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These offers are no longer available on our site: Bank of America® Premium Rewards® Visa® credit card, Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
Hear from our editors: The 4 best Bank of America credit cards of 2020
Updated November 17, 2020
This date indicates our editors’ last comprehensive review and may not reflect recent changes in individual terms.
Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when it’s posted.
Written by: Kat Tretina
When it comes to choosing a Bank of America credit card, it’s easy to get overwhelmed by all the different options available. But whether you’re a frequent traveler or a college student looking for your first credit card, there could be a Bank of America card for you.
- Best for students: Bank of America® Cash Rewards credit card for students
- Best for rewards with no annual fee: Bank of America® Cash Rewards credit card
- Best for travel rewards: Bank of America® Premium Rewards® Visa® credit card
- Best for small business: Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
Here’s why: While many student credit cards offer few rewards beyond their credit-building capabilities, the Bank of America® Cash Rewards credit card for students is different.
The Bank of America® Cash Rewards credit card for students delivers, allowing you to earn 3% cash back in your choice category, choosing from gas purchases, online shopping, dining, travel, drugstores or home improvement/furnishings. And you can get 2% cash back at grocery stores and wholesale clubs. You get the bonus cash back rate on up to $2,500 in combined purchases each quarter, after which you’ll get 1% back on those purchases. You’ll also earn 1% cash back on all other purchases.
Plus, you’ll get a $200 online cash rewards bonus if you spend at least $1,000 on purchases within the first 90 days of opening an account.
The card also offers an introductory 0% APR for 12 billing cycles from account opening on purchases and on balance transfers made within the first 60 days of opening the account (at a 3% or $10-minimum balance transfer fee). After the intro period, the regular variable APR for both will range from 13.99% to 23.99%. That means you can pay down big school purchases — like textbooks or a laptop — for up to 12 months without worrying about interest charges. On top of that, this card has no annual fee.
Check out more offers for credit cards for college students on Credit Karma.
Here’s why: You can still earn valuable cash back rewards without paying an annual fee. If you spend a lot of money on gas, groceries and purchases at wholesale clubs, this might be the right card for you.
Like the student version of the card, the Bank of America® Cash Rewards credit card offers excellent rewards for a card with no annual fee. You can earn 3% cash back in a category of your choice (choose from gas, online shopping, dining, travel, drugstores and home improvement/furnishings) and 2% at grocery stores and wholesale clubs. Those bonus rates apply only on up to $2,500 in combined purchases for both categories each quarter. You’ll earn 1% cash back on all other purchases. That means you can earn rewards just for your routine spending.
As an added incentive, you can also get a $200 online cash rewards bonus if you spend at least $1,000 on purchases within the first 90 days of opening an account.
See what customers think of the Bank of America® Cash Rewards credit card by reading reviews.
Here’s why: The Bank of America® Premium Rewards® Visa® credit card has solid rewards with a competitive annual fee of $95. You’ll earn two points for every $1 spent on travel and dining purchases, and 1.5 points per $1 spent on all other purchases. You can redeem those points for statement credit, deposits into your eligible Bank of America or Merrill accounts, gift cards or purchases at the Bank of America Travel Center.
The card also offers a nice 50,000-point sign-up bonus after you make $3,000 in purchases within 90 days of opening the account. That sign-up bonus is worth up to $500.
You’ll get access to a suite of travel benefits, like a $100 airline incidental-fee credit, up to $100 in Global Entry or TSA PreCheck application-fee credit and access to the Visa Signature® concierge service, which can help you with everything from making reservations to travel planning. There are also added protections that can make your travel easier, like trip-cancellation insurance and lost-luggage reimbursement. This card’s foreign transaction fee? None.
Best for small business: Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
Here’s why: The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card lets you earn valuable miles that can offset your business travel expenses.
If you travel often for business, you can rack up rewards quickly with the card. You can earn three points per $1 spent on travel purchases, including flights, rental cars and hotels (when booked through the Bank of America Travel Center). Plus, you can earn 1.5 points per $1 spent on all other purchases. As long as your account remains in good standing, your points never expire, and there’s no limit to how much you can earn.
Its annual fee is $0. And foreign transaction fees? Also $0 — which makes it an ideal choice for traveling overseas. And currently, you can get a 30,000-point sign-up bonus after making at least $3,000 in net purchases within the first 90 days of opening the account — a $300 value.
Click here for our picks for the best business travel credit cards.
How we picked these cards
Bank of America offers a wide range of credit cards, so we divided them into audience-specific subcategories to address the unique needs of a few large groups. When evaluating each Bank of America credit card, we decided to focus on five main categories: cards for students, cards for travelers, small-business cards, cards with no annual fee and balance transfer cards.
We reviewed each credit card that Bank of America currently offers, carefully considering factors like sign-up bonuses, potential rewards and relevant fees. We tried to balance the value of rewards against the cost of maintaining your account to come up with picks that won’t require constant attention.
How to make the most of these Bank of America credit cards
When it comes to maximizing the value of your Bank of America credit card, there’s another feature you should know about, regardless of the type of card you have.
If you have a Bank of America card, it could make sense to link (or sign up for) an active Bank of America checking or savings account or a Merrill investment account so that you can utilize the company’s Preferred Rewards program.
When you enroll in the program, you can earn higher rewards on eligible Bank of America credit cards depending on how much money you have deposited in your account. There are three tiers — Gold, Platinum and Platinum Honors — with different account thresholds and rewards levels. The Gold tier offers a 25% bonus on points for eligible Bank of America credit cards, while the Platinum Honors tier offers the highest bonus rate at 75%.
Even the Gold tier requires keeping a serious amount of money ($20,000) in your account, so these added benefits aren’t for everyone. It’s best to think of the tiers as an add-on benefit and not a core component of your Bank of America credit card.