What do 25 million people know that you don’t?
Well, almost 25 million people use Bank of America.
And of those folks, many — if not most — also have a credit card with the financial giant.
If you bank with the big boy on the block, you’re bound to get a great credit card offer or two.
But, should you bite?
We’re taking a deep dive into the Bank of America credit card offers that many people get. And we’re here to break it down for you.
If you’re looking for credit card benefits, Bank of America might just have that in store for you.
Let’s drill down:
Who Gets Bank of America Credit Card Offers?
That’s simple: Mostly, people that already bank with Bank of America are offered credit cards through them.
If you’re already housing your checking account or savings account with the ubiquitous bank, it’s much easier to qualify for a credit card through them.
It’s not customer bias, so much as it is a safety feature. If you don’t pay your credit card bill, Bank of America knows where — and how to — find and confiscate your money.
Most Bank of America credit card offers come to current or prospective customers, including families, professionals, and college students. There are many options available to customize your banking and crediting experience, and Bank of America credit cards can offer many benefits to those that already utilize their services.
Perks of Service
When you’re already banking with the company, it’s simple to open a credit card, and there’s not as much information to enter or independently verify. Because you’re already in their system, Bank of America credit cards will show up in your mobile banking app or on their website.
The big box bank also offers a Preferred Rewards system to its banking and credit card customers. Bank of America bills this service as one that allows you to enjoy extra benefits and rewards through your general Bank of America accounts, as well as the affiliated Merrill Edge investment accounts.
The more you have, and the more you spend, the more interest, cash back, or other rewards you can earn.
It’s almost too easy. But is getting Bank of America credit cards a good idea?
Bank of America Cash Rewards
There are lots of Bank of America credit card offers, but let’s start with the most basic.
With over 43,000 customer reviews, this card is rated as 4.5 out of 5 stars on the bank’s website. It promises the following features:
- A $200 online cash rewards bonus offer for new customers.
- Every purchase is eligible for 1% cash back.
- When you shop at wholesale clubs like Sam’s or Costco, you get a 2% cash back reward.
- For gas purchases, as well as the first $2,500 spent in grocery stores, wholesale clubs, and gas purchases each quarter, you’ll be rewarded with 3% cash back. And that goes straight into your bank account at Bank of America.
Other features include the promise of a low introductory APR, which is your annual credit card percentage rate. Be careful here with any card, as your credit score and history will dictate your rate.
Rates are subject to change without much, or sometimes any, warning.
The financial giant also promises a 10% customer bonus for each time you redeem into your Bank of America checking or savings accounts. Preferred Rewards members can increase that bonus heftily, to somewhere between 25 and 75 percent.
There is no annual fee currently listed for this Bank of America credit card offer.
Not a bad deal! This card is great for students or people who intend to keep a low balance and to use the card for everyday purchases.
Money Magazine called this one of the best cards of the moment in 2017. But is it still all it’s cracked up to be?
13,000 customer reviews rate this card as a 4.3 out of 5 stars. The most common complaint is high and variable interest rates if you maintain a hefty balance. But that’s a fairly common gripe for all cards, not just Bank of America credit card offers.
Features of this popular card include:
- An introductory annual percentage interest rate (APR) of 0% for your first 15 billing cycles. This includes purchases as well as balance transfers, as long as they occur in the first two months (60 days) of opening your credit card account.
- This is where the few customers have their gripes: After those first billing cycles, the interest rate skyrockets to a variable APR of 14.74% to almost 25% (24.74%). That’s a lot of money, especially if you’re carrying a large balance.
- You’re not hosed after the first two months, though. You can still transfer balances to the card, but After that, the fee for future balance transfers is 3% of the balance. There’s a minimum $10 charge.
- If you use Bank of America’s mobile app, which is known for its ease of use, you’ll be able to access your credit score for free. You can also do this when using their website.
There is one potential catch: This Bank of America credit card offer promises there’s no penalty to your APR for forgetting a payment.
The introductory terms expressly state that late payment won’t automatically raise your credit card’s interest rate. If that sounds a little too good to be true, it is.
Just make sure you read the fine print.
Bank of America Travel Rewards
Here’s the one for the points fanatics, and it’s generally a pretty good deal.
If you’re a traveler or just love to rack up miles, Bank of America’s credit card offer for travel rewards is a stellar deal.
Features of this card include no foreign transaction fees for jet setters, although there are some caveats listed in the fine print.
Other perks of this card include:
- An introductory offer of 25,000 travel points. Bank of America uses its own travel point system, so these may or may not be able to transfer to your other travel rewards. It’s always best to check exactly what you’re getting — but overall, this is a good deal.
- No listed annual fee, though some restrictions apply. Your credit score might impact this one, so make sure to double check.
- You can earn an unlimited 1.5 points for every $1 you spend on all purchases everywhere. There’s no expiration date on points and no caveats here, making it an extremely enticing offer.
- Low introductory interest rate (APR).
- Here’s where you get some loyalty points: You’ll receive an additional 10% customer points bonus on every purchase you make with the travel rewards card when you have a checking or savings account with the bank. Preferred Rewards folks can increase that exponentially.
Bank of America Premium Rewards
Last but not least, the granddaddy of all Bank of America credit card offers is the Premium Rewards card. This one has a $95 annual fee, but there are plenty of perks for your buck.
Features of this card include:
- No foreign transaction fees. This is another great card for travelers, but make sure you read the few caveats about these purchases.
- You can earn unlimited points with this premium card. You’ll get 2 points for every $1 spent on travel and dining purchases. You will also earn 1.5 points per $1 on all other purchases, just like the travel rewards card. If you fly and eat out a lot, this card’s for you.
- Just for signing up and getting approved, you’ll receive a $500 value of bonus points. That’s 50,000 points. The only catch here is that you’ve got to make at least $3,000 in purchases in the first three months (90 days) of having the card.
- If you’re a serious traveler, you can also get up to $200 in credits for things like Global Entry at airports and TSA Pre-Check status. Those have yearly fees that are similar to the annual fee of the card.
- And here’s the real kicker: it’s not just travel points that you can get with this Bank of America credit card offer. You can choose from a range of options to redeem your points — cash back, deposited to your accounts with the bank or Merrill Lynch, or to purchase air, car, or hotel travel through their dedicated travel center. You can also redeem for gift cards.
You’ll need to have a high credit score to qualify for this card, and it’s best to make sure you’re budgeting for potentially high-interest rates and the annual fee.
Interest rates can vary, and we think it’s smart to pay off most or all of your card each month — no matter which one of these cards you choose.
Bank of America credit card benefits can range from low interest to no introductory APR, to the ability to gain thousands of travel miles. It’s worth it to look into these credit card offers, especially if you’re already a customer with the big box bank.
If you want more ideas for great credit card offers, we’ve got you covered. We know it’s a credit card jungle out there. Whether you’re looking for something specific, or just general financial advice, we know how to help you spend wisely, save money, and take advantage of the best credit card offers out there.
Check out our blog and learn how to take control of your finances — whether you choose one of these Bank of America credit card offers or not.