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Best Bank of America Credit Cards of January 2020
NerdWalletJanuary 2, 2020
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Our pick for
Cash back
on Bank of America's website, or call (877) 754-6706
on Bank of America's website, or call (877) 754-6706
Annual Fee
$0
Regular APR
15.49% - 25.49% Variable APR
Intro APR
0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days
Recommended Credit Score
With the Bank of America® Cash Rewards credit card, you'll earn 3% cash back in a category of your choice (from a list of six) and 2% at grocery stores and wholesale clubs, for the first $2,500 in combined purchases each quarter (1% back after reaching that threshold). All other purchases earn 1% cash back. This is a solid, flexible cash-back card, and it's especially lucrative for Preferred Rewards clients.
With the Bank of America® Cash Rewards credit card, you'll earn 3% cash back in a category of your choice (from a list of six) and 2% at grocery stores and wholesale clubs, for the first $2,500 in combined purchases each quarter (1% back after reaching that threshold). All other purchases earn 1% cash back. This is a solid, flexible cash-back card, and it's especially lucrative for Preferred Rewards clients.
Pros
Get bonus cash back at grocery stores, wholesale clubs and a category of your choice (gas, dining, travel, drugstores, online shopping, or furniture and home-improvement stores). You can change your chosen 3% category once a month. Earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Get a bonus of 25% to 75% of the rewards you earn if you're a Preferred Rewards client. There's also a pretty good 0% intro APR period.Cons
The card's quarterly cap on rewards isn't ideal for larger spenders, and bonus rewards top out at 3% if you aren't a Preferred Rewards client. Other cash-back cards offer as much as 5% on quarterly bonus categories.- No annual fee
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- Earn 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases
- 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.49% - 25.49% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No expiration on rewards
- If you're a Preferred Rewards member, you can earn 25% - 75% more cash back on every purchase
Our pick for
Travel
on Bank of America's website, or call (800) 211-3740
on Bank of America's website, or call (800) 211-3740
Annual Fee
$0
Regular APR
16.49% - 24.49% Variable APR
Intro APR
0% on Purchases for 12 billing cycles
Recommended Credit Score
The Bank of America® Travel Rewards Visa® credit card earns an unlimited 1.5 points per dollar spent on all purchases, which is a decent rate among travel credit cards with no annual fee. It offers redemption flexibility by letting you book your travel on your own and then redeem your points for a statement credit. If you can take advantage of the Preferred Rewards program bonus or you travel infrequently and want to avoid an annual fee, this card is an excellent choice.
The Bank of America® Travel Rewards Visa® credit card earns an unlimited 1.5 points per dollar spent on all purchases, which is a decent rate among travel credit cards with no annual fee. It offers redemption flexibility by letting you book your travel on your own and then redeem your points for a statement credit. If you can take advantage of the Preferred Rewards program bonus or you travel infrequently and want to avoid an annual fee, this card is an excellent choice.
Pros
Get a bonus of 25% to 75% of the rewards earned on every purchase if you're a Bank of America Preferred Rewards client. The card comes with a 0% APR period on purchases, and there's also a sign-up bonus: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases. The annual fee is $0, and there's also no foreign transaction fee.Cons
The card has a low sign-up bonus compared with some of the top travel cards on the market. Big spenders and frequent travelers may be better off with a card that offers bonus rewards for travel purchases, like the Bank of America® Premium Rewards® Visa® credit card. Its $95 annual fee can be offset by up to $200 in statement credits for travel expenses, and it comes with this more substantial bonus: Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening.- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions
- Redeem points for a statement credit to pay for flights, hotels, vacation packages, cruises, rental cars, or baggage fees
- 0% Introductory APR for 12 billing cycles for purchases. After the intro APR ends, 16.49% - 24.49% Variable APR will apply
- If you're a Preferred Rewards member, you can earn 25% - 75% more points on every purchase
Our pick for
Balance transfers and 0% intro APR
on Bank of America's website, or call (800) 322-7707
on Bank of America's website, or call (800) 322-7707
Annual Fee
$0
Regular APR
14.49% - 24.49% Variable APR
Intro APR
0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days
Recommended Credit Score
The BankAmericard® credit card is a good option if you need to consolidate and pay off high-interest credit card debt, thanks to its 0% intro APR period and $0 annual fee.
The BankAmericard® credit card is a good option if you need to consolidate and pay off high-interest credit card debt, thanks to its 0% intro APR period and $0 annual fee.
Pros
The card offers 0% APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 14.49% - 24.49% Variable APR. If you want to finance a large purchase or move a high balance from another card, you'll have a long window to pay it off without interest.Cons
This card doesn't offer rewards, and there's little incentive to use it after you've paid off your balance. It charges a balance transfer fee of 3% of the amount transferred, or $10, whichever is greater. (You can get a $0 introductory transfer fee but a shorter 0% APR period by applying directly through Bank of America®.)- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 14.49% - 24.49% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
Our pick for
Small business
on Bank of America's website
on Bank of America's website
Annual Fee
$0
Regular APR
12.74% - 22.74% Variable APR
Intro APR
0% on Purchases for 9 billing cycles
Recommended Credit Score
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is a solid choice for business owners who want travel rewards with no annual fee. There's a generous sign-up bonus, and because there are no foreign transaction fees, the card is ideal to accompany you around the world.
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is a solid choice for business owners who want travel rewards with no annual fee. There's a generous sign-up bonus, and because there are no foreign transaction fees, the card is ideal to accompany you around the world.
Pros
Start off with a nice bonus for a no-fee card: Earn 25,000 bonus points when you make at least $1,000 in net purchases within 60 days of your account opening which can be redeemed for a $250 statement credit towards travel purchases. Earn 3 points per dollar spent on rental car, hotel or airline purchases booked through the Bank of America® Travel Center. All other purchases earn unlimited 1.5 points for every dollar. There's also an introductory 0% APR period if you've got a big purchase you need to spread out.Cons
Other business travel cards come with annual fees, but they also offer larger sign-up bonuses or higher ongoing rewards.- Earn 25,000 bonus points when you make at least $1,000 in net purchases within 60 days of your account opening which can be redeemed for a $250 statement credit towards travel purchases.
- Earn unlimited 1.5 points for every $1 spent on all purchases everywhere, every time-no matter how much you spend. Points don't expire.
- Earn 3 points per every dollar spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center - powered by Expedia®.
- No annual fee and no international transaction fees.
- 0% Introductory APR on purchases for your first 9 billing cycles.
- Redeem points for travel with no blackout dates, cash back or gift cards.
- Get 75% more points on the base earn of every purchase you make when you're a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 2.62 points for every $1 you spend and 4.12 points per every $1 you spend at the Bank of America® Travel Center.
Last updated on January 2, 2020
Methodology
NerdWallet's credit cards team selects the best cards in each category based on overall consumer value. Factors in our evaluation include fees, promotional and ongoing APRs, and sign-up bonuses; for rewards cards, we consider earning and redemption rates, redemption options and redemption difficulty. A single card is eligible to be chosen in multiple categories.
