Best Bank of America Credit Cards

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Bank of America® offers many unique credit cards, and each one is tailored to a different type of consumer — the frequent flyer, the frequent grocery shopper, even the person who just wants to pay a little more than the minimum payment every month. I looked at all of the cards Bank of America® has to offer, pulled out its best options, and created a guide to help you decide which card might be right for you.

The Simple Dollar’s Top Picks for 2017

Biggest Cashback Rewards

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Bank of America® Cash Rewards Credit Card
Highlights
  • No annual fee
  • $150 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
  • Earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
  • No changing categories and no expiration on rewards
  • 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 14.74% - 24.74% Variable APR. 3% fee (min $10) applies to balance transfers
  • Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
  • If you're a Preferred Rewards client, you can increase that bonus to 25% - 75%
  • Easily add your Mastercard® credit card to any digital wallet for a simple, secure, and convenient way to pay online, in-app, and in-store

Want cash back? Try the Bank of America® Cash Rewards Credit Card. This card gets you 1% cash back on every purchase — plus 2% cash back at grocery stores and wholesale clubs, and 3% cash back on gas for the first $2,500 in combined grocery/wholesale club/gas purchases every quarter.

That last part gets a little complicated, so here’s an example of how it could work: Let’s say you spend $1,500 on groceries and wholesale club purchases, plus $1,000 on gas, hitting your $2,500 maximum for the quarter. You’ll get 2%, or $30, back on the grocery purchases; you’ll also get 3%, or $30, on your gas purchases. Plus, you’ll get 1% cash back on all other purchases, including any grocery/wholesale club/gas purchases over $2,500.

Is this card right for you?

What are the drawbacks? As with any cash rewards card, there’s a temptation to spend as much as possible to get the maximum reward. Going after the $150 cash rewards bonus by spending $500 in the first 90 days makes sense, but pushing yourself to hit that $2,500 maximum every quarter just to earn $50 or $60 doesn’t.

Best Travel Perks

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Bank of America® Travel Rewards Credit Card
Highlights
  • 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
  • 20,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $200 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 flights, hotels, vacation packages, cruises, rental cars, or baggage fees
  • Comes with chip technology for enhanced security and protection at chip-enabled terminals
  • 0% Introductory APR for 12 billing cycles for purchases, then 16.49% - 24.49% Variable APR
  • Get an additional 10% customer points bonus on every purchase when you have an active Bank of America® checking or savings account
  • If you’re a Preferred Rewards client, you can increase that bonus to 25% - 75%

If you’re looking for a good travel rewards card that doesn’t limit you to one specific method of travel, Bank of America® Travel Rewards Credit Card is ready to help.

With the Bank of America® Travel Rewards Credit Card, you earn unlimited 1.5 points for every $1 you spend on purchases. You also earn 20,000 online points after making a minimum $1,000 in purchases in the first 90 days of opening your account. If you are a Bank of America® customer with an active Bank of America® checking or savings account, you could get 10% customer points bonus on every purchase, and Bank of America® Preferred Rewards customers can increase that bonus to 25% or more.

These points never expire, and you can redeem your points for a statement credit that you can use on travel expenses purchased via the Bank of America® Travel Rewards Credit Card, including flights, baggage fees, hotels, cruises, rental cars, and vacation packages. (“Statement credit” means that the money can only be used to pay off travel expenses currently on your credit statement, so you have to book your travel before you use your points. You can also redeem your points for cash or gift cards, but your points will be redeemed at a lower value. Redemption starts at 2,500 points.)

The Bank of America® Travel Rewards Credit Card has no foreign transaction fees — which is a great benefit for international travelers.

Is this card right for you? 

I think it comes down to whether you want to be rewarded in cash, airline miles, or points. It is a little hard to determine what these travel reward points are worth; Bank of America® includes a points calculator so you can see how your purchase dollars might come out as points (and then get translated back into dollars), but the calculator also states that your rewards will depend on your individual purchases.

Play around with the points calculator and see if this credit card would be a better value for you than the Bank of America® Cash Rewards Credit Card. If you have a favorite airline, or if you’re a frequent cruise or Amtrak traveler, check out those individual cards as well.

Lowest APR

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BankAmericard® Credit Card
Highlights
  • 0% Introductory APR for 15 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 14.49% - 24.49% Variable APR. 3% fee (min $10) applies to 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

If you’re looking for low APR, look no further than the BankAmericard® Credit Card. This card offers a variable APR, depending on your creditworthiness.

Is this card right for you?
The BankAmericard® Credit Card is pretty great if you’re looking for the lowest possible APR, but think carefully about what you’re leaving on the table if you choose to get this card. I’ve highlighted three other Bank of America® cards that offer cash rewards, balance credits, or travel credits — and their APRs are only a few points higher than the BankAmericard® Credit Card.

If you’re planning to pay off your balance in full every month, a low APR becomes less important. If you know you’re going to have to carry a balance on your credit card, the BankAmericard® Credit Card is worth considering, but so is the BankAmericard Cash Rewards™ Credit Card.

This card is good for people who aren’t interested in earning rewards — maybe you’ve got another airline miles card you’re already using — and do expect to occasionally carry a balance on one of their credit cards. If you have to carry a small balance a few times every year (like paying off holiday spending), a low APR card can be the right choice.

Best for All-Around Rewards

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Bank of America® Premium Rewards® Credit Card
Highlights
  • Receive 50,000 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 per $1 spent on all other purchases
  • If you’re a Bank of America Preferred Rewards client, you can get a 25%-75% rewards bonus on every purchase.
  • No limit to the points you can earn and your points don’t expire
  • Flexibility to redeem for a statement credit, deposit into eligible Bank of America® or Merrill Lynch® accounts like checking, savings, and 529, for gift cards or use at the Bank of America Travel Center.
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee

Bank of America account holders that want to earn and redeem rewards quickly will enjoy the Bank of America® Premium Rewards® Credit Card

With this card, you’ll earn 2x points year round for every $1 spent on travel and dining purchases, and 1.5 points per $1 spent on all other purchases — that’s a year-round flat rate. Points never expire, and you won’t have to deal with rotating categories. There’s no limit to how many points you can earn, and your points will never expire. You’ll also be able to earn a 50,000-point signup bonus if you make at least $3,000 in purchases in the first 90 days of account opening.

The Bank of America® Premium Rewards® Credit Card can help make travel a little easier. There are no foreign transaction fees, and travelers can get up to a $100 annual Airline Incidental Statement credit (which covers such purchases as seat upgrades and in-flight services).

Is this card right for you?

Bank of America account holders that are looking for a simple, well-rounded rewards credit card will enjoy all the Bank of America® Premium Rewards® Credit Card has to offer. Bank of America® Premium Rewards® Credit Card holders can even transfer their points for statement credits or deposits with eligible Bank of America® or Merrill Lynch® checking, saving, and 529 accounts.

If you’re a Bank of America Preferred Reward client, this card is especially powerful. You’ll be able to earn a 25% – 75% rewards bonus on every purchase.

The Bank of America® Premium Rewards® Credit Card comes with a $95 annual fee, so if you’re looking for a card without a yearly fee, consider the Bank of America® Cash Rewards Credit Card.

The Bottom Line

Deciding what credit card is right for you starts with understanding how you’re going to use the card. Are you paying off a balance? Are you rebuilding your credit? Are you looking for rewards on grocery and gas purchases? Once you know what kind of credit consumer you are, use this guide to determine which Bank of America® credit card fits your situation.

Editorial Note: Compensation does not influence our rankings and recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author's alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser's page for terms & conditions.