Best Bank of America Credit Cards of April 2024
Updated March 29, 2024 at 2:36 pm
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Bank of America offers a diverse range of credit cards with unique sets of perks. Most of these cards offer generous ongoing rewards, allowing you to earn more for every dollar spent. Whether you’re a frequent traveler, a savvy shopper or a frugalista aiming to maximize cash back, Bank of America has a credit card designed to fit your needs.
In this guide, we’ll dive into seven top Bank of America credit cards, evaluating their welcome bonuses and features that make each one a standout choice. If you’re confused about which one might be the best fit for you, we’ll provide you with the tips you need to make your decision. Here are our picks for the best Bank of America credit cards.
Our Methodology Understanding the value of cash back is simple, but valuing airline miles or points redeemable for travel requires digging a bit deeper. At Newsweek, we’ve developed a common language to talk about the value of points and miles: our valuations.
Our valuations translate points into dollars and cents in a way that reflects reality. They are based on actual data across a balance of accessible redemption options, not just the aspirational first and business class redemptions that require a PhD in miles and points to book. The upshot is that our valuations help you understand the actual value you can easily get from your miles and points.
Our Picks - Best for Premium Travel Benefits: Bank of America® Premium Rewards® Elite Credit Card
- Best Mid-Tier Card: Bank of America® Premium Rewards® Credit Card
- Best Travel Card With No Annual Fee: Bank of America® Travel Rewards Credit Card
- Best for Category Bonuses: Bank of America® Customized Cash Rewards Credit Card
- Best for Flat-Rate Cash Back Rewards: Bank of America® Unlimited Cash Rewards Credit Card
- Best for 0% APR: BankAmericard® Credit Card
- Best for Small Businesses: Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
Best Bank of America Credit Cards
Best for Premium Travel Benefits: Bank of America® Premium Rewards® Elite Credit Card
After you make at least $5,000 in purchases in the first 90 days of account opening
Why we chose it: The Bank of America Premium Rewards Elite Credit Card offers a generous welcome bonus of 75,000 online bonus points (worth $750) after spending $5,000 in purchases in the first 90 days of account opening, plus up to $550 in travel and lifestyle statement credits. You also enjoy no foreign transaction fees.
Pros
- 75,000 points after spending $5,000 in purchases within 90 days of account opening
- 2X points on travel and dining, plus 1.5X points on all other purchases
- Up to $300 in annual airline incident credits
Cons
- Welcome bonus can’t be converted to airline miles
- High $550 annual fee
- No intro APR
Best Mid-Tier Card: Bank of America® Premium Rewards® Credit Card
After you make at least $4,000 in purchases in the first 90 days of account opening
Why we chose it: The Bank of America Premium Rewards credit card offers excellent value for a mid-tier card with 2X points on travel and dining purchases and 1.5X points on all other purchases. The $95 annual fee is entirely offset by an annual airline incidental fee credit of up to $100.
Pros
- Substantial welcome bonus
- Up to a $100 airline incidental fee credit
- Up to a $100 credit toward Global Entry or TSA PreCheck
Cons
- No intro APR
- $95 annual fee
- Airline credit only applies to incidental fees
Best Travel Card With No Annual Fee: Bank of America® Travel Rewards Credit Card
If you make at least $1,000 in purchases in the first 90 days of your account opening
Why we chose it: The Bank of America Travel Rewards Credit Card doesn’t charge an annual fee or foreign transaction fees and earns 1.5X points on all spending, plus 3X points on purchases made through the Bank of America Travel Center. Cardholders can enjoy a decent intro APR on purchases and balance transfers and earn a 25,000-point welcome bonus (worth $250) after spending $1,000 in the first 90 days of account opening.
Pros
- 1.5X points on all spending, plus 3X points on purchases made through the Bank of America Travel Center
- Intro APR on purchases and balance transfers
- No annual fee or foreign transaction fees
Cons
- Lower welcome bonus
- Lack of significant category bonuses
- No travel transfer partners
Best for Category Bonuses: Bank of America® Customized Cash Rewards Credit Card
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Why we chose it: The Bank of America Customized Cash Rewards card offers the unique opportunity to earn heightened rewards on a category of your choice each quarter, plus additional rewards at grocery stores and wholesale clubs (up to a quarterly cap). Cardholders also get access to an intro APR on purchases and balance transfers for no annual fee.
Pros
- $200 cash rewards bonus after spending $1,000 within the first 90 days of account opening
- Heightened cash back on one category of your choice
- No annual fee
Cons
- Bonus categories capped at $2,500 in combined quarterly purchases (then 1%)
- 3% balance transfer fee
- 3% foreign transaction fee
Best for Flat-Rate Cash Back Rewards: Bank of America® Unlimited Cash Rewards Credit Card
After making at least $1,000 in purchases in the first 90 days of your account opening
Why we chose it: The Bank of America Unlimited Cash Rewards card earns 1.5% cash back on all purchases, making it easy to rack up rewards quickly on everyday purchases. The card has no annual fee, and new cardholders can earn a $200 cash back bonus after spending $1,000 within 90 days of account opening.
Pros
- Unlimited 1.5% cash back on all purchases
- Intro APR on purchases and balance transfers
- No annual fee
Cons
- Lack of category bonuses
- 3% balance transfer fee
- 3% foreign transaction fee
Best for 0% APR: BankAmericard® Credit Card
Why we chose it: The BankAmericard® credit card is the best option for those looking for an extensive introductory APR period. The card offers a 0% intro APR on purchases and balance transfers (made within 60 days of account opening) for the first 18 billing cycles, followed by a 16.24% to 26.24% variable APR.
Pros
- Long introductory APR on purchases and balance transfers
- No annual fee
- No penalty APR
Cons
- No welcome bonus
- No rewards
- Up to a $40 late payment fee
Best for Small Businesses: Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
After you made at least $3,000 in purchases in the first 90 days of your account opening
Why we chose it: The Bank of America Business Advantage Travel Rewards World Mastercard card offers generous rewards on all purchases, a solid welcome bonus, a short intro APR on purchases and no annual fee. The card also has no foreign transaction fees, making it ideal for business owners who travel or do business with companies based outside of the United States.
Pros
- Solid welcome bonus
- Straightforward 1.5X points on all purchases
- No annual fee or foreign transaction fees
Cons
- No travel transfer partners
- Lacks category bonuses
- No intro APR on balance transfers
A Closer Look at the Best Bank of America Credit Cards
Best for Premium Travel Benefits: Bank of America Premium Rewards Elite Credit Card
Why we love this card: With the Bank of America Premium Rewards Elite Credit Card, cardholders can earn a substantial welcome bonus, elevated points on all spending and $450 in annual travel and lifestyle credits to offset the annual fee. Additionally, the card provides up to four complimentary Priority Pass Select memberships and comprehensive travel insurance, making it an attractive option for travelers seeking premium travel benefits. Note, Bank of America Preferred members earn 25% to 75% more rewards on every purchase.
Who should have this in their wallet: This card is ideal for travelers who want a simple rewards structure and premium travel benefits. Cardholders who maximize the card’s up to $450 in annual credits, up to $100 Global Entry or TSA PreCheck credit every four years and 20% discount on award flights can easily offset the $550 annual fee.
Other cards to consider: Those in search of a premium travel credit card with transferable rewards should consider the Chase Sapphire Reserve® or Capital One Venture X Rewards Credit Card. The Sapphire Reserve has the same $550 annual fee as the Bank of America Premium Rewards Elite card but offers higher category bonuses and the ability to transfer points 1:1 to 14 airline and hotel partners. Meanwhile, the Venture X Card has 18 transfer partners, a more reasonable $395 annual fee and plenty of the same travel perks and redemption options.
Best Mid-Tier Card: Bank of America Premium Rewards Credit Card
Why we love this card: With a reasonable annual fee and practical travel benefits, the Bank of America Premium Rewards credit card is a great mid-tier option. It comes with valuable travel perks like a Global Entry or TSA PreCheck application fee credit every four years, elevated rewards earnings and no foreign transaction fees. The 60,000-point welcome bonus after you spend $4,000 in the first 90 days of account opening is an additional enticing perk.
Who should have this in their wallet: The Bank of America Premium Rewards credit card is an excellent choice for travel enthusiasts seeking a mid-tier credit card at a reasonable annual fee. The card is also great for consumers desiring a simple rewards structure—points are worth 1 cent each, and you can redeem them toward travel, cash deposits, statement credits and gift cards.
Other cards to consider: If you don’t anticipate using the card’s airline incidental fee credit or spending much on travel and dining, the Bank of America Travel Rewards Credit Card is a better alternative. Both cards earn 1.5X points on all purchases, except the Travel Rewards card has no annual fee and lacks the 2X bonus on travel and dining (though you can earn 3X points on Bank of America Travel Center purchases).
Best Travel Card With No Annual Fee: Bank of America Travel Rewards Credit Card
Why we love this card: The Bank of America Travel Rewards Credit Card is a solid introductory travel card with no annual fee and plenty of rewards potential. Other than the ongoing rewards rates, new cardholders can earn 25,000 bonus points (worth $250) after spending $1,000 within the first 90 days of account opening. These points can be redeemed for $250 in travel and dining purchases, making it practical for offsetting both travel and everyday expenses.
Who should have this in their wallet: The Bank of America Travel Rewards Credit Card is best for budget-conscious consumers who want a no-annual-fee card with practical travel rewards. It offers important benefits like no foreign transaction fees and earns 1.5X points on all purchases. Plus, the introductory APR offer can come in handy for cash-strapped consumers who need some time to finance their purchases or pay off debt interest-free.
Other cards to consider: The Discover it® Miles card can be an excellent alternative to the Bank of America Travel Rewards card. Both cards have no annual fee and no foreign transaction fees while earning 1.5X miles on all purchases. Notably, the Discover it® Miles matches all miles earned during the first year, making it a more lucrative option for big spenders.
Best for Category Bonuses: Bank of America Customized Cash Rewards Credit Card
Why we love this card: Customized Cash Rewards credit card holders can choose from six different bonus categories to earn 3% cash back: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; and home improvement and furnishings. The card also earns 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined 3% and 2% category spending each quarter, then 1%), plus 1% everywhere else.
Who should have this in their wallet: The Bank of America Customized Cash Rewards card is best for folks whose daily expenses align with the card’s bonus categories. Since the card has no annual fee, a generous welcome bonus and an intro APR on purchases and balance transfers, it can also be a good choice for cash-strapped consumers looking to pay expenses off over time without incurring interest or those who have existing debt to pay off but want to earn rewards in the long run.
Other cards to consider: The Citi Custom Cash® Card is a good alternative for those who want a slightly less complicated bonus category structure. The Citi Custom Cash automatically earns 5% cash back on your top spending category each billing cycle (on up to $500 spent per billing cycle, then 1% back). The card has no annual fee and earns an unlimited 1% cash back on all other spending.
Read our review of the Bank of America Customized Cash Rewards Credit Card
Best for Flat-Rate Cash Back Rewards: Bank of America Unlimited Cash Rewards Credit Card
Why we love this card: The Bank of America Unlimited Cash Rewards card rewards all spending with the same 1.5% cash back rate. This can be a great choice for consumers who enjoy straightforward rewards for no annual fee. The card also offers a $200 welcome bonus after you spend $1,000 within the first 90 days of account opening.
Who should have this in their wallet: The Bank of America Unlimited Cash Rewards card could be a great fit for consumers who want to earn above-average cash back rewards on all purchases. It’s also a great choice if you’re a Bank of America Preferred Rewards customer, as you can earn 25% to 75% more rewards on every purchase.
Other cards to consider: The Chase Freedom Unlimited® is similar to the Bank of America Unlimited Cash Rewards, as it also offers 1.5% cash back (on all other purchases) for no annual fee. However, with the Freedom Unlimited, you can also earn 5% cash back on travel purchased through Chase Travel, 5% cash back on qualifying Lyft rides through March 31, 2025 and 3% cash back on dining at restaurants (including takeout and eligible delivery services) and drugstore purchases. The intro offer also allows you to earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the year year). That offer can be worth up to $300.
Best for 0% APR: BankAmericard Credit Card
Why we love this card: The BankAmericard credit card offers a 0% intro APR on purchases and balance transfers made within the first 60 days for 18 billing cycles (followed by a variable APR between 16.24% to 26.24%). The card has no annual fee either, making it a great choice for budget-conscious consumers who want to hold on to the card long-term.
Who should have this in their wallet: The BankAmericard credit card is ideal for consumers who need a little more time paying off their debts without accruing interest. While a 3% fee applies to balance transfers, it can still be much more preferable to paying off debt at a standard APR. With no annual fee, this can be a great card to hold on to for the long haul.
Other cards to consider: The Bank of America Travel Rewards card and Bank of America Customized Cash Rewards card are excellent alternatives if you want a no-annual-fee card with an intro APR offer and ongoing rewards. Both cards offer a slightly shorter intro APR on purchases and balance transfers compared to the BankAmericard but earn 1.5X miles on all spending and heightened cash back in select categories, respectively.
Read our review of the BankAmericard Credit Card
Best for Small Businesses: Bank of America Business Advantage Travel Rewards World Mastercard Credit Card
Why we love this card: The Bank of America Business Advantage Travel Rewards World Mastercard credit card checks all the boxes for a starter business card. It earns above-average rewards on all purchases, provides a solid welcome bonus and an intro APR on purchases that gives businesses extra time to repay their purchases. The lack of an annual fee, simple redemption options and potential to earn up to 75% more points as a Preferred Rewards member makes this an excellent business card option.
Who should have this in their wallet: The card is best for small-business owners who want to earn generous rewards on all spending without tracking various spending categories or paying an annual fee.
Other cards to consider: The Blue Business® Plus Credit Card from American Express is a great alternative if you’re looking for a no-annual-fee business card (see rates and fees) that earns valuable rewards. The card earns 2X Membership Rewards points on all purchases (up to $50,000 in spending per calendar year, then 1X points) and also offers an introductory APR on purchases. If you’re looking for a card with higher earning potential, the Ink Business Cash® Credit Card from Chase earns 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year, plus rewards on gas station and restaurant purchases.
What Is the Benefit of a Bank of America Credit Card?
What gives Bank of America a notable advantage is its Preferred Rewards program, which is available to members who also have a Bank of America checking account. Preferred Rewards members earn 25% to 75% more rewards on credit card spending, depending on their tier, which can add up substantially over time. Here’s a look at the five different Preferred Rewards tiers, their requirements and corresponding bonuses:
- Gold (25% bonus): Requires a three-month combined average daily balance of $20,000 to $50,000
- Platinum (50% bonus): Requires a three-month combined average daily balance of $50,000 to $100,000
- Platinum Honors (75% bonus): Requires a three-month combined average daily balance of $100,000 to $1,000,000
- Diamond (75% bonus): Requires a three-month combined average daily balance of $1,000,000 to $10,000,000
- Diamond Honors (75% bonus): Requires a three-month combined average daily balance of $10,000,000 or more
What Are the Interest Rates on Bank of America Credit Cards?
Bank of America credit cards come with variable interest rates on purchases and balance transfers. The exact rate depends on factors such as creditworthiness and the overall economic environment. Numerous Bank of America cards offer promotional 0% APRs on balance transfers and purchases. These rates revert to standard variable rates after the promotional period expires.
Below is a summary of the current interest rates for each Bank of America credit card highlighted on our list. Please note that any balance transfers are subject to a 3% fee.
| Card Name | Intro APR |
| Bank of America Premium Rewards Elite | None; 20.24% to 27.24% variable APR |
| Bank of America Premium Rewards | None; 20.24% to 27.24% variable APR |
| Bank of America Travel Rewards | 0% intro APR on purchases and balance transfers made within the first 60 days from account opening for 15 billing cycles (18.24% to 28.24% variable APR after) |
| Bank of America Customized Cash Rewards | 0% intro APR on purchases and balance transfers made within the first 60 days of account opening for 15 billing cycles (18.24% to 28.24% variable APR after) |
| Bank of America Unlimited Cash Rewards | 0% intro APR on purchases and balance transfers made within the first 60 days of account opening for 15 billing cycles (18.24% to 28.24% variable APR after) |
| BankAmericard | 0% intro APR on purchases and balance transfers made within the first 60 days of account opening for 18 billing cycles (16.24% to 26.24% variable APR after) |
| Bank of America Business Advantage Travel Rewards World Mastercard | 0% intro APR on purchases for 9 billing cycles (18.49% to 28.49% variable APR after) |
Do Bank of America Credit Cards Have Good Rewards?
Bank of America credit cards offer generous rewards in common spending categories. Some cards earn cash back, while others earn points that are worth 1 cent each toward travel purchases. This is very different from programs like American Express Membership Rewards, Capital One miles, Citi ThankYou Rewards and Chase Ultimate Rewards, where you earn rewards you can convert to airline miles and hotel points. Since Bank of America rewards are more limited in use, they’re substantially less valuable.
However, Bank of America makes up for it with usability. The fact that rewards are worth 1 cent each toward travel and dining statement credits takes the guesswork out of maximizing them.
How Do I Choose the Best Bank of America Credit Card for Me?
When choosing the best Bank of America credit card, consider different factors such as your spending habits, rewards goals and budget. Analyzing these elements will help you determine the most suitable card that aligns with your needs. Here’s a closer look at how to choose the best Bank of America credit card for you.
Rewards Structure
When deciding on the best Bank of America credit card, it’s helpful to evaluate your spending habits. By choosing a card that best suits your personal spending habits, you can maximize every dollar spent and earn rewards more quickly. For example, if you spend quite a bit on travel and dining, you might want to consider the Bank of America Premium Rewards Elite, which earns 2X points on those categories.
Welcome Bonus
A credit card welcome bonus is an important factor in choosing any credit card. Most Bank of America credit cards offer a welcome bonus of at least $200 when you meet specific spending requirements. The spending requirement for a welcome bonus is also an important factor to consider when choosing a credit card. Not everyone can spend $5,000 in three months without going into debt (nor should they). You’ll want to choose a credit card with a feasible spending requirement that you can reasonably complete by charging your regular expenses to the card.
Additional Perks and Benefits
Each card offers perks and benefits that can help you save money, such as travel insurance, extended warranty protection, 0% intro APR offers and no foreign transaction fees. These extra perks can add significant value to a card and help offset an annual fee, if it applies. Consider which of these benefits you’ll most likely utilize—you might decide that a higher annual fee is worth it for higher rewards rates and added perks like travel statement credits and airport lounge access.
Annual Fees
Bank of America credit cards have annual fees ranging from $0 to $550. When evaluating the best Bank of America card for your needs, balance the various perks and rewards potential against the annual fee.
Frequently Asked Questions
Which Bank of America Credit Card Is Good?
The best Bank of America credit card for you depends on your individual spending habits, lifestyle and financial goals. Bank of America offers great choices for travelers, everyday spenders and even small businesses.
What Is the Highest Tier at Bank of America Preferred Rewards?
The highest tier of the Bank of America Preferred Rewards program is Diamond Honors, which requires a minimum of $10 million in combined checking and investment balances. Diamond Honors members earn 75% more rewards through their Bank of America credit cards.
Do Bank of America Credit Card Rewards Expire?
Bank of America credit card rewards don’t expire as long as the account is open and in good standing. However, if you close your account, you’ll forfeit any rewards you haven’t used.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
