Monday, October 3, 2022

What Is The Apr For Bank Of America Credit Card

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Is A Bank Of America Credit Card Worth It

Thanks to the banks success over the years, its able to provide some very worthwhile cards. As is with any credit card, as long as you find a match for your spending habits and the right perks that will help you, Bank of Americas options provide plenty of value. Of course, there are cases where a cardholder enters into the wrong contract, but doing your homework ahead of time will prevent this from happening. BofAs only catch most dont come anywhere close to their true potential without being a Preferred Rewards member.

When looking at any credit card, be sure its key perks align with your goals. Bank of America has choices for 0% APR, balance transfers, lucrative cash back, small business owners, travel-happy spenders and more. So if you know your spending habits and budget, youll have no problem finding the right Bank of America credit card for you.

Drawbacks Of Bank Of America Unlimited Cash Rewards Card

One big drawback of the Bank of America Unlimited Cash Rewards Credit Card is its lower rewards rate than many similar cards. For example, the Wells Fargo Active Cash Card offers 2% cash rewards with no annual fee, and it has a similar welcome bonus and introductory APR for purchases and balance transfers.

And while the higher rewards rate with the Bank of America Preferred Rewards program can boost your rewards significantly, it can be difficult to qualify for if you dont have a large cash reserve. Earning 25% more with this program requires an average daily balance of $20,000 in a Bank of America account, and youll have to keep $100,000 on deposit with the bank to earn the highest bonus rate of 75% more rewards. At the end of the day, these steep requirements make it so very few people will be able to take advantage.

Another downside of the Bank of America Unlimited Cash Rewards Credit Card is its limited redemption options. Once you rack up cash back with this card, you can only redeem it for deposits into an eligible Bank of America account, credits to eligible Merrill accounts or statement credits on your account.

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Does Us Bank Offer A Low Interest Rate Credit Card

Once enrolled, redemption is quick and easy. Make a credit card purchase, and you will receive a text with the option to redeem points toward that purchase. Reply âREDEEMâ to complete the redemption.

You must have enough points to cover the entire purchase in order to receive the text message to redeem. Your points will be deducted from your points balance and redeemed in the form of a credit to your monthly billing statement. See Program Rules for additional details.

Whom Should I Contact For More Help

How to Find a Bank of America Credit Card Right for you ...

If you have more questions, call Bank of America® customer service. Here’s the contact information:

  • Online banking help: 800-432-1000

Because of increased call volume, though, you’ll likely need to wait on hold for longer than usual.

About the author:Claire Tsosie is an assigning editor for NerdWallet. Her work has been featured by Forbes, USA Today and The Associated Press. Read more

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Air France Klm World Elite Mastercard

Annual fee: $89.

Sign-up bonus: For a limited time, you can earn 50,000 miles and a $100 statement credit after you spend $2,000 within the first 90 days of account opening.

Earning rate: 3x on Air France, KLM and purchases with SkyTeam member airlines, and 1.5x on everything else.

Why you should apply: Earning Flying Blue miles isnt difficult with the multiple airlines which are part of the program , but this card can help you top off your account. If you fly with airlines that earn Flying Blue miles frequently, its worth taking a look at this card to help you boost your miles balance.

Annual fee: $79, waived the first year.

Sign-up bonus: 40,000 bonus points plus a $100 Companion Flight Voucher after making at least $1,000 in purchases within the first 90 days of account opening.

Earning rate: 3x on eligible Spirit purchases, 2x on eligible dining and grocery store purchases, and 1x on all other purchases.

Why you should apply: Spirit is an ultra-low-cost carrier with a no-frills approach to flying. While it wont be winning any TPG awards for the best premium flight experiences, budget travelers can take advantage of its low prices on both cash and award flights . This card offers a solid way to rack up miles for this airline and an easy-to-hit welcome bonus.

Annual fee: $0.

Sign-up bonus: $300 statement credit after you spend $3,000 on purchases in the first 90 days of account opening.

Annual fee: $0.

The Best Bank Of America Credit Cards

The best Bank of America credit cards generate value while fulfilling a specific role needed in your wallet, such as balance transfers or travel perks. Finders experts looked at all of Bank of Americas available credit cards and compared them based on a number of factors such as reward categories, earning rates, intro APR opportunities and additional perks and features. We ranked the top performers to give you an idea of what your best pick is for your circumstance. Our trustworthy, unbiased evaluations are solely meant to help you choose the best credit card for your financial needs.

Quick look at the best Bank of America credit cards

Total points for the first year if you clear the signup bonus61,000 points92,000 points

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Why Is The Bank Of America Travel Rewards Card Not Worth It

Although the Bank of America Travel Rewards card offers unlimited rewards potential and flexible redemption options, some frequent travelers may want a travel credit card that comes with a few more benefits and perks. Many of todays best travel credit cards increase their value by offering additional rewards such as TSA PreCheck and Global Entry fee credits or complimentary airport lounge access. Some credit cards provide annual airline vouchers or give you the opportunity to earn free companion fares or hotel stays.

That said, the travel credit cards that offer the most rewards and perks often come with the highest annual fees and some premium credit cards, such as the Chase Sapphire Reserve card or The Platinum Card® from American Express, charge cardholders more than $500 per year for the privilege of maintaining the account. So, the Bank of America Travel Rewards is one of our top picks for people who want no-annual-fee travel rewards.

Bank Of America Premium Rewards Credit Card: Best Sign

Bank Of America Credit Cards Review | Best 0% APR and Low-Interest (18 Months 0% APR)

Why we picked it: This card comes with several benefits, most notably the welcome offer earn 50,000 online bonus points after spending $3,000 in the first 90 days. With smart shopping and redeeming through Bank of America, this sign-up bonus alone can be worth $500 in travel purchases.

Pros: Appropriately named, this card offers some top-tier rewards: 2X points on travel and dining purchases, as well as 1.5X points on all other purchases. Points are unlimited, wont expire and can be redeemed for any purchase at a rate of 1 cent per point. Additionally, cardholders will be given an annual bonus of up to $100 for airline incidentals and up to $100 in credit toward TSA Precheck or Global Entry every four years. They will also have access to features like trip delay reimbursement, travel accident insurance, lost luggage reimbursement and an array of other perks.

Cons: This card has a $95 annual fee and requires a credit score over 670 to qualify, so the lucrative rewards dont come without an initial cost and a little exclusivity. Also, points arent transferable, which could limit what you do with your earnings.

Who should apply? Travelers looking for a do-it-all travel rewards card should consider this option, especially if you bank with Bank of America.

Who should skip? Homebodies or rewards-hunters looking to avoid an annual fee would be better off with another card.

Read our Bank of America Premium Rewards credit card review or jump back to this cards offer details.

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Bank Of America Customized Cash Rewards Credit Card Benefits

  • $0 Liability Guarantee: Cardholders arent responsible for unauthorized transactions, given they report them promptly.
  • Contactless Chip Technology: Fast and easy contactless use where made available by vendors.
  • Overdraft Protection: The card can optionally be used as an overdraft protection for a Bank of America checking account
  • Paperless Statement Option: Go green and receive statements digitally.
  • FICO Score: After opt-in, cardholders receive a monthly free update of their FICO score online or via mobile app.
  • Account Alerts: configurable alerts via email, text and mobile app to remind cardholders when statements become due or are paid.
  • Online and Mobile Banking: Mobile apps for online banking allow users to view transactions, pay bills, transfer funds and more.
  • Digital Wallet Technology: This card may be used with Apple Pay, Google Payor Samsung Pay.

Ways To Make A Bank Of America Credit Card Payment

  • : Call and enter your card information when prompted.
  • Online: Log in to your online account and click on Bill Pay.
  • Through the mobile app: Log in to your account and select your card, then tap Make a payment.
  • : Send a check or money order to Consumer card payments / PO Box 15019/ Wilmington, DE 19850-5019. Make sure to send it early enough that it will arrive by the due date. Write your credit card number on the check, too.
  • At a branch: You can make a payment at any Bank of America branch during normal business hours.

The Bank of America foreign transaction fee is 3% or 0% of all international transactions, depending on the BofA card. There are 9 Bank of America credit cards with no foreign transaction fees, including the Bank of America® Premium Rewards® credit card and the Bank of America® Travel Rewards credit card.

Those no foreign fee BofA cards clearly are a better choice for international spending than the ones with a 3% surcharge for everything you buy abroad. Thats actually one of the highest foreign fees on the market. So international shoppers need to be careful when picking a Bank of America credit card and perhaps consider cards from other issuers too.

  • Some Bank of America credit cards have a 3% foreign transaction fee.
  • Other Bank of America credit cards have no foreign transaction fee.
  • Foreign transaction fees can apply when you travel abroad or make online purchases from foreign merchants.

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Should You Apply For The Bank Of America Travel Rewards Credit Card

Many travel rewards cards these days come with lots of extra bells and whistles, which can be intimidating if youve never had one before. Not only that, you can actually lose money paying an annual fee if you dont take advantage of all your card has to offer. If youre looking for a solid, simple card to set you on the right path, the Bank of America® Travel Rewards is a good place to start.

You wont have to worry about spending funds on travel upfront, since you can earn points on any purchase wherever you go. With no expiration date, you can choose to redeem as you go or save up for your big dream trip with no blackout dates or other limitations.

Overall, if you have good to excellent credit and are ready to start hitting the road, this card wont steer you wrong. If youre a student, compare this to the Bank of America® Travel Rewards Credit Card for Students as a good alternative for your first travel card.

Best Bank Of America Credit Cards

Bank of America Students Credit Card Review
The Picks

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On Bank of America’s Secure Website.

On Bank of America’s Secure Website.

Intro APR

Purchases: 0%, 15 billing cycles

Balance Transfers: 0%,15 billing cycles

Regular APR

  • Bottom Line

    Includes a big bonus in the no-annual fee category and a flexible cash rewards program that enables you to earn premium cash back in a category of your choice. Plus, the long intro APR offer makes this card a standout among its peers.Read Full Review

  • Bonus cash back in a category of your choice
  • No annual fee
  • Card Details
  • $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, automatic 2% at grocery stores and wholesale clubs and unlimited 1% on all other purchases
  • If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your choice category.
  • No annual fee and no expiration on rewards
  • Contactless Cards – The security of a chip card, with the convenience of a tap
  • On Bank of America’s Secure Website.

    On Bank of America’s Secure Website.

    Intro APR

    Regular APR

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    Best Overall Best Travel: Bank Of America Premium Rewards

    Earn 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening.

    $95
    Rewards Earning RateEarn unlimited 2 points per $1 spent on travel and dining purchases and 1.5 points per $1 spent on all other purchases.
    Balance Transfer FeeEither $10 or 3% of the amount of each transfer, whichever is greater.
    Foreign transaction fee
    • Why We Chose This Card:
    • Pros & Cons:

    Bank of America Premium Rewards card is our choice for the best overall and best travel card from Bank of America due to its flexible redemption options, generous bonus points offer, and no foreign transaction fees. This card does charge a $95 annual fee, though that is in line with other popular travel rewards cards from competing issuers and should be easily justified with earnings from consistent use.

    • Rewards rates range between solid and standout

    • Generous travel-fee credits

    Read the full Bank of America® Premium Rewards® credit card review

    Everyday Spending Can Add Up To Big Rewards

    What if you could turn your regular expenses into something fun?

    Whether you’re eating out, dining in, or shopping, you can earn rewards just for using your card instead of cash.

    Say you spend $2,000 a month:

    • $500 on dining
    • $500 at grocery stores2
    • $1,000 on all other eligible purchases*

    With three different ways to earn Cash Back, you can earn $420 after 1 year add the $150 special offer and that’s $570!3 That’s money in your pocket you can enjoy any way you want.

    Start adding up your rewards today.

    Note: Rewards are earned as points that can be redeemed for cash back.

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    Will My Autopay Preferences Get Updated Automatically

    No. Once you qualify for payment assistance, you’ll have to make changes to your autopay preferences yourself.

    Updating credit card autopay on Bank of America® can be complicated. It’s possible, for example, that you could log on to your account which you’ve been paying automatically for years only to find that the Bill Pay center says you’re not enrolled in autopay. That could be the case if you enrolled for direct debit autopay from your Bank of America® account previously, an option that’s no longer available. If that’s you, you can’t change your preferences online you have to call Bank of America® customer service to remove the direct debit autopay selection from your account.

    Otherwise, you might have Bank of America® autopay and eBills set up in the “Bill Pay” portion of the Bank of America® website. Here’s how you can adjust those settings on desktop:

  • Log on to your Bank of America® account.

  • Select “Autopay” underneath each card name to edit preferences, if it’s already on. Select “Stop Autopay.”

  • Here’s how to do it on the mobile app:

  • Open the Bank of America® app and log on to your account.

  • Review your selections under the “AutoPay” heading. If you have autopay on, it should say what your autopay choice is such as “Pay amount due on due date” alongside a button that says “Cancel.” Click the button to cancel your autopay selection.

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