The Top Five Bank of America Credit Cards

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Bank of America offers a wide range of financial services. They offer checking and savings bank accounts, consumer loans and a range of credit card options. Each credit card selection has slightly different features to make them more appealing to certain segments of the population. Some people may want to earn cash rewards while others prefer frequent flyer miles. Here are the top 5 picks for Bank of America credit cards.

Before applying for a credit card, it’s always a good idea to review several to look for the best deal. Find a card that offers additional perks that you will use. Compare the rates and any annual service charges, or other fees so you will be sure to get the most suitable card.

Here are our picks for the top five Bank of America credit cards.

Bank of America Cash Rewards credit card

The APR is 13.24% – 23.24%. Variable with zero percent on purchases for the first 12 billing cycles. There is no annual fee.

Advantages

  • This card will give you 2% back for grocery purchases, 3% on gasoline up to $2500 and 1% back on all other purchases. You also get $100 in cash rewards as a bonus if you spend $500 or more on during the first ninety days of opening your account.
  • Additional bonuses are added if you are a Bank of America customer.

Cons

  • You must redeem your rewards via a Bank of America bank account or your bonus will not exceed three percent. The quarterly bonuses are not as high as some other cards.

Summary

The Bank of America Cash Rewards credit card is best suited for card holders who have high grocery and fuel bills. In addition, the rewards are greater if you have a Bank of America checking or savings account.

BankAmericard Travel Rewards Credit Card

The APR is 15.24% – 23.24% Variable. There is no annual fee and there are no foreign transaction fees.

Advantages

  • This card allows you to build 1.5 points for every dollar that you spend on all of your purchases. You get 20,000 bonus points online when you spend a thousand dollars within the first three months of having the card. This reward will show up on your statement as a $200 credit that you may use towards travel purchases.
  • The rewards increase if you are a Bank of America customer with an active checking or savings account. There is zero percent on your purchases for the first 12 billing cycles but after this time, the APR will kick in.
  • The rewards are high for a travel card. You have flexibility when it comes to redeeming your travel points. The zero percent APR feature for the first 12 billing cycles is not usually offered with travel rewards credit cards. If you are a preferred rewards client your bonus could increase as high as seventy five percent.

Drawbacks

  1. You don’t earn bonus points for travel purchases. Another drawback is that the sign up bonus is lower than most other travel cards.

Summary

There are benefits and disadvantages with this cards that fairly evenly balance one another out. This card works the best for people who do a lot of traveling and want to earn points for savings on travel expenses.

BankAmericard credit card

The APR is 11.21 to and is based upon your credit worthiness.

Advantages

  • There is no annual fee associated with this card.

Disadvantages

  • There is a three percent fee for balance transfers and a three percent free for foreign transactions.

Summary

This Bank of America credit card option provides you with the lowest annual percentage rate of any other BOA card

Bank of America Better Balance Rewards credit card

The annual percentage rate is 12.24% – 22.24% variable.

Advantages

  • The annual percentage rate is at zero percent for the first twelve billing cycles.
  • You save money on interest and by using the card you can earn up to twenty five dollars a quarter when you pay more than the monthly amount that is due. You can earn up to one hundred dollars per year by paying your balance down ahead of time.
  • If you have a Bank of America checking or savings account, you can earn an extra five dollar bonus each quarter.

Disadvantages

  • There is a three percent fee for balance transfers and a three percent free for foreign transactions.

Summary

The Bank of America Better Balance Rewards Card is more beneficial if you have a checking or savings account with Bank of America and if you pay your balances down early each month.

BankAmericard Secured

The annual percentage rate is 20.49% with an annual fee of $39 and a 3% balance transfer fee

Advantages

  • The BankAmericard Secured credit card has the appearance of any other credit card. It is useful in helping you build your credit. If you don’t have a credit history it can help you to establish credit, strengthen it if you don’t have much of a credit history or help you to rebuild your credit if your rating has been damaged.
  • Important account information is shared with the 3 major credit bureaus
  • After a 12 month period your account is eligible for review. It is possible that you will get your security deposit back and still be able to keep using the card.

Disadvantages

  • You must make a minimum security deposit to open this type of account. The amount of the deposit must be $300.00.
  • Your maximum credit limit will depend on your income, the size of the security deposit that you make and your ability to repay the amount borrowed. There is a limit of $4,900 credit limit associated with this card.
  • A minimum security deposit of $300 is required to open this account.

Summary

The BankAmericard Secured credit card is a good option for anyone who does not have sufficient credit history or has damaged credit and cannot qualify for a traditional credit card. It offers most of the options that you would have with a regular credit card such as online shopping etc.

Bank of America offers a good variety of credit cards. Each has unique features which will appeal to people with differing needs and preferences. Before making your application it’s a good idea to stop and think about which card offers the best rates and features that would benefit you the most.


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