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Bank of America credit card offers

By Brooklyn Lowery CardRatings Senior Manager, updated on June 3, 2020

There is more to Bank of America than credit cards. While its name has changed over time, the company has a 240-year history and can trace its roots to some of the earliest banks in the nation. Over the years, it has expanded its business to include the first nationally licensed credit card program, BankAmericard. That card would go on to become what is known today as Visa.

Bank of America now offers its customers bank accounts, credit cards, loans and investment products. The company has approximately 66 million consumer and small business clients. While its headquarters is in Charlotte, N.C., it maintains thousands of locations across the globe.

In recent years, Bank of America has received numerous accolades, including having several cards that routinely make CardRatings' best credit cards list in a variety of categories. It is a top issuer of Visa and MasterCard credit cards and prepaid cards and was named the best bank for college students by MONEY. It has also been lauded as a top investment firm and received a 5 out of 5 Power Circle Rating from J.D. Power for its customer satisfaction in retail banking advice.

Bank of America has a variety of credit cards available to meet the needs of diverse customers. There are rewards cards, low-interest cards, student cards and credit cards for those who need to rebuild credit. The company's My Rewards program makes it easy to track Bank of America rewards from credit card, banking and investment products in one place. Furthermore, the bank seeks to reward its customers' loyalty with the Preferred Rewards program through clients qualifying for the program enjoy discounts and bonuses for a variety of bank products and services. When it comes to credit cards, for instance, Preferred Rewards clients can earn bonus rewards on every purchase. 

CardRatings has named several Bank of America credit cards to its best credit cards of 2020 lists, including:

For those interested in earning cash back, the Bank of America® Cash Rewards credit card (This card is not currently available on CardRatings), in particular, truly sets itself apart from others in the cash-back rewards space. That's because the card offers cardholders the opportunity to choose a category in which they'll earn top rewards (from among a list of six options including gas, online shopping, dining, travel, drug stores or home improvement/furnishing). Cardholders earn 3% back in their choice category, 2% cash back on grocery store and wholesale club purchases (3% and 2% earning is on the first $2,500 combined quarterly spending in choice category/grocery store/wholesale club purchases). You earn 1% back on your other purchases. 

Bank of America cards compare well against the following cards from other banks:

Citi® Double Cash Card - 18 month BT offer

This no-annual-fee Citi card offers flat-rate cash-back as compared to the customer-choice/tiered model of the Bank of America® Cash Rewards credit card. With this card, cardholders earn 1% cash back per $1 spent on each purchase plus another 1% cash back when they pay for those purchases; that effectively means cardholders earn 2% back on their purchases.

There isn't a traditional welcome bonus, though, unlike with the Bank of America card that offers a $200 online cash bonus when you spend $1,000 within the first 90 days.

Still, the choice between these cards could come down to whether you want to employ strategy with your credit cards and keep up with categories or if you'd prefer the simplicity of a flat-rate cash-back card. Citi is a CardRatings advertiser

 

Citi® Diamond Preferred® Card

Both BankAmericard® credit card and this card are designed primarily with their intro 0% APR offers in mind. The Citi card offers cardholders an intro 0% APR for 21 months from the date of your first balance transfer and all transfers must be made within the first four months (then, 13.74% – 23.74% Variable), while the BankAmericard® credit card (This card is not currently available on CardRatings) offers an intro 0% APR on purchases and balance transfers for the first 18 billing cycles.

There is a difference in their balance transfer fees. For the Bank of America option, balance transfer fees come in at either $10 or 3% of the amount of each transaction, whichever is greater. The Citi card, however, charges 5% of each balance transfer; $5 minimum.

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