Is Bank of America Credit Card Easy to Get
Best for Students Who Want to Maximize Rewards
Bank of America® Customized Cash Rewards Credit Card for Students *
Up to 3X Reward Rate
Earn 3% cash back in the category of your choice (6 categories available)*; Earn 2% cash back at grocery storesRead More
Welcome Bonus
$200 cash rewards bonus
Regular APR
15.49% - 25.49% variable
Credit Score
Fair (650 - 699)
Why We Picked It
This card scores an 'A+' for students in need of an intro APR offer and no annual fee, while still earning impressive cash-back rewards.
Pros & Cons
- FICO score for Free
- Intro APR offer with a generous term
- Competitive cashback reward rates
- Easy-to-earn welcome bonus
- 3% foreign transaction fee
- High penalty APR and late fee
- High to very high standard APR, depending on your credit
Card Details
- Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
- 3% cash back in category of choice: gas, online shopping, dining, travel, drug stores, or home improvement-furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases
- Your cash rewards don't expire. Each month, as you plan for future purchases, you can change your 3% choice category online or through our mobile app
- Use the free and easy ShopSafe® service when you shop online to generate a temporary credit card number so your real card number remains completely private and protected
- Access your FICO® Score updated monthly for free, within your Mobile Banking app or in Online Banking
Best for Students Who Want to Travel
Bank of America® Travel Rewards credit card for Students *
1.5X Reward Rate
Earn unlimited 1.5X points for every $1 you spend on all purchases everywhere, every time and no expiration on points
Welcome Bonus
25,000 points
Regular APR
15.49% - 25.49% variable
Credit Score
Good/Excellent (700 - 749)
Why We Picked It
Students studying abroad will pay no foreign transaction fees (and no annual fee) while earning flat-rate rewards points with flexible travel redemption options. This isn't a good card for balance transfers, however, as the intro APR offer only applies to purchases.
Pros & Cons
- Flexible rewards redemption options
- Unlimited 1.5 points per $1 on all spending
- No foreign transaction fee
- Easy-to-earn welcome bonus
- High balance transfer fee.
- No bonus categories to boost rewards.
- No intro APR offer on balance transfers.
- High penalty APR and late fee.
Card Details
- Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
- 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening – which can be redeemed for a $250 statement credit toward travel purchases
- No annual fee and no foreign transaction fees
- Chip Cards now with chip technology for enhanced security and protection when making purchases at chip-enabled terminals in over 130 countries
- 0% introductory APR for 15 billing cycles on purchases. After that, a standard APR of 15.49% - 25.49% variable on purchases and balance transfer will apply. Balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, applies
Methodology
Bank of America offers a wide variety of credit cards, each designed for a different purpose. To pick the best ones, we looked at cards that have different uses. While many of their cards offer rewards, others are ideal for tasks such as carrying a balance or rebuilding your credit. Out of Bank of America's offerings, we chose the best cards for a variety of different purposes, so you can pick the best one for your needs.
Best Bank of America Credit Cards of 2022
What is Bank of America?
The Bank of America is a U.S.-based investment bank and financial holding company, currently the eighth largest in the world and the second largest in the U.S. It offers a full range of commercial and investment banking services as well as wealth management services. The company advertises a commitment to meeting the needs of all its clients, including individuals, small businesses and corporations.
Bank of America Credit Card Benefits
All Bank of America cards come with some common benefits. For example, account holders can access FICO scores updated monthly for free through the company's Mobile Banking app or by logging in online. An account holder can also use these tools to view credit card bills online, transfer funds, check available credit or configure account alerts.
Bank of America offers optional overdraft protection to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card.
The bank's reward-earning cards are eligible to earn even more points or cash back through the Preferred Rewards program. Your status in this program is based on your qualifying combined balances in your Bank of America banking and Merrill investment accounts. If you have between $20,000 and $50,000 of combined deposits, you receive a 25% rewards bonus from eligible credit cards. Those with $50,000 to $100,000 in combined deposits receive a 50% rewards bonus, and those with more than $100,000 on deposit receive a massive 75% rewards bonus.
Choosing a Bank of America Credit Card
As with choosing a card from any other issuer, you'll want to find the Bank of America card most suitable for you and your needs. For example, the Bank of America Travel Rewards for Students is a great choice for young adults who travel. Other student card options also exist for those who prefer cash back over travel rewards. Frequent non-student travelers will likely be better off with one of the bank's numerous travel rewards cards, whichever of the co-branded cards fits best: Bank of America has co-branded cards with Air France KLM, Alaska Airlines or Amtrak.
The BankAmericard credit card and other Cash Rewards and Premium Rewards cards also offer benefits to those whose lifestyles and spending patterns best fit the reward structures these cards offer.
How to Apply for a Bank of America Credit Card
You can apply for a Bank of America Credit Card via the Bank of America website. After browsing options and selecting the right fit for you, you will be redirected to a secure online credit card application form. Simply fill out the application and hit submit. Applications can also be saved for later so long as any application started is completed within 30 days.
After submitting your application you should receive a notice via email from Bank of America quickly, informing you if your application has been approved, declined or needs more time for review. Once approved, you will receive your card within 10 business days.
How to Activate Bank of America Credit Cards
The fastest way to activate your credit card is to use Bank of America's Online Banking service, either through a web browser or the Bank of America app. Once you enroll, you can use your Online Banking ID and passcode to confirm and activate your card. If you have trouble during the activation process, you can call the Customer Service number on the back of the card.
How to Cancel a Bank of America Credit Card
You can cancel your Bank of America credit card account any one of three ways: visiting a local branch and speaking with a banker in-person, calling Bank of America's Credit Card Customer Service number or submitting your request by mail.
Who Should Get a Bank of America Credit Card?
Bank of America offers credit cards suitable for a wide array of consumers. Frequent travelers, students and small business owners can all benefit from using Bank of America cards, as can customers who are strictly interested in cash back benefits or who need to rebuild credit. If your brand loyalty to Bank of America is strong enough to rule out all options from other card issuers, be sure to thoroughly research all of Bank of America's credit card options in order to find the one most suiting your needs.
What Credit Bureau Does Bank of America Use?
Bank of America reports information to all three major credit bureaus: TransUnion, Equifax and Experian. For eligible customers using consumer credit cards, the company also offers a free monthly FICO® Score from TransUnion.
What credit score is needed for a Bank of America credit card?
For many Bank of America credit cards, you should have a credit score of at least 670 or higher (FICO credit rating: good to excellent) if you want to maximize the chances of your application being approved. Bank of America offers cards for those building or rebuilding credit—like the Bank of America® Customized Cash Rewards Secured Credit Card*. In these cases, the company will accept a lower credit score but will typically require a security deposit upfront. The deposit is refundable upon account closure but may also be refundable upon an upgrade to an unsecured card once credit has strengthened or improved.
Is a Bank of America Credit Card Worth it?
Generally, a Bank of America credit card is a dependable, reliable choice with a well-established and long-standing financial institution. The multiple types of credit cards on offer make it a good choice for a wide variety of consumers, since it is likely Bank of America will have a card to meet or closely match your specific needs. If you're attracted to Bank of America's services and intend on banking with the company for a long time, a Bank of America-branded credit card will best augment your customership with the institution.
Bank of America Preferred Rewards
The Bank of America Preferred Rewards program offers increased rewards for increased business with Bank of America. There are three tiers in the program: Gold, Platinum and Platinum Honors. At each tier a customer will receive discounts on Bank of America products and an increase on rewards by 25%, 50% or 75% respectively.
The qualifying combined balances in eligible Bank of America accounts and/or Merrill investment accounts determines reward tier. Qualifying deposit amounts set tier qualification: $20,000 for Gold, $50,000 for Platinum and $100,000 for Platinum Honors. Once a customer meets these qualifications, he or she can enroll in the Preferred Rewards program online for no extra cost.
Bottom Line
A credit card from Bank of America can be a great choice, especially for those with existing banking relationships with the company. By picking the best Bank of America credit card for your needs, you can build credit, earn rewards or simply ensure you have a secure and convenient way to make everyday purchases.
Frequently Asked Questions
Which Bank of America credit card is the best?
There's no one "best" card suitable for most everyone. The card best for you will depend on a combination of your needs and spending habits. Bank of America offers numerous credit cards, each apparently designed with a different type of consumer in mind.
What is the highest credit limit for Bank of America?
The highest credit limit you will be able to qualify for with Bank of America depends on your initial credit score and subsequent continued credit habits. The higher your credit score, the more likely you will be awarded a higher line of credit. For secured cards, your limit will be determined by the amount of the initial deposit. Secured cards in general usually have minimum deposits in the low hundreds and maximum deposits not exceeding $5,000.
How to set up Bank of America Credit Card Autopay?
In order to set up automatic payments, you will need to enroll in Bank of America's eBills system. This is as simple as adding your credit card as a payee for your Bank of America account (Bill Pay > Payment Center > Add a Company or Person), then selecting "Request eBills" from the Bill Pay tab and following the instructions provided. You will be given an option to "Add AutoPay" or "Set Up Autopay" for your specific credit card accounts. You can set up AutoPay in a web browser or through the mobile app.
How often does Bank of America increase credit limit?
Bank of America does not offer guaranteed increases in credit limits, and there are no specific eligibility requirements. However, they periodically review accounts demonstrating excellent credit habits and may proactively increase credit limits every six months or year as a reward. You can also personally request a credit line increase, but try to wait for 12 months after opening the card and six months between requests to maximize the likelihood of approval.
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Source: https://www.forbes.com/advisor/credit-cards/best/bank-of-america/
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