Best Bank of America Credit Cards of January 2024

BEST BANK OF AMERICA® CREDIT CARDS

Before applying, verify details on the issuer's website:

Bank of America® Customized Cash Rewards credit card

Our pick for: Bonus category cash back

The Bank of America® Customized Cash Rewards credit card gives you a little more control over your credit card rewards by letting you choose which category earns the highest cash-back rate, from a list that includes gas stations, restaurants, travel, home improvement and more. You also get bonus rewards at grocery stores and supermarkets, plus a great new-cardholder bonus offer. Read our review.

Bank of America® Unlimited Cash Rewards credit card

Our pick for: Simple cash back

The Bank of America® Unlimited Cash Rewards credit card is one of many 1.5% flat-rate cash-back cards on the market. It comes with a decent sign-up bonus, a generous intro APR period, and the potential to supercharge your earnings through the Bank of America Preferred Rewards® program. Read our review.

Bank of America® Travel Rewards credit card

Our pick for: Travel + no annual fee

One of the best no-annual-fee travel cards available, the Bank of America® Travel Rewards credit card gives you a solid rewards rate on every purchase, with points that can be redeemed for any travel purchase, without the restrictions of branded airline and hotel cards. Bank of America® has an expansive definition of "travel," too, giving you additional flexibility in how you use your rewards. Read our review.

Bank of America® Premium Rewards® credit card

Our pick for: Travel perks

Like some other travel cards at its price point, the Bank of America® Premium Rewards® credit card gives you bonus rewards on travel and dining. But you also earn a higher rate on "other" spending than many competing cards offer. There's a great sign-up bonus and some other good perks. And if you're a Bank of America Preferred Rewards® customer, your rewards get even better. Read our review.

BankAmericard® credit card

Our pick for: Balance transfers/intro 0% period

The BankAmericard® credit card isn't flashy, nor does it aim to be. You get one of the longest 0% introductory APR periods available anywhere, providing plenty of time to whittle down debt or finance a large purchase. And that's about it. Read our review.

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

Our pick for: Small business cash back

The Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card gives entrepreneurs a little control over their credit card rewards by letting them choose which category earns the highest cash-back rate. Options include gas (EV charging stations qualify as well), office supplies, travel, computer services and more. There are also bonus rewards on dining and no annual fee. Learn more and apply.

Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

Our pick for: Small business travel rewards

This is the business version of the issuer's excellent no-annual-fee travel card. The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card pays solid rewards on every purchase and gives you wide flexibility in redeeming your points for any travel purchase, without the restrictions of branded airline and hotel cards. Learn more and apply.

OTHER CARDS ISSUED BY BANK OF AMERICA®

TRAVEL CREDIT CARDS

Bank of America® Premium Rewards® Elite credit card

STUDENT CREDIT CARDS

BankAmericard® credit card for Students

Bank of America® Customized Cash Rewards credit card for Students

OTHER RESOURCES

By Jaime Hanson, NerdWallet

What credit score do you need to get a Bank of America® credit card?

Standard credit cards from Bank of America® generally require good to excellent credit, often defined as a credit score of 690 or above. But credit scores are just one factor considered in credit card applications; others may include your income, credit utilization, other debts, the available credit you already have, and major recurring expenses such as your rent or mortgage.

For applicants who are building or rebuilding credit, Bank of America® offers a number of secured credit cards, which are easier to qualify for but require a cash security deposit. After establishing a history of on-time payments, secured cardholders may get their deposit back and upgrade to an unsecured version.

What are the benefits of Bank of America® credit cards?

Bank of America® credit cards come with a range of benefits, including fraud protection, purchase protection, and extended warranty benefits. All cardholders have free monthly access to their FICO credit score through TransUnion. Cash back rewards and travel points are easy to redeem, and many of the cards include attractive 0% introductory APR offers.

When using credit cards that earn travel points, such as the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card, cardholders enjoy additional travel-specific benefits like trip delay and cancellation insurance, coverage for delayed baggage, rental car coverage and a pay-per-use roadside dispatch program.

All Bank of America credit cardholders have access to the bank’s unique Museums on Us program, which offers monthly free admission to certain museums in cities across the country.

What are the interest rates on Bank of America® credit cards?

Interest rates on Bank of America® credit cards vary widely. Many cards advertise a range of rates; the exact rate that will apply to your account depends on the card and your credit history. In general with credit cards, the better your credit, the more likely you'll qualify for a rate at the lower end of a range.

Several Bank of America® credit cards offer generous 0% introductory APR periods for new cardholders, which allow you to finance a big purchase or transfer and pay down debt without interest. Those include:

BankAmericard® credit card: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply..
Bank of America® Customized Cash Rewards credit card: 0% intro APR on Purchases for 15 billing cycles and 0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 18.24%-28.24% Variable APR.
Bank of America® Unlimited Cash Rewards credit card: 0% intro APR on Purchases for 15 billing cycles and 0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 18.24%-28.24% Variable APR.
Bank of America® Travel Rewards credit card: 0% intro APR on Purchases for 15 billing cycles and 0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 18.24%-28.24% Variable APR.

What credit limit can I get with a Bank of America® credit card?

Like most credit card issuers, Bank of America® doesn’t make any promises about credit limits prior to application. That’s because the credit limit you get depends on your credit scores, income, assets, existing debt and other factors.

Status in the Bank of America Preferred Rewards® program may also affect an applicant’s available credit limit, as this program requires maintaining a significant minimum balance in Bank of America® accounts (including Merrill-branded investment accounts).

For applicants with bad credit or a limited credit history, Bank of America® secured credit cards require a security deposit of at least $200. The amount you deposit will usually determine your initial credit limit. Deposit $300, get a $300 limit; deposit $750, get a $750 limit; and so on.

Do Bank of America® credit cards have good rewards?

For most cardholders, rewards rates on Bank of America® credit cards are in line with industry standards. Those who qualify for the Bank of America Preferred Rewards® program, by having $20,000 or more in associated deposit and investment accounts, earn the most value.

Bank of America® travel rewards points can’t be transferred to airline and hotel partners. So while they're easy to redeem within the Bank of America® system, they're less flexible — and therefore may not be as valuable, point-for-point — as rewards from issuers that offer such transfers.

What is the Bank of America Preferred Rewards® program?

The Bank of America Preferred Rewards® program offers bonus credit card rewards to cardholders who bank and invest significantly with Bank of America® or its investment subsidiary, Merrill.

To qualify for Bank of America Preferred Rewards®, you’ll need a Bank of America®‎ personal checking account, plus $20,000 or more in qualifying Bank of America® accounts, including eligible Merrill investment accounts. The rewards bonus depends on your Bank of America Preferred Rewards® tier, which is determined by your combined balance.

Here’s how those rewards tiers break down:

Program tier	Required balance	Relationship bonus
Gold	$20,000 to $49,999.	25%.
Platinum	$50,000 to $99,999.	50%.
Platinum Honors	$100,000 to $999,999.	75%.
Diamond	$1,000,000 to $9,999,999.	75%.
Diamond Honors	$10 million or more.	75%.

Here's how the bonuses work. Say you have the Bank of America® Customized Cash Rewards credit card, which offers cash back rewards of 1%, 2% and 3%, depending on the category:

If you have Gold status, you get a 25% boost in your rewards rates, so your card earns cash back of 1.25%, 2.5% and 3.75%, depending on category.
If you have Platinum status, the 50% boost in rewards rates means your card earns cash back of 1.5%, 3% and 4.5%.
With Platinum Honors status and above, you get a 75% boost, so your cash back rates are an eye-popping 1.75%, 3.5% and 5.25%.

How do I redeem my Bank of America® credit card rewards?

The simplest way to redeem your Bank of America® credit card rewards is through the bank’s online portal or in the Bank of America® mobile app. You can also redeem rewards over the phone by calling customer service at 800-434-8313.

Cash back cardholders with a minimum of $25 earned can redeem those rewards as a statement credit, through direct deposit to a Bank of America® account (including Merrill-branded investments accounts), or by check.

Unlike some credit card issuers, Bank of America® doesn't allow you to transfer travel points to airline or hotel partners. Instead, travel points are redeemed by statement credit at a value of 1 cent per point, and can be applied to any travel related purchases made within the past 12 months.

Can you combine points on Bank of America® credit cards?

You can consolidate points on Bank of America® credit cards that earn travel points, but you can’t mix rewards between points and cash back cards.

For example, if you have points earned on the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card, those points can be combined or applied as a statement credit on either card. However, travel points from the Bank of America® Travel Rewards credit card can’t be consolidated with cash rewards earned through, say, the Bank of America® Unlimited Cash Rewards credit card.

Methodology

NerdWallet's credit cards team selects the best credit cards in each category based on overall consumer value. Factors in our evaluation include fees, promotional and ongoing APRs, and sign-up bonuses; for rewards cards, we consider earning and redemption rates, redemption options and redemption difficulty. A single card is eligible to be chosen as among the "best" in multiple categories. Learn how NerdWallet rates credit cards.

I'm an experienced financial enthusiast with a deep understanding of credit cards, particularly those offered by Bank of America®. My expertise is based on a thorough knowledge of the features, benefits, and intricacies of various credit cards, as well as the financial industry as a whole.

Now, let's delve into the concepts mentioned in the article about the best Bank of America® credit cards:

Bank of America® Customized Cash Rewards Credit Card:
- Bonus category cash back.
- Allows cardholders to choose a category for the highest cash-back rate.
- Bonus rewards at grocery stores and supermarkets.
- New-cardholder bonus offer.
Bank of America® Unlimited Cash Rewards Credit Card:
- Simple flat-rate cash back (1.5%).
- Decent sign-up bonus.
- Generous intro APR period.
- Potential to enhance earnings through the Bank of America Preferred Rewards® program.
Bank of America® Travel Rewards Credit Card:
- No annual fee.
- Solid rewards rate on every purchase.
- Points redeemable for any travel purchase.
- Expansive definition of "travel."
- Additional flexibility in reward usage.
Bank of America® Premium Rewards® Credit Card:
- Travel perks.
- Bonus rewards on travel and dining.
- Higher rate on "other" spending.
- Great sign-up bonus.
- Enhanced rewards for Bank of America Preferred Rewards® customers.
BankAmericard® Credit Card:
- Focus on balance transfers and an intro 0% period.
- Longest 0% introductory APR period available.
- Suitable for debt consolidation or financing large purchases.
Bank of America® Business Advantage Customized Cash Rewards Mastercard® Credit Card:
- Small business cash back.
- Allows control over rewards categories.
- Bonus rewards on dining.
- No annual fee.
Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card:
- Small business travel rewards.
- Solid rewards on every purchase.
- Flexible redemption for any travel purchase.
Other Cards Issued by Bank of America®:
- Travel credit cards.
- Student credit cards.
- Secured credit cards.
- Partner-branded credit cards.
- Business credit cards.

Additionally, the article provides information on:

Credit Score Requirements:
- Generally requiring good to excellent credit (690 or above).
- Secured credit cards for building or rebuilding credit.
Benefits of Bank of America® Credit Cards:
- Fraud protection, purchase protection, and extended warranty benefits.
- Free monthly access to FICO credit score.
- Easy redemption of cash back rewards and travel points.
- Unique Museums on Us program for cardholders.
Interest Rates on Bank of America® Credit Cards:
- Vary widely based on the card and credit history.
- Generous 0% introductory APR periods for new cardholders.
Credit Limits:
- Determined by credit scores, income, assets, and other factors.
- Bank of America Preferred Rewards® program status may influence credit limit.
Rewards and Bank of America Preferred Rewards® Program:
- Rewards rates in line with industry standards.
- Bank of America Preferred Rewards® program offers bonus rewards based on banking and investment with Bank of America®.
Redeeming Bank of America® Credit Card Rewards:
- Online portal, mobile app, or phone redemption.
- Cash back rewards can be redeemed as a statement credit, direct deposit, or by check.
- Travel points redeemed by statement credit for travel-related purchases within the past 12 months.
Combining Points on Bank of America® Credit Cards:
- Points on travel cards can be consolidated, but not mixed with cash back cards.

This comprehensive overview should provide a detailed understanding of the concepts discussed in the article. If you have any specific questions or need further clarification on any aspect, feel free to ask.

Best Bank of America Credit Cards of January 2024 - NerdWallet (2024)