Credit Cards » Compare Credit Cards » Capital One vs. Bank of America: Which Credit Card Offers the Best Perks?
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Capital One vs. Bank of America: Which Credit Card Offers the Best Perks?

Despite BofA having launched some new and interesting cards, Capital One is still the leader, especially regarding travel credit cards.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Table Of Content

Are you trying to figure out which credit card to choose between Capital One and Bank of America? You’re in the right place!

In this article, we’re diving deep into what each bank offers across key categories, including travel, rewards, cash back, and luxury cards. Whether you’re planning your next vacation, looking to rack up points, or aiming for the best cashback perks, we’ve got all the details lined up.

No Annual Fee Cashback Card: Which Bank Wins?

For those looking for a cashback card with no annual fee, the main competition is between the Capital One Quicksilver card, Capital One SavorOne, the BofA Unlimited Cash Rewards, and the Customized Cash Rewards by Bank Of America.

Both cards offer similar welcome bonuses and 0% intro APR, but when it comes to rewards structure – they are a bit different.

Customized Cash Rewards offers higher cashback in most categories but has a cap. On the other hand, the Quicksilver card offers a flat cashback of 1.5% on most categories, but it has no cap, similar to the Unlimited Cash Rewards card.

The main advantage of the Unlimited Cash Rewards card is its long 0% intro APR, which is unavailable through the Savor card.

Bank of America® Customized Cash Rewards

Bank of America® Unlimited Cash Rewards Credit Card

Capital One Quicksilver Cash Rewards Credit Card
Bank of America® Customized Cash Rewards credit card
Bank of America Unlimited Cash Rewards credit card
Annual Fee
$0
$0
$0
Rewards
1.5% – 5% 5% percent cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on all purchases everyday.
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%)
1.5% unlimited 1.5% cash back on all purchases
Welcome bonus
$200 $200 cash bonus once you spend $500 on purchases within 3 months from account opening
$200 $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
$200 $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
0% Intro APR
15 months on balance transfers and purchases
15 billing cycles on purchases
18 billing cycles for purchases, 60 days on balance transfers
Foreign Transaction Fee
$0
3%
3%
Purchase APR
19.99% – 29.99% variable
18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
18.24% – 28.24% variable APR on purchases and balance transfers
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Bank AmeriDeals
(Screenshot from Bank Of America)

Premium Card Battle: Savor vs. BofA Premium Rewards

In the premium cashback/rewards cards battle, the Savor card by Capital One seems to be a bit more attractive than the Bofa Premium Rewards – it offers a higher welcome bonus, has no foreign transaction fees, and higher cashback on most categories.

It also offers additional benefits such as extended warranty, travel accident insurance, redeeming rewards with Paypal, 24-hour travel assistance services and a 50% discount on handcrafted beverages at any Capital One Café nationwide.

However, if you are already a Bank Of America customer, the Premium rewards card may be a better option, as Bank of America Preferred Rewards® members earn 25% to 75% more points on every purchase.

It also offers a broad insurance protections to assist with trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation.

Bank of America® Premium Rewards®

Capital One Savor
Bank of America® Premium Rewards credit card
Annual Fee
$95
$95
Rewards
1% – 4% unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores and 1% on all other purchases.
1.5X – 2X Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
Welcome bonus
$300 $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening
60,000 points 60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
Foreign Transaction Fee
$0
$0
Purchase APR
19.99% – 29.99% Variable
20.24% – 27.24% Variable
Read Review
Read Review

Which Bank Has the Edge in Travel Cards?

Capital One Venture is definitely the winner when it comes to low-mid-tier travel cards.

While it doesn't offer a 0% intro APR like the BofA travel rewards card and also charges an annual fee, the rewards structure is much more appealing.  If you tend to use the card for travel charges and spend regularly on travel, the Venture card will do a better job.

However, for consumers who travel rarely and want to leverage 0% intro APR while still being compensated with travel rewards, the BofA travel card with no annual fee may be a more viable option.

Bank of America® travel rewards

capital-one-venture

Bank Of America Travel Rewards
Capital One Venture
Annual Fee
$0
$95
Rewards
1.5X 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
2X – 5X 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
Welcome bonus
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
75,000 miles 75,000 miles once they spend $4,000 on purchases within 3 months from account opening
0% Intro APR
15 billing cycles on purchases and balance transfers, then 18.24% – 28.24% Variable APR will apply. APR
N/A
Foreign Transaction Fee
$0
$0
Purchase APR
18.24% – 28.24% Variable APR will apply.
19.99% – 29.99% (Variable)
Read Review
Read Review
BoFa card available points to redeem
(Screenshot from Bank Of America app)

The Ultimate Luxury Card: Venture X or Bofa Premium Elite?

If you're looking for a luxury travel card, there are two main options: the Capital One Venture X and the BofA Premium Rewards Elite card. While both offer great rewards for travelers, we think the Capital One Venture X offers more—at a lower price.

Not only does it offer a lower annual fee, but it also boasts a higher reward structure and a variety of extra benefits. Cardholders can relax in Capital One Lounges with unlimited access for themselves and two guests. An annual $300 travel credit for bookings through Capital One Travel and up to $100 credit for Global Entry or TSA PreCheck® are included. 

On the other hand, the Bank of America Premium Rewrads Elite card offers $300 statement credits for airline incidentals like seat upgrades and baggage fees, $150 for lifestyle services like streaming and food delivery, and $100 every four years for Global Entry or TSA PreCheck® application fees.

Venture X Rewards

Bank of America® Premium Rewards® Elite

Capital One Venture X
Bank of America® Premium Rewards® Elite
Annual Fee
$395
$550
Rewards
1X – 10X 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, 5 miles per dollar on flights and 2 miles per dollar on all eligible purchases
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
Welcome bonus
75,000 miles 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
75,000 points 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
Membership Club
Capital One Travel
Bank of America Preferred Rewards
Foreign Transaction Fee
$0
$0
Purchase APR
19.99% – 29.99% (Variable)
20.24% – 27.24%
Read Review
Read Review
Venture X Reward Home Page
Venture X overview on app (Screenshot taken by our team from Capital One app)

0% Intro APR Cards: Bank Americard vs. SavorOne

When it comes to a balance transfer card that offers 0% intro APR,  the Bank Americard and the Capital One SavorOne card are two good options that don't charge an annual fee. 

For those who can compromise on the length of this benefit, we think the SavorOne may be a better option due to an appealing rewards structure.

However, if you need a long 0% intro APR period, the Bank Americard offers one of the longest period in the market, with 21 billing cycles on purchases and balance transfers made within the first 60 days.

BankAmericard®

Capital-One-Savor-One

BankAmericard
Capital One SavorOne Cash Rewards
Annual Fee
$0
$0
Rewards
N/A
1% – 8% Earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases. 10% percent cash back on purchases made through Uber and Uber Eats. 8% cash back on Capital One Entertainment purchases. 5% cash back on hotels and rental cars booked using Capital One Travel.
0% Intro APR
21 billing cycles on purchases and balance transfers made within the first 60 days, then 16.24% – 26.24% Variable APR. APR
15 months on purchases and balance transfers
Balance Transfer Fee
3% or $10, whichever is greater
3%
Foreign Transaction Fee
3%
$0
Purchase APR
16.24% – 26.24% Variable APR.
19.99% – 29.99% variable
Read Review
Read Review

Bottom Line

Both Capital One and Bank Of America offer a variety of cards for almost any purpose. Despite BofA has launched some new and interesting cards, Capital One is still the leader, especially when it comes to travel credit cards.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.