel-related or dining purchases, maximize the signup offer, and use in conjunction with another card.
When you shouldn't get the Bank of America Travel Rewards Card? If you do not travel a lot.

Bank of America® Premium Rewards® Elite

BofA Premium Rewards Elite Review

Bank of America® Premium Rewards® Elite

BofA Premium Rewards Elite Review

Reward details

Current Offer

Credit Rating

Good – Excellent

Annual Fee

$550

0% Intro

N/A

APR

20.74% – 28.74%

Overview
Features
Pros & Cons
FAQ

The Bank of America® Premium Rewards® Elite credit card targets existing Bank of America customers seeking an upscale travel credit card, offering competitive rewards for those at the highest tiers of the Preferred Rewards program.

The card earns 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases. Preferred Rewards members can boost rewards by 25% to 75%.

Travel benefits include a $300 annual airline incidental fee credit, Priority Pass lounge access, and a 20% discount on airfare redemption through Bank of America's Travel Center.

Additional perks encompass a $100 TSA PreCheck/Global Entry credit, a $150 annual lifestyle credit, and various Visa Infinite benefits.

Despite its competitive perks, the annual fee is highm rewards ratio is average and it lacks travel transfer partners, limiting redemptions to Bank of America's travel portal.

APR: 20.74% – 28.74%
Annual fee: $550
Balance Transfer Fee: 3%
Foreign Transaction Fee: $0
Rewards Plan: 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases
Sign Up bonus: 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
0% APR Introductory Rate period: N/A

High Rewards for Preferred
Rewards Members
Airline Benefits
Statement Credits
Visa Infinite Benefits
High Annual Fee
Similar Rewards Structure to Lower-Fee Version
Restricted Travel Portal
Competitive Alternatives

Can points be redeemed for cash back?

Yes, points can be redeemed for cash via direct deposit to Bank of America accounts, credit redemptions to Merrill accounts, or as statement credits.

Does the card provide airport lounge access?

Yes, enrolled cardholders receive a 12-month Priority Pass Select membership for access to airport VIP lounges worldwide.

What is the redemption value of points for travel?

Points are worth 1 cent each when redeemed for travel, but a 20% discount is applied when booking airfare through the Bank of America Travel Center.

How does the card compare to the Bank of America® Premium Rewards® credit card?

The Elite card shares a similar rewards structure but comes with additional benefits and a higher annual fee compared to the Premium Rewards credit card.

What are the Visa Infinite benefits offered with the card?

Visa Infinite benefits include trip delay insurance, trip cancellation coverage, lost luggage reimbursement, primary auto rental coverage, and access to Visa's concierge service.

Is there a limit to the number of points that can be earned?

No, there is no specified limit on the number of points that can be earned, providing cardholders with unlimited earning potential.

BankAmericard® credit card

BankAmericard Review

BankAmericard® credit card

BankAmericard Review

Reward details

N/A

Current Offer

Credit Rating

Good – Excellent

Annual Fee

0% Intro

21 billing cycles on purchases and balance transfers made within the first 60 days

APR

15.74% – 25.74% Variable APR

Overview
Card Features
Pros & Cons

If you are looking for something simple, this is the base type of credit card that you will find with Bank of America. It will mainly be suited to those people who want to avoid interest where at all possible. The intro APR of 0% will be in place for 21 billing cycles on purchases and balance transfers made within the first 60 days after getting this card (15.74% – 25.74% Variable APR after that).

There are no rewards with this card. Currently, there is a 3% foreign exchange fee, as well as a balance transfer fee of the greater of 3% or $10, whichever is greater.

APR: 15.74% – 25.74% Variable APR
Annual fee: $0
Balance Transfer Fee: 3% or $10, whichever is greater
Foreign Transaction Fee: 3%
Rewards Plan: N/A
Sign Up bonus: N/A
0% APR Introductory Rate period: 21 billing cycles on purchases and balance transfers made within the first 60 days

0% intro APR
No Annual Fee
No Penalty APR
No sign-up bonus & rewards
Foreign transaction fee
Balance transfer fee

Bank of America® Premium Rewards® credit card

BofA Premium Rewards Review

Bank of America® Premium Rewards® credit card

BofA Premium Rewards Review

Reward details

Current Offer

Credit Rating

Good – Excellent

Annual Fee

$95

0% Intro

N/A

APR

20.74% – 28.74% Variable APR

Overview
Card Features
Pros & Cons
FAQ

While the Bank of America® Premium Rewards® credit card charges an annual fee of $95, it offers better rewards compared to the other cards, and can be a good fir if you tend to spend at least $3,000 on your card every month.

The card offers Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases. You'll also earn a sign up bonus of 60,000 online bonus points after spending $4,000 on purchases in the first 90 days..

APR: 18.74% – 28.74% Variable APR
Annual fee: $95
Balance Transfer Fee: 3% or $10 (the greater)
Foreign Transaction Fee: 3%
Rewards Plan: unlimited 1.5% cash back on all purchases
Sign Up bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
0% APR Introductory Rate period: 18 billing cycles for purchases, 60 days on balance transfers

0% intro APR
No Foreign transaction fee
Rewards & Sign up Bonus
There are better rewards cards
Balance transfer fee
Annual fee

Is the Bank of America® Premium Rewards® card right for me?

The card is ideal for financially established Bank of America or Merrill account holders seeking modest rewards and enhanced benefits.

How can I redeem points with the Premium Rewards card?

Points can be redeemed for travel, cash back, gift cards, or deposited into eligible Bank of America or Merrill accounts.

How do I qualify for Preferred Rewards rates on the Premium Rewards card?

Preferred Rewards rates require minimum three-month average balances of $20,000 (Gold), $50,000 (Platinum), or $100,000 (Platinum Honors) in Bank of America accounts.

How much are Premium Rewards points worth?

Points have a fixed value of 1.0 cents each, regardless of the redemption method.

What travel insurance does the Premium Rewards card provide?

The card offers trip delay, trip cancellation, baggage delay, and lost baggage coverage, among other benefits.

Is the Premium Rewards card suitable for everyday spending?

It can be, especially for Preferred Rewards members, but there are higher-earning options at the same price point.