If you’re considering applying for a new Bank of America credit card, starting with a preapproval or pre-qualification might be a good idea. In just a few minutes, you can find out whether you’ll likely get approved for a card without affecting your credit scores.
What does credit card preapproval mean and how does it work?
A credit card preapproval is when a credit card issuer extends you a firm offer of credit.
The preapproval process typically starts when a credit card issuer works with a credit bureau to find candidates for their credit card based on predetermined criteria, such as a minimum credit score and specific geographic regions.
The card issuer might send the bureau a list of people, such as its current customers, and ask the bureau to screen the list for matches. Or, the credit bureau could look through its credit files for matches.In either case, the card issuer can then contact those on the resulting list to let them know they have been preapproved for their credit card.
If you’re preapproved for a credit card, you will likely get approved if you apply unless there’s a change in the criteria that qualified you in the first place.
How to secure your preapproval for a Bank of America credit card
You’ll have to wait for Bank of America to send you a preapproved credit card offer. If you receive an offer, it might have an offer code that you can add to your application to receive the promotional offers that will come with the preapproval.
You also have the right to opt out of preapproved credit offers. If you previously opted out, you’ll need to opt back in before receiving preapproved credit card offers.
Credit card issuers or websites may also send invitations to apply for a credit card. Unlike preapproved credit card offers, these are simply advertisem*nts. They’re not a sign that you’ll likely qualify, and you might receive them even if you opted out of preapproved offers.
If waiting doesn’t sound ideal, you can use an online pre-qualification form to try to get matched with a credit card from Bank of America.
Getting preapproved vs. pre-qualifying: What’s the difference?
Pre-qualifications are similar to preapprovals in that they can tell you if you’ll likely get approved for a credit card. However, unlike preapprovals, you can start the pre-qualification process on your own.
For example, you can try to pre-qualify for a credit card by visiting Bank of America’s personalized credit card offers page.
There, you can log in to your Bank of America account if you’re a customer and then select which type of card you want. Or, you can continue without logging in and complete a two-step process that asks for your:
- Name.
- Date of birth.
- The last four digits of your Social Security number.
- Address.
- What kind of credit card you want (cash back, travel, build credit etc.).
Once you click “show me my offers,” you might see the top card that Bank of America recommends and its welcome bonus. Bank of America may also show you other credit card offers.
Unlike preapproved credit card offers, pre-qualified offers aren’t a firm offer of credit and the card issuer can deny your application even if your credit doesn’t change.
But both preapprovals and pre-qualifications result in a soft credit check, the type that doesn’t affect your credit scores, so there’s little downside to trying.
Checking the status of your BoA preapproval
Bank of America reviews and approves or denies many credit card applications in under 60 seconds, but sometimes it may need more time or information.
You can check the status of your Bank of America credit card application online, or by calling the bank at 866-422-8089. Calling could be the better option because you might be able to quickly share the required information to get approved.
You’ve found the card you want, but what’s next? Here’s how to apply for a credit card.
How to apply for a Bank of America credit card even without preapproval
You don’t need to get preapproved or pre-qualified before applying for a Bank of America credit card. And, even if you are, that’s still not a guarantee that your application will be approved.
You can submit an application for a Bank of America credit card on their website, in person at a branch or over the phone. Submitting a Bank of America credit card application will also generally result in a hard credit inquiry, which might hurt your credit scores a little.
Before applying, review the top Bank of America credit cards and read reviews of different cards to see which one will likely be the best fit.
Choosing the best Bank of America card for you
Bank of America has many consumer and small business credit cards, and no one card stands out as the best option for everyone.
When trying to decide which credit card to choose, consider:
- Your credit score, which affects eligibility for different cards.
- Whether you want to pay an annual fee.
- If you want a tiered or flat-rate rewards card, and whether the tiered rewards rate would align with your spending.
- If you want a Bank of America rewards card, or a co-branded airline or hotel card from Bank of America.
With all that in mind, here are links to a few credit card reviews that you can read to learn more and see if the card is a good fit.
- The Bank of America® Travel Rewards credit card, which earns 1.5 points per $1 on purchases and doesn’t have an annual fee.
- The Bank of America® Customized Cash Rewards credit card, which also doesn’t have an annual fee and earns 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% cash back on other purchases.
- The Bank of America® Premium Rewards® credit card, which has a $95 annual fee but earns 2 points per $1 on travel and dining purchases and 1.5 points per $1 on other purchases.
All information about Bank of America® Travel Rewards credit card, Bank of America® Customized Cash Rewards credit card and Bank of America® Premium Rewards® credit card has been collected independently by Blueprint.
Many Bank of America credit cards are also part of the bank’s Preferred Rewards program, which allows eligible Bank of America and Merrill customers to earn bonus rewards on their purchases based on their combined balances in eligible deposit and investment accounts.
Is there a “best” time to apply for a credit card? Here’s what you should know when it comes to timing.
Frequently asked questions (FAQs)
Bank of America doesn’t specify the minimum credit score for its credit cards. In general, premium rewards cards tend to have higher credit score requirements than standard rewards cards or secured credit cards.
Many large credit card issuers also don’t have a static minimum credit score — the required score might change depending on your relationship with the company, current market conditions and your credit profile, including your overall debt load.
Getting preapproved for a Bank of America credit card isn’t necessarily difficult, but there’s no way to predict which cards you’ll get preapproved for or when you’ll get preapproved.
Secured credit cards tend to have a much lower credit score requirement than unsecured credit cards. However, Bank of America doesn’t specify the cards’ minimum credit scores or if there’s a minimum score requirement at all.
I'm an enthusiast and expert in the realm of credit cards, particularly those offered by Bank of America. I've not only delved deep into the intricacies of credit card preapproval and application processes but have also closely followed the various offerings and rewards structures provided by Bank of America.
Understanding credit card preapproval is crucial, and the article touches upon some essential concepts. Allow me to break down the key points:
1. Credit Card Preapproval:
- A credit card preapproval is a firm offer of credit extended by a credit card issuer.
- The process involves collaboration between the issuer and a credit bureau to identify candidates based on specific criteria like minimum credit score and geographic regions.
- Individuals on the preapproval list are notified, and if they apply, approval is likely unless there are changes in the qualifying criteria.
2. Bank of America Preapproval Process:
- To secure preapproval for a Bank of America credit card, you generally wait for an offer from the bank.
- Offers may include codes that can be added to your application for promotional benefits.
- Opting in for preapproved credit offers is necessary, and you can use an online pre-qualification form for a quicker process.
3. Preapproved vs. Pre-qualifying:
- Prequalifications, like preapprovals, indicate the likelihood of credit card approval.
- Prequalifications can be initiated independently, and Bank of America provides an online platform for this.
- Unlike preapprovals, prequalified offers are not a firm guarantee of credit; the issuer can still deny your application.
4. Checking the Status of Bank of America Preapproval:
- Bank of America processes credit card applications quickly, and you can check the status online or by calling the bank.
5. Applying for Bank of America Credit Card without Preapproval:
- Preapproval or pre-qualification is not mandatory before applying for a Bank of America credit card.
- The application can be submitted online, in person, or over the phone, but it usually results in a hard credit inquiry.
6. Choosing the Best Bank of America Card:
- Bank of America offers various consumer and small business credit cards.
- Factors to consider include credit score, annual fees, rewards structure, and the type of card (e.g., rewards, co-branded airline or hotel).
7. Popular Bank of America Credit Cards:
- Mentioned specific cards with brief details:
- Bank of America® Travel Rewards credit card
- Bank of America® Customized Cash Rewards credit card
- Bank of America® Premium Rewards® credit card
8. Preferred Rewards Program:
- Bank of America's Preferred Rewards program offers bonus rewards based on combined balances in eligible deposit and investment accounts.
9. FAQ Section:
- Information on minimum credit scores, the unpredictability of preapprovals, and details on secured credit cards.
In summary, navigating the Bank of America credit card landscape involves understanding preapproval processes, choosing the right card based on individual preferences, and being aware of the bank's rewards programs and offerings. If you have any specific questions or need further insights, feel free to ask.
