Bank of America is one of the largest banking institutions in the world. Based in the US, it is also one of the first banks to cross the great pond and open up branches. The first branch was opened in 1931.
This financial institution offers a lot of great services, like the BOA credit card. There are several options when it comes to credit cards. That is why it is important to compare the benefits so you can find the best credit card for you.
In this article, we have chosen three of the best credit cards from Bank of America, and we will compare their benefits below. Hopefully, this will help your decision-making process go smoothly.
Some Bank of America Credit Card Options
The choice of which BOA card offers the best benefits depends on many different factors. Here are three options that may interest you.
Bank of America Cash Rewards
This card is a cashback option that delivers a 3% return in the category of your choice. Plus, it also grants the user 2% back at everyday places, like the grocery store. For everything else that the user purchases, they will receive 1% cashback. For the first $2500 spent, the cardholder will earn 3% and 2% on any combination of categories they choose. Then, after that, the terms will revert to the basic structure.
The new cardholder will also get an online cash bonus after the first $1000 within 90 days from opening the account. The bonus will be $200.
Bank of America Travel Rewards
This card is perfect for travelers. It offers 1.5 points for every pound you spend. These points do not expire. As a special offer, you will receive 25,000 points after your first $1000 in 90 days.
Bank of America Premium Rewards
This card offers many of the benefits from both of the previous cards. You will earn 2 points for every pound spent on travel and dining related expenses. Plus, you will get 1.5 points for every other purchase.
There is also the ability to receive up to $200 in Global Entry statement credits or airline incidentals. The card also offers travel insurance. With this card, after the first $3000 spent within 90 days, you will receive 50,000 points.
Fees & Rates
Each of the cards will have different rates and fees that play a role in the selection process. Here are each card's metrics for your comparison.
Bank of America Cash Rewards
With this card, there is no annual fee. The introductory APR is 0% for the first year and three months. This applies to purchases and transfers within the first 3 months, as well. After the 15-month billing cycle, the card will revert to the standard APR. This can range from 15.49% to 25.49% dependent on your credit.
There are a few fees to be aware of, as well. There is a balance transfer fee of 3%. This is on each transaction over $10. There may also be a foreign transaction fee of 3% on the pound.
Bank of America Travel Rewards
This card also has no annual fee but has a 0% APR for only a year. This only applies to purchases and not balance transfers. Once the year is up, the card will return to the standard APR of between 16.49% to 24.49%.
The Travel Rewards card has the same balance transfer fee as the Cash Rewards card. However, it does not have any foreign transaction fees.
Bank of America Premium Rewards
The Premium Rewards card has an annual fee of $95 and no 0% APR for its introduction. Instead, you start with the standard 17.49% to 24.49% APR.
It still has a 3% balance transfer fee but does not have any foreign transaction fees.
How to Apply
Applying for a credit card from Bank of America is an all-online process that will take just a few minutes. The first step in applying is to choose the card that has the benefits and rewards that will be the best for you. Once that is done, you can begin by navigating to the online form. Fill the form out and then submit it. The website says you should receive an answer very quickly.
Once the application is either accepted or declined, you can move on from there. If you have been accepted, your card and account information will be sent to you via post. Once you receive the card, you will want to activate it and sign up for mobile banking so you can manage your funds more easily.
Contact Information
Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255. Tel:+1 757-677-4701
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
