Best Bank of America Credit Card

The Best Bank of America Credit Credit Cards of 2018

Bank of America is the second largest bank in the U.S. and offers a wide range of financial services. Unsurprisingly, it has quite a lineup of credit cards which includes 21 for personal use and 11 for small businesses. With so many options, finding the most beneficial one for your situation can be a challenge.

Jason Gaughan, credit card executive at Bank of America, says, “Consumers should choose a rewards credit card that best suits their needs. For example, if you travel frequently, a flexible travel rewards credit card that offers cardholders unlimited points on all purchases, such as the Bank of America Travel Rewards credit card, is a great choice.”

To save you research time, we’ve highlighted which Bank of America credit cards are best for a variety of different purposes. Here are the top six.

1. Best for everyday spending: Bank of America Cash Rewards credit card

Do you want a credit card that will reward you when you spend on everyday expenses like gas and groceries? If so, then the Bank of America Cash Rewards card is a good choice.

Consumers should choose a rewards credit card that best suits their needs. For example, if you travel frequently, a flexible travel rewards credit card that offers cardholders unlimited points on all purchases, such as the Bank of America Travel Rewards credit card, is a great choice.”

Highlights:

  • No annual fee
  • 0% APR promotion for 12 billing cycles on purchases and balance transfers made within 60 days of opening your card
  • Up to 75% relationship bonus on reward points
  • Cashback rewards: 3% on gas, 2% at wholesale clubs and grocery stores, and 1% on every other purchase
  • $150 cash bonus if you spend $500 within 90 days of opening the account
  • Points don’t expire

Drawbacks:

  • Foreign transaction fees
  • $2,500 cap on combined gas, wholesale club, and grocery purchases that count toward cashback each quarter

Review the best cash-back cards of 2017

2. Best card for travelers: BankAmericard Travel Rewards credit card

The BankAmericard Travel Reward card offers rewards without restrictions. Use your points to book any airline, cruise, rental car, vacation package, or hotel, anytime.

Highlights:

  • 1.5 points for every dollar you spend in net purchases
  • No expiration on points
  • No annual fee
  • No foreign transaction fee
  • 0% APR on purchases for 12 months
  • Bonus of 20,000 points if you spend a minimum of $1,000 within 90 days of opening your account (redeem for a $200 statement credit toward travel purchases)
  • Earn 10% more bonus points if you have a Bank of America checking or savings account
  • Credit card rewards bonus benefit
  • No blackout dates and no website limitations

Drawbacks:

  • No APR promotion on balance transfers

Gaughan says, “Bank of America Preferred Rewards lets you enjoy real benefits and rewards on your everyday Bank of America banking and Merrill Edge investment accounts. As your qualifying balances grow, so do your benefits. For example, the Credit Card Rewards Bonus benefit allows program members to earn a 25 to 75% rewards bonus on eligible Bank of America credit cards.”

This card is great for its rewards, lack of fees, and flexibility. However, if you are loyal to a specific travel company which has a dedicated card with Bank of America, you will likely get greater benefits by choosing that card.

For example, Lou Haverty, CFA, says, “My favorite all-around Bank of America credit card is the Alaska Airlines personal card. The bonus is worth far more than the cash-back cards if you use it for international business or first class airline tickets.”

For your reference, companies that have Bank of America rewards cards include Alaska Airlines, Spirit Airlines, Allegiant, Amtrak, Norwegian Cruise Line, Royal Carribean, Virgin Atlantic, Asiana Airlines, and Celebrity Cruises.

Cash-back vs. travel credit cards: which one is best for you?

3. Best balance transfer card: BankAmericard credit card

The BankAmericard can help cardholders to pay down balances faster by saving on balance transfer fees and interest.

Highlights:

  • 15-month 0% introductory APR promotion on balance transfers and purchases
  • No annual fee
  • $0 balance transfer fee for the first 60 days
  • No penalty APR for late payments

Drawbacks:

  • No rewards
  • Foreign transaction fees

How to choose a balance transfer credit card 

4. Best Bank of America credit card to build credit: BankAmericard Secured credit card

Having trouble getting approved for a credit card? The BankAmericard is the only personal Bank of America credit card that is secured.

Highlights:

  • Wide range of security deposits allowed from $300 to $4,900
  • Maximum credit limit equals the amount of your security deposit
  • May qualify to have your security deposit returned

Drawbacks:

  • $39 annual fee
  • No rewards
  • Foreign transaction fees
  • Security deposit required

Haverty says, “The best card for those with bad credit is BankAmericard Secured. You’re more likely to get approved if you have bad credit, and it has the potential to improve your credit score.”

See how this card stacks up against the top secured credit cards

5. Best card for students: Bank of America Cash Rewards for Students credit card

Wondering what is the best Bank of America credit card for students? This card can help them build their credit while earning cash back for everyday spending on groceries and gas.

Highlights:

  • No annual fee
  • Cash-back rewards: 3% back on gas, 2% back at wholesale clubs and grocery stores, and 1% back on every other purchase
  • $150 bonus after spending $500 within first 90 days of having the account
  • 10% customer bonus for redeeming cashback in a Bank of America checking or savings account
  • 0% APR for 12 billing cycles on purchases and balance transfers made within 60 days of opening the account

Drawbacks:

  • $2,500 combined cap per quarter on rewards from gas, grocery, and wholesale club purchases
  • Foreign transaction fee
  • Balance transfer fee

Note: If you are a student who is going to travel, you may prefer the Bank of America Travel Rewards for Students card. It has no foreign transaction fees and offers bonus points when making purchases through the Travel Center. 

6. Best card for small business: Business Advantage Cash Rewards Mastercard credit card

This card is designed to help businesses earn cash back on their purchases while also offering some other perks.

Highlights:

  • Cashback rewards: Earn 3% back on purchases at office supply stores and gas stations, and 2% back at restaurants
  • Earn 1% cash back on every other purchase and after you reach the annual limit
  • No annual fee
  • 0% introductory APR on purchases for nine billing cycles
  • Points don’t expire
  • $200 statement credit if you spend $500 within 60 days of opening the account

Drawbacks:

  • No introductory APR promotion on balance transfers
  • Foreign transaction fees
  • Annual limit of $250,000 on cashback reward rates above 1%

Note: If you travel frequently, you may prefer the Business Advantage Travel Rewards World Mastercard, which earns you three points for every dollar spent on travel and 1.5 points on all other purchases. It also has no foreign transaction fees. Further, if you frequently fly on Alaska Airlines, Spirit, or Asiana Airlines, they each have dedicated Bank of America cards which may be more beneficial. 

Haverty adds, “I like the Alaska Airlines business card. Although 30,000 points don’t seem like much, you can use it towards business or first class international flights which can be worth anywhere from $5,000 to $10,000. That far exceeds the value of the cash bonus.”

Review and compare the top business credit cards for 2018

Find the best credit card for your needs

Bank of America offers a wide selection of credit cards with some standout offers, but it’s not the only issuer you should check. There are many other companies with competitive offers which that could be a better fit for your shopping habits and lifestyle. By comparing offers from multiple issuers, you can ensure you get the most out of your card.

Not sure how to get started on your research? Head over to SuperMoney’s Credit Card Review Page where you can apply filters to see the cards that match your specifications. Then, compare the rates and terms side-by-side.

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