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Bank of America has a variety of high-value credit cards, offering everything from cash back to travel rewards. Below are our top picks for the best cards available from our credit card partner Bank of America for 2022.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
1.5%
Earn unlimited 1.5% cash back on all purchases.
Intro offer
$200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Annual fee
$0
Regular APR
14.24% - 24.24% Variable APR on purchases and balance transfers
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
If you prefer a hands-off rewards strategy, it’s hard to go wrong with a card that offers unlimited 1.5 percent cash back on all purchases. The cash back rate is pretty standard, but it offers reliable value without a second thought from you. The welcome offer is equally straightforward and valuable, too.
You won’t need to keep track of different cash back categories or enrollment dates.
Cons
This card charges a 3 percent foreign transaction fee.
You’ll need to have $20,000 to $100,000 across Bank of America accounts to qualify for Preferred Rewards status and a subsequent rewards boost.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn unlimited 1.5% cash back on all purchases.
If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn up to 2.62% cash back on every purchase.
No annual fee.
No limit to the amount of cash back you can earn and cash rewards don’t expire.
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.24% - 24.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
additional features
Purchase intro APR
0% for 15 billing cycles
Balance transfer intro APR
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
3%
Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
2%
Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
1%
Earn unlimited 1% on all other purchases.
Intro offer
$200
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Annual fee
$0
Regular APR
14.24% - 24.24% Variable APR on purchases and balance transfers
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
The Bank of America Customized Cash Rewards credit card is a great option for earning cash back in multiple purchase categories, including one that you get to choose. You can select from six potentially lucrative categories to earn plenty of cash back in areas where you spend the most.
The rewards you earn will not expire for the life of the account.
You can change your 3 percent category choice once a month to match your spending habits.
Cons
There are spending caps on the 3 percent and 2 percent cash back categories (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, then 1 percent).
This card charges a 3 percent foreign transaction fee.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category.
No annual fee and no expiration on rewards.
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.24% - 24.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
additional features
Purchase intro APR
0% for 15 billing cycles
Balance transfer intro APR
0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
2X
Earn unlimited 2 points for every $1 spent on travel and dining purchases
1.5X
Unlimited 1.5 points per $1 spent on all other purchases
Intro offer
50,000 points
Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening
Annual fee
$95
Regular APR
16.24% - 23.24% Variable APR on purchases and balance transfers
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
The Bank of America Premium Rewards credit card is great for travel and dining purchases, which earn you 2 points for every dollar spent. You also earn 1.5 points on all other eligible purchases, and you can enjoy travel benefits you won't find with other Bank of America cards, including up to $100 in Airline Incidental Statement Credits annually.
The reward redemption options with this card are flexible.
Cons
This card charges a $95 annual fee.
There are no intro APR offers on purchases or balance transfers.
Receive 50,000 online bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening.
Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn up to 3.5 points for every $1 spent on travel and dining purchases.
No limit to the points you can earn and your points don't expire.
Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
No foreign transaction fees.
Low $95 annual fee.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
N/A
Intro offer
$100 statement credit
$100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
Annual fee
$0
Regular APR
13.24% - 23.24% Variable APR on purchases and balance transfers
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
With one of the industry's longer intro APR offers on qualifying balance transfers and purchases, the BankAmericard credit card can be a useful money management tool. Despite having no rewards program, this card is still a solid choice for getting a temporary break from interest charges.
This card offers a sign-up bonus of a $100 statement credit when you spend $1,000 within the first 90 days of account opening, an uncommon feature for a balance transfer card.
Cons
This card charges a 3 percent foreign transaction fee.
There is no rewards program for the card, decreasing its long-term value.
$100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.24% - 23.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
No annual fee.
No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
Access your FICO® Score for free within Online Banking or your Mobile Banking app.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
additional features
Purchase intro APR
0% for 18 billing cycles
Balance transfer intro APR
0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
1.5X
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
Intro offer
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 - that can be a $250 statement credit toward travel purchases.
Annual fee
$0
Regular APR
14.24% - 24.24% Variable APR on purchases and balance transfers
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
If some of your travel purchases are a little off the beaten path, the Bank of America Travel Rewards credit card could be a real find. You can receive statement credits for a wide variety of expenses, including zoos, campgrounds, art galleries and aquariums.
There is a 0 percent intro APR offer on purchases for 15 billing cycles (14.24 percent - 24.24 percent variable APR).
Cons
There is no intro APR offer on balance transfers.
There are point minimums you need to meet in order to redeem: 2,500 points minimum for travel credits and cash, and 3,125 points minimum for gift cards.
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
0% Introductory APR for 15 billing cycles for purchases. After the intro APR offer ends, 14.24% - 24.24% Variable APR will apply.
If you're a Preferred Rewards member, you can earn 25% - 75% more points on every purchase. That means you could earn up to 2.62 points for every $1 spent.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
3X
Earn unlimited 3 miles for every $1 spent on eligible Alaska Airlines purchases.
1X
Unlimited 1 mile for every $1 spent on all other purchases.
Intro offer
$100 Statement Credit + 40,000 Bonus Miles
Limited Time Online Offer! Get a $100 statement credit, 40,000 bonus miles and Alaska's Famous Companion Fare™ from $121 ($99 fare plus taxes and fees from $22) with this offer. To qualify, make $2,000 or more in purchases within the first 90 days of opening your account.
Annual fee
$75
Regular APR
16.24% - 24.24% Variable APR on purchases and balance transfers
Recommended credit
Good to Excellent (670 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
This co-branded Bank of America credit card has a lot to offer frequent Alaska Airlines flyers, including a generous sign-up bonus, good base rewards and an annual Famous Companion Fare™ from $121 ($99 fare plus taxes and fees from just $22), which can save you hundreds of dollars on a flight each anniversary year.
Get a $100 statement credit, 40,000 bonus miles and Alaska's Famous Companion Fare™ from $121 ($99 fare plus taxes and fees from $22) with this offer. To qualify, make $2,000 or more in purchases within the first 90 days of opening your account.
Alaska's Famous Companion Fare™. Every year on your credit card account anniversary you'll receive a companion fare which allows you to book a companion flight from $121 ($99 fare plus taxes and fees from $22). Valid on all Alaska Airlines flights booked on alaskaair.com.
Free checked bag for you and up to 6 guests on the same reservation - that's a savings of $60 per person roundtrip!
Earn unlimited 3 miles for every $1 spent on eligible Alaska Airlines purchases and unlimited 1 mile for every $1 spent on all other purchases. And, your miles don't expire on active accounts.
With oneworld® Alliance we've expanded our global reach to over 900 destinations worldwide, bringing you more airline partners and more ways to earn and redeem miles.
Flexibility with no blackout dates on Alaska Airlines flights when booking with miles or a companion fare.
Plus, no foreign transaction fees and a low $75 annual fee.
This online only offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
3%
3% cash back in the category of your choice (on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter).
2%
2% cash back on dining purchases (on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter).
1%
Unlimited 1% cash back on all other purchases.
Intro offer
$300
Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening - with no annual fee and cash rewards don't expire.
Annual fee
$0
Regular APR
12.49% - 22.49% Variable APR on purchases and balance transfers
Recommended credit
Excellent (740 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
There's an opportunity to get a lot of bang for your buck with this business card. With no annual fee, an intro APR offer on purchases and the power to choose your top-earning spending category within the available categories, you’ll control where you get the most out of your spending.
You can boost your cash back earnings by up to 75 percent if you qualify for the highest rewards tier with Bank of America’s Preferred Rewards for Business.
Earn a $300 statement credit when you spend $3,000 in the first 90 days of account opening.
Cons
This card has a 3 percent foreign transaction fee.
The intro APR timeframe for purchases is fairly short compared to other intro APR offer lengths.
Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening - with no annual fee and cash rewards don't expire.
Earn 3% cash back in the category of your choice, 2% cash back on dining purchases and unlimited 1% cash back on all other purchases.
You'll earn 3% and 2% cash back on the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter.
0% Introductory APR on purchases for your first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 12.49% to 22.49% will apply.
Redeem your cash back as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
Earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to 5.25% in your selected choice category and up to 3.5% on dining purchases on the first $50,000 in those combined purchases each calendar year, and up to an unlimited 1.75% cash back on all other purchases.
Contactless Cards - The security of a chip card, with the convenience of a tap.
This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Our writers, editors and industry experts score
credit cards based on a variety of factors
including card features, bonus offers
and independent research. Credit card issuers have
no say or influence on how we rate cards.
Rewards rate
1.5%
Earn unlimited 1.5% cash back on all purchases everywhere, every time.
Intro offer
$300
Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
Annual fee
$0
Regular APR
12.49% - 22.49% Variable APR on purchases and balance transfers
Recommended credit
Excellent (740 - 850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Business owners looking to cover expenses in multiple categories will find some notable flexibility with this card. With no annual fee, a modest intro APR offer on purchases and the opportunity to earn unlimited 1.5 percent cash back on all purchases with no annual spending caps, this business card has a lot to offer Bank of America customers.
Get up to a 75 percent rewards boost when you qualify for Preferred Rewards status for business checking account holders.
Your cash rewards will not expire for the life of the account.
Cons
There is a $10 or 4 percent balance transfer fee with this card (whichever is greater).
You cannot transfer your reward earnings to a partner program.
Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
Earn unlimited 1.5% cash back on all purchases everywhere, every time.
No annual cap and cash rewards don’t expire.
No annual fee.
You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. That means you could earn up to an unlimited 2.62% cash back on all purchases.
Choose how to redeem your cash rewards - as a deposit into your Bank of America® checking or savings account, as a card statement credit or as a check mailed to you.
0% Introductory APR on purchases for the first 9 billing cycles. After the intro APR offer ends, a Variable APR that's currently 12.49% to 22.49% will apply.
Contactless Cards - the security of a chip card, with the convenience of a tap.
This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
additional features
Purchase intro APR
0% for 9 billing cycles
Balance transfer intro APR
N/A
Compare Bankrate’s picks for best Bank of America credit cards
Card Name
Best for
Bankrate Review Score
Bank of America® Unlimited Cash Rewards credit card
Bank of America Unlimited Cash Rewards credit card: Best for cash back
What we love about the Bank of America Unlimited Cash Rewards credit card: It is one of Bank of America’s simplest cash back credit card offerings. Cardholders get a straightforward 1.5 percent cash back rate on all purchases.
Who is this card good for: Cash back newbies. If you’re new to the world of cash back rewards cards, this card is an accessible option with a straight-foward rewards structure.
Alternatives: If you’re looking for another way to dive into the world of cash back, the Chase Freedom Unlimited® is a solid alternative. Freedom Unlimited cardholders also earn the same 1.5 percent cash back rate.
Bank of America Customized Cash Rewards credit card: Best for choice of rewards category
What we love about the Bank of America Customized Cash Rewards credit card: It’s a lucrative, flexible cash back card that lets cardholders choose how they earn.
Who is this card good for: People who prioritize flexibility but still want rewards. Cardholders will earn an elevated cash back rate in the category of their choice.
Alternatives: If you’re looking for the same level of flexibility with less work on your part, the Citi Custom Cash℠ Card provides a solid alternative. Cardholders will earn elevated rewards in their highest spending categories, but they won’t need to enroll in new categories each month. Citi will make the adjustments automatically.
Bank of America Premium Rewards credit card: Best Bank of America travel card
What we love about the Bank of America Premium Rewards credit card: This card offers solid travel protections and earns a decent rewards rate on travel purchases.
Who is this card good for: Bank of America Customers who want to earn solid travel rewards for a low cost.
Alternatives: The Chase Sapphire Preferred® Card provides a reasonable alternative to the Bank of America Premium Rewards card. With the Sapphire Preferred you’ll get many of the same travel perks and protections for the same low annual fee.
BankAmericard credit card: Best for balance transfers
What we love about the BankAmericard credit card: It’s one of the more lengthy balance transfer cards available, and unlike most balance transfer cards you’ll get a sign-up bonus (a $100 statement credit if you spend $1,000 within the first 90 days of account opening).
Who is this card good for: People seeking balance transfers. Cardholders will see a lengthy (though temporary) break from interest charges on qualifying balance transfers.
Alternatives: If you’re looking for a balance transfer card but still want to earn rewards, the Citi® Double Cash Card offers a good choice. The Double Cash card doesn’t, however, offer a sign-up bonus.
Bank of America Travel Rewards credit card: Best for qualifying travel purchases
What we love about the Bank of America Travel Rewards credit card: Cardholders will earn for a wide variety of travel purchases. Their costs will also be kept lower by forgoing an annual fee.
Who is this card good for: Travelers who value flexibility and versatility in their travel card. Get rewarded for purchases from art galleries, to zoos and campgrounds with this card.
Alternatives: The Bank of America travel card does offer flexibility in terms of what you can redeem for travel but if flexibility to you means being able to redeem rewards for cash back, you might be better off with the Discover it® Miles.
Alaska Airlines Visa Signature credit card: Best for Alaska Airlines perks
What we love about the Alaska Airlines Visa Signature credit card: This is a solid airline card. It has all the features you’d look for as an Alaskan Airlines frequent flier; free checked bags, discounts on inflight purchases, and a generous sign-up bonus.
Who is this card good for: Alaska Airlines loyalists who travel with a partner. Fliers who can make use of the Alaska’s Famous Companion Fare™ features will see so much value from this card.
Alternatives: Looking for a travel card with maximum flexibility? The Alaska Airlines Visa Signature may not be the right choice. However, the Chase Sapphire Preferred touts a generous sign-up bonus and access to an extensive list of travel partners in the Chase Ultimate Rewards portal. The Sapphire Preferred does miss the mark on some standard features— like free checked bags—that you’ll get with the Alaska Airlines Visa Signature credit card.
Bank of America Business Advantage Customized Cash Rewards Mastercard credit card: Best Bank of America business card
What we love about the Bank of America Business Advantage Customized Cash Rewards Mastercard credit card: Flexibility. This card provides business owners with flexible options to earn rewards in several categories and allows for redemption in multiple ways.
Who is this card good for: Business owners who spend heavily in categories like travel and office supplies. If your business expenses fall in line with any of the Bank of America Business Advantage categories and you’re looking to cash in on potential rewards, you’ll see a lot of benefits in this card.
Alternatives: You’ll get many of the same benefits and features in the American Express Blue Business Cash™ Card as in the Bank of America Business Advantage card. The Blue Business Cash touts a slightly longer introductory APR period, but the rewards structure and welcome offer of the Business Advantage Customized Cash card are a bit more lucrative.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard: Best unlimited cash back business card
What we love about the Bank of America Business Advantage Unlimited Cash Rewards Mastercard: Business owners will earn a respectable 1.5 percent on all purchases, with no annual spending cap. Bank of America loyalists will see their rewards boosted even more.
Who is this card good for: Business owners who can qualify for the boosted rewards rate. If your business can qualify for Preferred Rewards status, you can see the value of your rewards boosted by up to 75 percent.
Alternatives: The Capital One Spark Cash Plus touts a more lucrative rewards structure than the Business Advantage Unlimited Cash at 2 percent back on all purchases. The Bank of America Business Advantage Unlimited Cash is a bit more accessible for small businesses owners.
Bank of America was the first U.S. bank to offer a general-purpose credit card with the BankAmericard released in 1958. In addition to credit cards Bank of America also offers other financial services, including mortgages, car loans, checking and savings accounts and investments through Merril Lynch.
Who should get a Bank of America credit card?
Bank of America has options for many kinds of credit card users, but some consumer groups can especially benefit from one of its credit cards. They include:
Bank of America Preferred Rewards members are eligible to earn as much as 75 percent more points per purchase, based on their membership tier. Other Preferred Rewards benefits include discounts on auto loans and home equity loans.Learn more about the perks and requirements for becoming a Bank of America Preferred Rewards member.
The Bank of America Customized Cash Rewards credit card lets you choose the purchase category where you earn the highest cash back rate. This option can help you maximize your cash back returns depending on where you concentrate your spending.
Bank of America offers travel cards for everyday consumers, small business owners and students. You can book travel through the Bank of America Travel Center and enjoy benefits including roadside dispatch.
Bank of America has multiple cards with 0 percent intro APR balance transfer offers. These offers provide an opportunity to transfer an existing debt to a new card and get a temporary break from interest as you pay it off.
Bank of America has credit cards to help small business owners earn cash back or travel rewards. By earning and redeeming rewards, you can defray some of the everyday costs of operating your business.
Still unsure if a Bank of America credit card is right for you? Check out our Credit Card Spender Type Tool where you can get personalized credit card recommendations based on your credit score, spending habits and daily needs.
Bankrate insight
By using an eligible card to book airfare, hotels or rental cars through the Bank of America Travel Center, you can earn double the standard rewards rate on those purchases.
Bank of America Preferred Rewards
The invite-only Preferred Rewards Program takes Bank of America’s services—including credit cards—from good to great. Using Bank of America for both your checking and saving needs can help you maximize the value you get from its services. As a member of Bank of America Preferred Rewards program, you can boost your rewards bonus that you earn on your Bank of America credit cards, qualify for auto loans and home equity discounts and take advantage of interest rate boosters for saving accounts.
There are three tiers of Preferred Rewards, and your tier is determined by your combined balances in your Bank of America banking and/or your Merrill investment accounts. You need to enroll in the program, but once you do, you’re automatically moved up as your balances grow.
Here is a simple breakdown of how each tier can help you earn more with your BoA credit card:
Gold Preferred Rewards
Gold Preferred Rewards requires a balance of $20,000 – $50,000 (it’s calculated as a three-month average on combined balances). If you qualify for Gold, you get a 25% rewards bonus on eligible Bank of America credit cards, as well as other banking benefits.
Platinum Preferred Rewards
Platinum Preferred Rewards requires a balance of $50,000 to $100,000 and gives you a 50% boost on your rewards with eligible Bank of America credit cards. Additionally, you’ll receive a host of other benefits, such as increased savings rates and reduced mortgage origination fee.
Platinum Honors Rewards
Platinum Honors Rewards clients have a three-month average combined balance of over $100,000 and qualify for a huge 75% rewards bonus on eligible Bank of America credit cards.
If you’re a Preferred Rewards client, make sure to factor the rewards bonus into your analysis of their credit card offers.
How to decide which card is best for you
It’s important to have a firm understanding of what you’re looking for from your credit card. Here are a few questions to ask yourself before applying:
There is no one-size-fits-all credit card. Determining which card will offer you the most value comes down to your goals and spending habits. If travel is an important part of your life and you want to earn rewards, one of Bank of America’s travel rewards cards might be a good fit for you. If you’re interested in managing high-interest debt, look for the best offer for doing a balance transfer with Bank of America.It’s also important to understand your spending habits, because certain cards within a category might offer bonus rewards for certain expenses. Knowing which categories you spend the most in each month will help you choose a card that will earn the most rewards.
A good credit card should offer benefits that are easy to use and a rewards system that works best for you. For instance, frequent travelers will find the most value with a travel-focused rewards card that offers perks such as travel statement credits, lounge access and trip insurance. Parents and other everyday shoppers might like the simplicity of a flat-rate cash back card with features like extended warranty.
Many cards offer a sign-up bonus after you hit certain spending requirements. Just because a card has a large sign-up bonus, however, does not mean that it’s automatically a better card for you.When looking at sign-up bonuses, it’s also important to note whether you can realistically hit the minimum spending requirement. If you have a smaller budget, a card with a smaller sign-up bonus might be easier to qualify for.
If you ever plan on carrying a balance on your credit card, APR (annual percentage rate) is extremely important because it determines how much interest you pay. Variable APRs differ from card to card but usually fall between 17 and 30 percent based on creditworthiness. Some cards also offer an introductory 0% APR period when you first sign up for the card, which can help you pay off large expenses with a temporary break from paying interest.
Bankrate insight
BankAmericard, the second universal credit card ever offered, was launched by Bank of America in 1958.
How we chose our top-rated Bank of America cards
Bankrate's personal finance experts have evaluated the top Bank of America cards according to our 5-star rating system. The list of criteria for rating credit cards includes:
Rewards
Whether the card offers cash back, travel points/miles or multi-purpose rewards for eligible purchases and the potential returns based on rewards rate (1 percent cash back per $1 spent, 1 mile per $1 spent, and so on).
Perks and benefits
Whether the card offers extras such as retail discounts, extended warranties on purchases, travel insurance and financial management tools.
Annual fee
Whether the card charges an annual fee and if so, how much the card's overall value and benefits might offset the fee.
Introductory offers
Whether the card has a sign-up bonus, welcome offer or similar sign-up incentive and how much it adds to the card's overall value.
Variable APR
How the card's APR compares with current averages as an indicator of cost and value.
Foreign transaction fee
Whether the card charges a foreign transaction fee for international purchases and how the fee affects the card's overall value.
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
Frequently Asked Questions
The Bank of America Preferred Rewards program is accessible to Bank of America customers by invitation. To qualify for an invitation, Bank of America customers must have at least one active Bank of America checking account that holds a minimum average daily balance of $20,000 or more, for three months.
Qualifying accounts include:
Bank of America Advantage Banking, savings, money market savings, CDs and IRAs
Merrill investment accounts
Merrill 529 college savings accounts
Revocable grantor trust accounts
As mentioned above, the program offers three tiers. Your tier, Gold, Platinum or Platinum Honors, will vary based on your account balance.
Most Bank of America cards require a good-to-excellent credit score (670-850) for approval. You’ll need a credit score of at least 670 to be approved for the cards on this list and for most other Bank of America credit cards.
Before applying for a Bank of America credit card, or any credit card for that matter, it’s important to know your credit score. Learn how to check your credit score.
There are Bank of America credit cards for all kinds of spenders—from travelers to business owners—each card has its own set of requirements for approval. If you’re not sure where you stand with your credit score check out Bankrate’s CardMatch™ tool to find out which Bank of America cards you may qualify for.
Benefits and rewards will vary based on which credit card you get. The card with the best benefits is the one you can get the most value from and, as such, will vary based on your spending habits and financial goals. Having said that, one of our top-reviewed Bank of America credit cards is the Bank of America ® Premium Rewards® credit card. It provides cardholders with a sign-up bonus worth $500 (50,000 online bonus points after spending $3,000 on the card within the first 90 days of account opening) and earns 2X points on travel and dining and 1.5X points on all other purchases. You could get a rewards boost with the increase of your Bank of America account balance through its Preferred Rewards program. (A Bank of America bank account balance of at least $100,000 daily combined over three months will increase your rewards bonus by 75%).
Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at Reviews.com and worked as the loans editor at The Simple Dollar.
As a staff writer for Bankrate.com, Sarah offers sound advice that will improve your financial life and help simplify topics like travel hacking and credit card rewards.
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
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Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
