Just like Capital One, Discover, and Chase, the Bank of America can offer a rich selection of credit cards for all kinds of individuals. Each one provides distinctive features, making them stand out from other competitions in the market. Some include the versatile redeeming capability of the Bank of America Premium Rewards card and the 3% choice category of the Bank of America Customized Cash Rewards card. To learn more about them and the other great offers of other cards, our financial experts rounded up the top 5 best Bank of America credit cards of 2022:
1 Bank of America Customized Cash Rewards
Bank of America Customized Cash Rewards
Intro Bonus: $200
Regular APR: 13.99% to 23.99% Variable APR on purchases and balance transfers
Credit Score: 670 to 850 (Good to Excellent)
Annual Fee: $0
Highlights:
- The rewards will not expire for the life of the account.
- The card has a 3% fee ($10 minimum) for the balance transfers and a 3% foreign transaction fee.
- It is a contactless card with the security of a chip card and the convenience of a tap.
- You can decide where to assign your 3% cashback category every month.
- The 3% and 2% cashback categories are only limited to $2,500 spending every quarter. After that, they will drop to 1%.
- It charges a $0 annual fee and provides a $200 online cash rewards bonus.
Best Bank of America Credit Card for Customized Earning
There is always one thing that makes credit cards inconvenient: categories. They limit your rewards earning and make your spending restricted. That is not the case for this Bank of America credit card. Unlike others, the Bank of America Customized Cash Rewards lets you participate in designing the rewards structure of your card. Indeed, you can choose your 3% cashback category (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings) and change it monthly to let your card fit your spending needs. On the other hand, you can earn 2% cashback at grocery stores and wholesale clubs, while there is an unlimited 1% cashback on all other purchases.
The card isn’t as perfect as you might think, however. While it is good to know that it lets you choose your category every month, the 3% and 2% cashback categories share a combined spending limit of $2,500 (combined choice category/grocery store/wholesale club quarterly purchases) each quarter. After reaching the limit, the rate will be reduced to 1%. With this, you might want to just use this card for your particular needs to assure you get the most out of it. On a positive note, Preferred Rewards members can earn 25% – 75% more cashback on every purchase, translating to 5.25% cashback on purchases in the customized category.
The card also doesn’t charge annual fees, but it offers a generous $200 introduction bonus once you have reached the $1,000 spending requirement within the first 90 days of account opening. We also love that it comes with a considerable introductory 0% APR on purchases and balance transfers (only applicable for balance transfers made within 60 days of account opening) for the first 15 billing cycles. After this, a variable 13.99% to 23.99% APR will apply.
2 Bank of America Unlimited Cash Rewards Secured
Bank of America Unlimited Cash Rewards Secured
Intro Bonus: None
Regular APR: 23.99% (Variable)
Credit Score: 0 to 649 (Bad to Poor)
Annual Fee: $0
Highlights:
- It is a secured credit card that needs a $300 deposit.
- Cardholders can receive 1.5% cashback on all purchases.
- After favorable card activity, the cardholder can be approved for an unsecured credit card.
- There is a transaction fee, and the APR is 23.99% variable.
Best Bank of America Credit Card for Credit Building:
The Bank of America Unlimited Cash Rewards is one of the most unique credit cards in the market. It is a secured credit card designed to help individuals with bad to poor credit scores. The minimum deposit required is at least $300, but the card doesn’t charge annual fees.
On the other hand, the card doesn’t come with a welcome bonus, but it offers cardholders the opportunity to earn rewards. In addition to that, the reward structure itself isn’t in any way complex since you can receive unlimited 1.5% cashback on all your purchases. No categories to observe or spending limits to mind. The cash rewards also do not expire, so you can be sure that it is an excellent way to earn while rebuilding your credit score.
This Bank of America credit card has a foreign transaction fee, and its regular APR comes at a 23.99% variable. With this, you need to understand that while it is an ideal way of rebuilding your score, it still has some points that can harm you financially. Nonetheless, once you have managed to use it the right way, you can get a good improvement for your score and the chance to be approved for an unsecured card.
The card is generally appealing if you don’t mind the slightly higher deposit and the absence of an intro bonus. Nonetheless, if you are looking for a better alternative for a secured credit card, the Discover It Secured card is the top choice. It has $0 annual fees and only requires a minimum of $200 deposit. Most of all, it offers a category that is up to 2% back and comes with a Cashback Match welcome bonus.
3 BankAmericard
BankAmericard
Intro Bonus: $100 Statement Credit
Regular APR: 12.99% to 22.99% Variable APR on purchases and balance transfers
Credit Score: 700 to 749 (Good to Excellent)
Annual Fee: $0
Highlights:
- New cardholders can receive a $100 statement credit online bonus after spending $1,000 in the first 90 days of account opening.
- The card has no annual fees.
- There is a 0% introductory APR for 18 billing cycles for purchases and any balance transfers made in the first 60 days. There is also no penalty APR.
- You can access your FICO Score for free within Online Banking or your Mobile Banking app.
Best Bank of America Credit Card for Balance Transfer:
High APR and lack of intro APR for balance transfers often concern most individuals looking for a reliable card. If you are one of them, then the BankAmericard credit card is the choice to have.
Like the other Bank of America credit cards, BankAmericard charges $0 annual fees to make things more manageable among cardholders. It offers an intro bonus in the form of a $100 statement credit, which is quite a surprise for a card of this type. Nonetheless, it can’t be obtained without any challenge: new cardholders must meet the $1,000 spending requirement in the first 90 days of account opening.
On the other hand, while it doesn’t have its own rewards program, it offers a lengthy intro APR for purchases and balance transfers. This might thrill folks looking for a card that can give them an extended period in paying off a big purchase or debt. It offers 0% introductory APR for 18 billing cycles for purchases and balance transfers made within the first 60 days of the card. A 12.99% to 22.99% variable APR will apply when the intro APR period ends. On the other hand, while there is a 3% fee (min $10) required for all balance transfers and a 3% foreign transaction fee, the fact that there is no penalty APR makes things sweet. This gives cardholders further assurance and comfort in using the BankAmericard, though paying late is not an ideal habit in any way for anyone.
As a plus, using the card is pure convenience for anyone, thanks to its contactless feature. Most of all, cardholders can have access to their FICO Score for free via Online Banking or Mobile Banking app. With all these things, it is truly a complete package and a decent solution for temporarily halting interest charges.
4 Bank of America Business Advantage Customized Cash Rewards Mastercard
Bank of America Business Advantage Customized Cash Rewards Mastercard
Intro Bonus: $300
Regular APR: 12.24% – 22.24% Variable APR on purchases and balance transfers
Credit Score: 750 to 850 (Excellent)
Annual Fee: $0
Highlights:
- Cardholders can choose their 3% category.
- After reaching the $50,000 spending cap, the 3% and 2% categories will drop to 1%.
- It is a contactless card with the security of a chip card and the convenience of a tap.
- Preferred Rewards for Business members can boost your cashback earnings.
- You can have a $300 welcome bonus after spending $3,000 within the first 90 days of account opening.
- It provides a 0% introductory APR on purchases for your first 9 billing cycles.
Best Bank of America Credit Card for Businesses:
For business owners mesmerized by the charming rewards structure of the Bank of America Customized Cash Rewards card, you can now get a business version of the card that can fit your needs.
The Bank of America Business Advantage Customized Cash Rewards Mastercard is tailored for those who need an additional financial tool in managing their businesses. It allows business owners to earn cashback rewards as they tend to their business. Like the other card mentioned, this card lets cardholders select where they want to use their 3% category every month, making it perfect for stores that need to spend big on certain items. Preferred Rewards for Business members can even gain more value in their earnings as their membership will help them earn a 25 to 75% rewards bonus. With this, their choice category can be bumped up to 5.25%,
The card also gets 2% cashback on dining purchases and unlimited 1% cashback on all other purchases. These rates can also be increased through Preferred Rewards for Business, giving you 3.5% on the former and unlimited 1.75% cashback on the latter. And while there is a spending cap on the combined purchases of the 3% category choice and 2% dining category each calendar year, Bank of America raised it to $50,000 to match your significant business expenses. After collecting enough cashback rewards, you can redeem them as a deposit to your Bank of America checking or savings account, a card statement credit, or a check mailed to you.
The card offers a $300 welcome bonus after spending at least $3,000 in net purchases in the first 90 days of your account opening. You also don’t need to think about the annual fee as the card doesn’t require it. With this, using it to aid your business can be very ideal. And although it has a 3% foreign transaction fee and doesn’t offer an intro APR offer for balance transfers, there is a 0% introductory APR on purchases for your first 9 billing cycles (then a variable APR of 12.24% to 22.24%). Most of all, it has no penalty APR!
5 Bank of America Premium Rewards
Bank of America Premium Rewards
Intro Bonus: 50,000 points
Regular APR: 15.99% to 22.99% Variable APR on purchases and balance transfers
Credit Score: 700 to 749 (Good to Excellent)
Annual Fee: $95
Highlights:
- There are 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 spent on all other purchases; Bank of America Preferred Rewards members can earn 25% to 75% more points on every purchase.
- New cardholders will get 50,000 points as an intro bonus.
- It offers a wide variety of choices for redeeming points.
- The card comes with a handful of travel perks and benefits via Visa Signature.
- It charges no foreign transaction fees.
Best Bank of America Credit Card for Travel:
The Bank of America Premium Rewards card offers a lot of reasons why it deserves this spot on our roundup. Though it will charge you $95 for an annual fee every year, the rewards and benefits it can offer can earn back everything you will be paying. And if you are a frequent traveler, it provides a substantial amount of perks.
New cardholders will get the chance to receive 50,000 points (that is a $500 in value!) as a welcome bonus after spending at least $3,000 in purchases in the first 90 days of account opening. One can also receive $100 in Airline Incidental Statement Credits annually and TSA Precheck or Global Entry Statement Credits of up to $10 every four years.
On the other hand, the card can earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases. To give it a boost, you can take advantage of the Bank of America Preferred Rewards membership to earn 25% to 75% more points on every purchase. With this, your points earning can be as high as 3.5 points for every $1 spent on travel and dining purchases.
You will also love how flexible this card is by allowing you to enjoy your points in various ways. Unlike the other Bank of America credit cards, this one lets you redeem the points for cashback as a statement credit, deposit into eligible Bank of America accounts, credit to eligible Merrill accounts (even for a 529 account!), or gift cards or purchases at the Bank of America Travel Center. Even better, the points will not expire, and there is no limit in earning them.
The fact that the card also doesn’t charge foreign transaction fees makes it a good travel buddy abroad. As a plus, you can enjoy trip cancellation and delay coverage, baggage delay/loss coverage, emergency evacuation, and transportation coverage, and access to the luxury hotel collection and concierge service via Visa Signature. However, be aware that it has no intro APR offers on purchases or balance transfers, and it has a high penalty APR, so you might want to be extra careful in using it.
