Bank of America Credit Cards Review

(April 2024)

Bank of America Credit Cards Review

In This Article

Our Verdict

Explore Bank of America’s range of credit cards to find the perfect fit for your needs. Headquartered in Charlotte, North Carolina, and operating in all 50 states, Bank of America offers nationwide access to their credit card services.

When applying for a credit card, review the terms and conditions on Bank of America’s official website to make an informed decision that aligns with your financial goals. Take advantage of its competitive offerings, including cash back rewards, travel benefits, and low interest rates.

To access Bank of America’s services, you can visit any of its branches or use its user-friendly website www.bankofamerica.com. This website allows you to open accounts, apply for loans and credit cards, pay bills, and transfer funds easily. You can also reach Bank of America’s customer service team for your credit card at 1-800-432-1000.

Pros

  • Variety of options with generous rewards programs and sign-up bonuses
  • Zero annual fee or waived fee for the first year on many personal credit cards
  • Free credit score access and security features on Bank of America personal credit cards
  • Promotional APRs available on select personal credit cards

Cons

  • High interest rates on some personal credit cards, especially for those with poor credit scores
  • Costly late payment fees and penalties for carrying balances
  • Subpar or mixed customer reviews of Bank of America’s customer service
  • Onerous foreign transaction fees on some credit cards
  • Confusing terms and conditions on some credit cards.

Who This Product Is Best For

Consider Bank of America Credit Card if you:

  • Have an existing relationship with Bank of America
  • Want a wide range of credit card options to choose from, including cards with no annual fees or promotional APRs
  • Have a good credit score and can avoid high interest rates and fees
  • Want various security features, such as fraud monitoring on your credit card
  • Desire to access your credit score for free through Bank of America’s credit score service

Who This Product Isn't Right For

Bank of America may not be the best option if you:

  • Have poor credit, as some Bank of America credit cards have high interest rates for those with low credit scores.
  • Prefer to use credit cards without foreign transaction fees, as some Bank of America credit cards charge this fee.
  • Are looking for a credit card with a simple and straightforward rewards program, as some Bank of America personal credit cards have complex reward structures and limitations.
  • Value exceptional customer service, as some Bank of America customers have reported negative experiences with their customer support.
  • Often have outstanding balances on your credit cards, as Bank of America’s late payment fees and penalties can be expensive.

What This Product Offers

bank of America card

Travel rewards credit cards: Choose a travel rewards credit card if you want to earn points or miles for your travel-related expenses like flights, hotels, and car rentals.

Cash back credit cards: Opt for a cash back credit card to earn cash back rewards on your everyday purchases like gas, groceries, and dining out.

Student credit cards: If you’re a college student, choose a student credit card that offers rewards and benefits tailored to your unique needs.

Premium credit cards: If you want premium benefits like airport lounge access, concierge services, and travel credits, consider a premium credit card, but keep in mind that it often comes with higher annual fees.

Balance transfer credit cards: Transfer your high-interest balances from other credit cards to a Bank of America card with a lower interest rate. This can help you reduce interest expenses and save money.

Rewards credit cards: Earn valuable rewards points based on your spending and redeem them for merchandise, gift cards, travel, or other enticing rewards. Take advantage of the benefits and enjoy the perks of your purchases.

Product Details

Travel rewards credit cards:

Earn unlimited 1.5 points per $1 spent on all purchases with no foreign transaction fees and no annual fee. Plus, your points never expire! Receive 25,000 online bonus points by making $1,000 in purchases within the first 90 days of opening your account. That’s a $250 statement credit towards travel purchases!
Book your trip with the freedom to use your card wherever and however you want, without blackout dates or restrictions on specific websites. Redeem your points for a statement credit towards travel or dining purchases, including flights, hotel stays, car rentals, vacations, baggage fees, and even takeout at restaurants.

Enjoy 0% introductory APR for 18 billing cycles on purchases and balance transfers made in the first 60 days. After the intro APR offer ends, a variable APR of 17.74% – 27.74% applies, along with a 3% fee on all balance transfers. As a Preferred Rewards member, get 25%-75% more points on every purchase, allowing you to earn 1.87-2.62 points for every $1 spent on purchases.

Cash back credit cards:

Earn $200 online cash rewards bonus by spending at least $1,000 within the first 90 days of opening your account. Choose a category and earn 3% cash back on purchases made in that category, as well as automatic 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined category, grocery store, and wholesale club purchases per quarter). Earn unlimited 1% cash back on all other purchases.

Maximize your rewards by becoming a Preferred Rewards member and earning 25%-75% more cash back on every purchase. This means you could earn 3.75%-5.25% cash back on purchases in your chosen category. Enjoy the benefit of no annual fee and no expiration on rewards. Take advantage of a 0% introductory APR for 18 billing cycles for purchases, as well as any balance transfers made in the first 60 days. After the intro APR offer ends, a variable APR of 17.74% – 27.74% will apply. Keep in mind that a 3% fee applies to all balance transfers.


Student credit cards:

Get a $200 online cash rewards bonus by making at least $1,000 in purchases within the first 90 days of opening your account.
Choose a category and earn 3% cash back on purchases made in that category. Earn 2% cash back at grocery stores and wholesale clubs for up to $2,500 in combined quarterly purchases. Earn unlimited 1% cash back on all other purchases. Pay no annual fee and enjoy rewards that never expire.

Take advantage of a 0% Introductory APR for 18 billing cycles on purchases and balance transfers made within the first 60 days. After that, a variable APR of 17.74% – 27.74% applies, along with a 3% balance transfer fee. Build your credit history responsibly by using your credit card. You can also access your FICO® Score for free within Online Banking or your Mobile Banking app.

Premium credit cards:

Get 50,000 online bonus points worth $500 when you spend $3,000 in purchases within 90 days of opening the account.
Earn unlimited 2 points for every $1 spent on travel and dining purchases, and unlimited 1.5 points for every $1 spent on all other purchases. Increase your points earnings by 25%-75% on every purchase if you’re a Bank of America Preferred Rewards member. That means you could earn 2.5-3.5 points on travel and dining purchases, and 1.87-2.62 points on all other purchases, for every $1 you spend.

No limit to the points you can earn and your points never expire.
Redeem your points for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center. Receive up to $100 in Airline Incidental Statement Credits every year and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.

Balance transfer credit cards:

Enjoy the benefit of $0 annual fee, helping you keep more money in your pocket. Take advantage of a variable APR of 15.74% – 25.74% to suit your financial needs.

Make the most of a 0% introductory APR on purchases for 21 billing cycles and balance transfers for 21 billing cycles when you transfer balances within the first 60 days. Utilize the introductory APR to make purchases or transfer balances while enjoying a period of interest-free payments.

Keep in mind that after the introductory period ends, a variable APR will apply. Ensure you understand the terms and conditions associated with the card to make informed financial decisions.

Rewards credit cards:

Earn a $200 online cash rewards bonus by spending at least $1,000 within the first 90 days of opening your account. Choose a category and earn a generous 3% cash back on purchases made in that category. Plus, enjoy automatic 2% cash back at grocery stores and wholesale clubs for added savings (up to $2,500 in combined quarterly purchases).

Maximize your cash back potential by becoming a Preferred Rewards member and earning 25%-75% more cash back on every purchase. Enjoy the freedom of no annual fees and no expiration on rewards, allowing you to make the most of your earning potential.

Make the most of a 0% introductory APR for 18 billing cycles on purchases, as well as any balance transfers made within the first 60 days. Keep in mind that after the intro period, a variable APR of 17.74% – 27.74% will apply. Note that a 3% fee applies to all balance transfers.

Where This Product Stands Out

Rewards Program: Take advantage of Bank of America’s rewards program and choose a credit card that suits your needs, whether you want travel rewards, cash back, or rewards for everyday spending.

Introductory Offers: Save money on interest charges by selecting a Bank of America credit card with an introductory offer, such as a 0% APR on purchases or balance transfers for a certain number of months.

Earn unlimited points for every purchase: Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.

Security Features: Protect yourself from fraud by using Bank of America’s security features, such as fraud monitoring and zero liability for unauthorized transactions.

Mobile Banking: Download Bank of America’s mobile banking app to easily manage your credit card account from your phone or tablet, allowing you to monitor spending, pay bills, and redeem rewards on the go.

Extensive Network: With a wide range of ATMs and branches, Bank of America provides convenient access to your accounts and makes managing your personal credit card hassle-free.

Access Your FICO® Score for Free: Stay on top of your credit health by accessing your FICO® Score through Bank of America. Use this valuable tool to monitor and improve your credit score.

Where This Product Falls Short

High Interest Rates: Be aware that some Bank of America credit cards come with high interest rates, especially if you have less-than-perfect credit. It’s important to pay your balance in full each month to avoid accruing interest charges.

Late Payment Fees: Don’t miss a payment deadline, or you’ll be hit with a late payment fee. Make sure to pay your bill on time each month to avoid this additional expense.

Limited Introductory Offers: Unlike some other credit card issuers, Bank of America offers limited introductory offers, meaning you may not be able to take advantage of a 0% APR or other promotional offer for an extended period of time.

Foreign Transaction Fees: If you travel abroad frequently, be aware that Bank of America credit cards come with foreign transaction fees, which can add up quickly if you use your card frequently outside of the United States.

Limited Rewards Program: While Bank of America offers rewards programs, BoA may be more limited compared to other credit card issuers. Make sure to research the rewards program thoroughly to determine if it aligns with your spending habits and preferences.

Credit Limit Restrictions: Bank of America personal credit cards may have limitations on the credit limit they offer. Evaluate your anticipated spending requirements and ensure that the credit limit aligns with your needs and preferences.

How to Qualify for This Product

To qualify for a Bank of America personal credit card:

  • Build a good credit score (aim for above 670).
  • Maintain a steady income.
  • Use credit responsibly and establish a history of responsible credit use.
  • Ensure a stable employment status.
  • Keep your debt-to-income ratio in check.
  • Have a clean credit history without major negative marks.
  • Gather necessary personal and financial information, such as your name, address, Social Security number, and income.
  • Apply for a Bank of America credit card online or visit a local branch.
  • Complete the application accurately and provide all required information.
  • Submit your application and await Bank of America’s review and decision on approval.

How to Apply for This Product

Bank of America doesn’t openly share its application procedures for personal credit cards. Your best option is to directly speak with a Bank of America banker to get all the necessary information about credit cards at the bank.

To apply for a Bank of America personal credit card, follow these steps:

  • Visit the Bank of America website and select the credit card you want to apply for.
  • Click on the “Apply Now” button to start the application process.
  • Fill out the application form with your personal information, including your name, address, phone number, email address, and Social Security number.
  • Provide your financial information, such as your employment status, income, and monthly housing payment.
  • Choose the features you want for your credit card, such as rewards programs or introductory offers.
  • Review the terms and conditions, and make sure you understand the fees, interest rates, and other details.
  • Submit your application and wait for a response from Bank of America.

Keep in mind that Bank of America may require additional documentation or information to process your application. Make sure you have all the necessary documents, such as proof of income and identification, ready to speed up the process.

Alternatives to This Product

Consider these alternative banks for personal credit cards:

Chase

Explore Chase’s credit card options and choose one that suits your needs. Visit their website, compare the features, and apply for a credit card online.

Citibank

Citi offers a range of credit cards, including those with rewards, cashback, and travel benefits. Check their website to see which credit card best fits your lifestyle, and apply online.

Capital One

Visit Capital One’s website and choose from its various credit card options, including cashback, travel rewards, and low-interest rate cards. Apply online and get a decision in minutes

Customer Reviews

On Consumer Affairs, Bank of America received an average rating of 3.9 out of 5 stars based on 534 customer reviews. The feedback suggests that several customers are unhappy with the bank’s customer service, unpredictable charges, and fraudulent behavior. Although a handful of positive reviews are present, the majority of the feedback implies that Bank of America should focus on enhancing its transparency and customer service.

Methodology

We reviewed *this product* based on 20 data points in the categories of credit card details, credit card rewards, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Credit card details: 35%
  • Credit card rewards: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available credit cards, rewards and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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