Bank of America has a variety of high-value credit cards, offering everything from cash back to travel rewards. Below are our top picks for the best cards available from our credit card partner Bank of America for 2022.
A closer look at our top Bank of America cards
Bank of America Unlimited Cash Rewards credit card: Best for cash back
- What we love about the Bank of America Unlimited Cash Rewards credit card: It is one of Bank of America’s simplest cash back credit card offerings. Cardholders get a straightforward 1.5 percent cash back rate on all purchases.
- Who is this card good for: Cash back newbies. If you’re new to the world of cash back rewards cards, this card is an accessible option with a straight-foward rewards structure.
- Alternatives: If you’re looking for another way to dive into the world of cash back, the Chase Freedom Unlimited® is a solid alternative. Freedom Unlimited cardholders also earn the same 1.5 percent cash back rate.
Bank of America Customized Cash Rewards credit card: Best for choice of rewards category
- What we love about the Bank of America Customized Cash Rewards credit card: It’s a lucrative, flexible cash back card that lets cardholders choose how they earn.
- Who is this card good for: People who prioritize flexibility but still want rewards. Cardholders will earn an elevated cash back rate in the category of their choice.
- Alternatives: If you’re looking for the same level of flexibility with less work on your part, the Citi Custom Cash℠ Card provides a solid alternative. Cardholders will earn elevated rewards in their highest spending categories, but they won’t need to enroll in new categories each month. Citi will make the adjustments automatically.
Bank of America Premium Rewards credit card: Best Bank of America travel card
- What we love about the Bank of America Premium Rewards credit card: This card offers solid travel protections and earns a decent rewards rate on travel purchases.
- Who is this card good for: Bank of America Customers who want to earn solid travel rewards for a low cost.
- Alternatives: The Chase Sapphire Preferred® Card provides a reasonable alternative to the Bank of America Premium Rewards card. With the Sapphire Preferred you’ll get many of the same travel perks and protections for the same low annual fee.
BankAmericard credit card: Best for balance transfers
- What we love about the BankAmericard credit card: It’s one of the more lengthy balance transfer cards available, and unlike most balance transfer cards you’ll get a sign-up bonus (a $100 statement credit if you spend $1,000 within the first 90 days of account opening).
- Who is this card good for: People seeking balance transfers. Cardholders will see a lengthy (though temporary) break from interest charges on qualifying balance transfers.
- Alternatives: If you’re looking for a balance transfer card but still want to earn rewards, the Citi® Double Cash Card offers a good choice. The Double Cash card doesn’t, however, offer a sign-up bonus.
Bank of America Travel Rewards credit card: Best for qualifying travel purchases
- What we love about the Bank of America Travel Rewards credit card: Cardholders will earn for a wide variety of travel purchases. Their costs will also be kept lower by forgoing an annual fee.
- Who is this card good for: Travelers who value flexibility and versatility in their travel card. Get rewarded for purchases from art galleries, to zoos and campgrounds with this card.
- Alternatives: The Bank of America travel card does offer flexibility in terms of what you can redeem for travel but if flexibility to you means being able to redeem rewards for cash back, you might be better off with the Discover it® Miles.
Alaska Airlines Visa Signature credit card: Best for Alaska Airlines perks
- What we love about the Alaska Airlines Visa Signature credit card: This is a solid airline card. It has all the features you’d look for as an Alaskan Airlines frequent flier; free checked bags, discounts on inflight purchases, and a generous sign-up bonus.
- Who is this card good for: Alaska Airlines loyalists who travel with a partner. Fliers who can make use of the Alaska’s Famous Companion Fare™ features will see so much value from this card.
- Alternatives: Looking for a travel card with maximum flexibility? The Alaska Airlines Visa Signature may not be the right choice. However, the Chase Sapphire Preferred touts a generous sign-up bonus and access to an extensive list of travel partners in the Chase Ultimate Rewards portal. The Sapphire Preferred does miss the mark on some standard features— like free checked bags—that you’ll get with the Alaska Airlines Visa Signature credit card.
Bank of America Business Advantage Customized Cash Rewards Mastercard credit card: Best Bank of America business card
- What we love about the Bank of America Business Advantage Customized Cash Rewards Mastercard credit card: Flexibility. This card provides business owners with flexible options to earn rewards in several categories and allows for redemption in multiple ways.
- Who is this card good for: Business owners who spend heavily in categories like travel and office supplies. If your business expenses fall in line with any of the Bank of America Business Advantage categories and you’re looking to cash in on potential rewards, you’ll see a lot of benefits in this card.
- Alternatives: You’ll get many of the same benefits and features in the American Express Blue Business Cash™ Card as in the Bank of America Business Advantage card. The Blue Business Cash touts a slightly longer introductory APR period, but the rewards structure and welcome offer of the Business Advantage Customized Cash card are a bit more lucrative.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard: Best unlimited cash back business card
- What we love about the Bank of America Business Advantage Unlimited Cash Rewards Mastercard: Business owners will earn a respectable 1.5 percent on all purchases, with no annual spending cap. Bank of America loyalists will see their rewards boosted even more.
- Who is this card good for: Business owners who can qualify for the boosted rewards rate. If your business can qualify for Preferred Rewards status, you can see the value of your rewards boosted by up to 75 percent.
- Alternatives: The Capital One Spark Cash Plus touts a more lucrative rewards structure than the Business Advantage Unlimited Cash at 2 percent back on all purchases. The Bank of America Business Advantage Unlimited Cash is a bit more accessible for small businesses owners.
What is Bank of America?
Bank of America is the second largest full-service bank in the U.S., and operates in more than 35 countries.
Bank of America was the first U.S. bank to offer a general-purpose credit card with the BankAmericard released in 1958. In addition to credit cards Bank of America also offers other financial services, including mortgages, car loans, checking and savings accounts and investments through Merril Lynch.
Who should get a Bank of America credit card?
Bank of America has options for many kinds of credit card users, but some consumer groups can especially benefit from one of its credit cards. They include:
Bank of America Preferred Rewards
The invite-only Preferred Rewards Program takes Bank of America’s services—including credit cards—from good to great. Using Bank of America for both your checking and saving needs can help you maximize the value you get from its services. As a member of Bank of America Preferred Rewards program, you can boost your rewards bonus that you earn on your Bank of America credit cards, qualify for auto loans and home equity discounts and take advantage of interest rate boosters for saving accounts.
There are three tiers of Preferred Rewards, and your tier is determined by your combined balances in your Bank of America banking and/or your Merrill investment accounts. You need to enroll in the program, but once you do, you’re automatically moved up as your balances grow.
Here is a simple breakdown of how each tier can help you earn more with your BoA credit card:
Gold Preferred Rewards
Gold Preferred Rewards requires a balance of $20,000 – $50,000 (it’s calculated as a three-month average on combined balances). If you qualify for Gold, you get a 25% rewards bonus on eligible Bank of America credit cards, as well as other banking benefits.
Platinum Preferred Rewards
Platinum Preferred Rewards requires a balance of $50,000 to $100,000 and gives you a 50% boost on your rewards with eligible Bank of America credit cards. Additionally, you’ll receive a host of other benefits, such as increased savings rates and reduced mortgage origination fee.
Platinum Honors Rewards
Platinum Honors Rewards clients have a three-month average combined balance of over $100,000 and qualify for a huge 75% rewards bonus on eligible Bank of America credit cards.
If you’re a Preferred Rewards client, make sure to factor the rewards bonus into your analysis of their credit card offers.
How to decide which card is best for you
It’s important to have a firm understanding of what you’re looking for from your credit card. Here are a few questions to ask yourself before applying: