In the United States, credit cards are used over 20 billion times in a year. This, in itself, indicates a large number of credit cards users in the US. If you are on the verge of getting yourself a credit card, one of these users might be you.
But there’s one major problem you’ll have to face. Due to their large numbers, it may seem like a struggle choosing the perfect credit card that best fits your financial needs.
If you continue reading, you will get to learn of the best Bank of America credit cards you can invest in.
Choosing the Credit Card That Aligns Best with How You Spend
There are a lot of options available to you when shopping for a Bank of America credit card. This is because the new Bank of America cards cover an array of financial profiles.
For instance, maintaining an account as an existing customer with the Bank of America will get you loads of benefits and rewards. This is because they value customer relationship.
But even if you are not a consistent customer, there are a lot of options available to you. Continue reading to learn about them.
Cash Rewards Bank of America Credit Cards
This credit card can be used by anyone who doesn’t want the problems of cashing back with annual fees.
The Bank of America cash reward credit card rewards you for any transaction you make daily. You can earn percentage cash back benefits from certain transactions.
For example, you get 2 percent cash back reward for your grocery and gas purchases. Also, you get 3 percent cash back reward from transactions made in a wholesale club.
Earlier, we mentioned that the Bank of America provides its existing customers with rewards and benefits. If you hold a Bank of America savings account, you get a 10 percent cash back bonus. This is on any redemption you make into the same savings account.
Moreover, you increase your bonus from 25% to 75% if you are a preferred rewards client.
With no annual fee, you get a sign-up cash of $150 reward bonus once you have spent up to $500 on purchases within 90 days of account opening.
Frequently Asked Questions
Will it be worth it to build a relationship with a bank while you apply for a credit card?
Yes, it is. However, there are scenarios where banks don’t give bonuses on exclusive credit cards to customers that have an account with them. This includes Bank of America.
Please note that you only get cash back boost from purchasing gas and groceries. When the accumulated purchase for a quarter combined is $2500, you will earn your 1% cash back until the next quarter when it resets.
For a problem free reward earning system, all you need to do is set up redemption. This involves your cash back deposits going straight into your account. Instantly you have a minimum balance of $25 needed to redeem.
For you to do this, you must have a savings account with the Bank of America or qualified cash management accounts with Merrill Lynch wealth management, or Merrill Edge. This way, you would qualify for an addition of 10% customer bonus.
Bank of America Travel Rewards Credit Card
This credit card is used by people who travel a lot. While they travel, they redeem their rewards by making travel-related purchases and transactions.
Now, why would you want this card?
By using a Bank of America Travel Rewards credit card, you get 1.5 points per dollar of unlimited card purchases. You also end up not paying an annual fee.
After spending at least $1000 on transactions within 90 days of opening the account, you can get a bonus of $20,000.
As far as your sign-up bonuses go, the Bank of America travel reward card allows you to apply your points to any qualified travel you book as a statement credit.
This credit card would also work for individuals who love hunting for deals but are not dedicated to a single hotel or airline brand.
You would possibly get a greater return on your purchases if you frequently patronize a particular hotel or airline that has its co-branded credit card. You should reach the minimum margin of 2,500 points or $25 before you can redeem your points.
If you are a customer with the Bank of America, you must ensure to redeem your points to your account. This will give you an extra customer bonus. You can automatically turn on redemption to make it simple for you.
BankAmericard Travel Rewards for Students
The Bank of America makes provision for students that have no credit history. This is via the BankAmricard Travel Rewards for students.
The BankAmricard Travel Rewards for students offer same services as the BankAmericard Travel Rewards Credit Card. This card gives a high cash back reward to students, save if you drive to school and buy gas.
This card is also a very good option for students that study abroad. It doesn’t have any foreign transaction fee. This means you can pay for all expenses during your travel.
Alaska Airlines Visa Signature Credit Card
The Alaska Airlines Visa Signature credit card can be used by frequent flyers that use Alaska airlines. It can also be used by those who fly with Virgin America or their partners, earning miles from their purchase.
This credit card can be used by individuals who want to earn a sign-up bonus when traveling. The travel bonus comes strictly without spending thousands.
The credit card can also be very useful to individuals who travel with friends or family. This is because it offers them an annual Alaska’s Famous Companion FareTM.
Frequently Asked Questions
How can I choose between a general travel card and an airline card?
You have to think about how much money you spend on travel. Then, give full attention to how often you travel with a particular airline.
If you are an individual who travels with different airlines, then a general travel card (like the Bank of America Travel Rewards Credit Card) would be best for you.
You will get three miles for every dollar spent with Alaska and Virgin America airlines. This is a very interesting offer, but this card comes with features that aren’t seen with co-branded airline cards.
They come with an annual companion fee that starts at $121, for your account anniversary every year. The companion fee is enumerated at $99 base fare, in addition to tax fees from $22.
It is important to know that all deals are only available to the Visa Signature Credit Card. The companion fare is unavailable if you don’t get approved for the card.
Redemption of your companion fare can be done on any booked flight on alaskaair.com without blackout dates.
You can also travel with your friends and family on any flight. But the fare can’t be purchased from your Alaska miles.
The reward differs depending on which of the cards get approved. You can either be awarded the Alaska Airlines Platinum Plus credit card or the Alaska Airlines Visa Signature credit card.
There are factors that qualify you for one of the cards. These include your creditworthiness and your income.
Alaska Airlines Visa Signature credit card comes with great benefits. These benefits include a higher companion fare and sign up bonus. But, a high annual fee of $75 applies when compared to the Platinum Plus card of $50.
With a credit limit of $5,000, you will be approved and receive the Visa Signature card.
If you are approved for the Visa Signature card, endeavor to make use of every companion fare annually gotten during the account anniversary. This could give you a lot of value to counter the fee paid annually.
If your ticket costs $200 or $500 you would still be required to pay your annual fee of $121.
Bank Americard Rewards Work
This card is used by individuals who want rewards that can be redeemed for gift cards, cash-backs, and travel experiences. This reward system is managed by the Bank Americard Rewards portal.
Bank of America gives you a range of one to three points per dollar when you make transactions. Bonus points may be offered in categories such as travel, groceries or gas depending on the card that is used.
Ensure to check the specific card for the terms and conditions.
Use your points to cash back rewards as a cardholder. This will give you a worth of 1cent each. If you qualify for preferred rewards, you will get more.
There are premium airs and co-branded cards that issue travel rewards as a credit statement for 1 cent per point.
And with 2500 points, you can redeem points in your account.
To increase your cash back redemption, you have to join in the preferred Rewards program of the Bank of America. This reward assigns customers to reward bonuses of 25, 50 or 75 percent based on the total amount in your Bank of America account.
For instance, if you have an average of over $100,000, it will give you a 75 % bonus reward when redeeming your cash back into your Bank of America savings account. This is possible if you meet the requirement for your 75% bonus reward.
There is also an increase to $175, for cash back rewards of $100.
BankAmericard Better Balance Rewards
The BankAmericard Better Balance reward is best for anyone struggling to pay down the debt on their credit card. Your aim should be paying and reducing the interest charges if you carry a balance every month.
Deferring interest payments can help save money most times. It outweighs any reward that you may get.
This credit card is distinct from various other transfer credit cards because it provides rewards to its users. In every quarter, the payment made is usually higher than the lowest amount owed every month.
There is a maximum of $100 dollars pay-out every year. This translates to 25 percent bonus that you receive. You get $5 every quarter if you have a savings account with Bank of America.
As a credit card holder, your quarterly rewards apply as the balances you transfer to it are not limited. This is a feature that distinguishes the Bank Americard better balance rewards from other cards.
The Asiana Airlines Credit Card
The Asiana Airlines services have about nine airports in the United States. It is owned by the world’s biggest airline partnership Known as Star Alliance.
This card has a great reward rate when used by individuals to shop with a co-branded airline. When using the card, all purchases are charged at a subpar rate.
The Asiana Airlines credit card provides a very good gas and grocery purchase rate for its cardholders.
The card gives a reward rate of 2.8 percent on both gas and grocery purchases. It also provides you a rate of 4.2 percent and a 1.4 percent for every other transaction made.
As a card member, you are entitled to use miles earned through this card. The miles can be used to book a 27 member flight which includes United Airlines, Lufthansa, and Air Canada.
This card gives its cardholders yearly bonuses. The bonuses consist of a bonus certificate with 10,000 worth miles, 2 lounge invitations at Asiana Airlines and an automatic rebate on Asiana Airlines tickets worth $100.
As a cardholder, you would be required to make an annual fee payment of $99.
Bank of America Credit Cards offers a ton of options for every customer. Additionally, it gives solid customer relationships.
Most of the cards discussed here offer an additional bonus for customers with a checking or savings account with the Bank of America. This makes it desirable to have one of these cards as an existing customer.
If you need more information about Bank of America credit card services, contact us today.