Best Bank of America Credit Cards

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

  • Bank of America® Cash Rewards credit card – $200 Cash Rewards Offer
    Biggest Cashback Rewards
  • Bank of America® Travel Rewards credit card – 25,000 Bonus Points Offer
    Best Travel Perks
  • BankAmericard® credit card
    Lowest APR
  • Bank of America® Premium Rewards® credit card
    Best for All-Around Rewards

Biggest Cashback Rewards

Bank of America® Cash Rewards credit card – $200 Cash Rewards Offer

Want cash back? Try the Bank of America® Cash Rewards credit card – $200 Cash Rewards Offer. 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 $200 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

Bank of America® Travel Rewards credit card

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 25,000 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

BankAmericard® credit card

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

Bank of America® Premium Rewards® credit card

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 2 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.

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