Bank of America

• Variety of Credit Cards
• Co-branded Rewards Cards
• Secured Credit Card Options
• Student Credit Card Options
• Benefits for Existing Bank of America Customers
• Preferred Rewards Program
• Free Credit Score Monitoring
• Positive Customer Reviews

Variety of Credit Cards

In addition to its traditional banking services, Bank of America offers a variety of credit cards. You don’t need to be an existing Bank of America customer to qualify for a credit card, but there are some additional benefits, such as preferred rewards, that are available to those who already bank with the institution.

Bank of America offers both company-branded and co-branded rewards cards, allowing you to earn points or cash back on purchases. In addition, Bank of America offers a secured credit card, as well as a variety of student credit cards.

Co-branded Rewards Cards

Bank of America offers a variety of co-branded credit cards, allowing you to gain rewards on specific purchases that can be used towards travel, for example. Bank of America offers co-branded options with the following companies:

• Alaska Airlines
• Allegiant Airlines
• Amtrak
• Air France
• Sonesta International Hotels Corporation
• Royal Caribbean International
• Virgin Atlantic
• Celebrity Cruises
• Norwegian Cruise Line
• Susan G. Komen (Breast Cancer Foundation)
• Major League Baseball (MLB)

Secured Credit Card Options

If you are looking to build or rebuild credit, Bank of America offers two secured credit card options:

• Bank of America® Cash Rewards Secured
• BankAmericard® Secured

Both cards offer a convenient way to build credit with no annual fee and a refundable security deposit of $300 to $4,900. 

Many companies do not offer this added benefit to credit building. The Bank of America Cash Rewards Secured card offers 3% and 2% cash back in a category of your choice and at grocery stores/wholesale clubs on the first $2,500 each quarter; 1% cash back on all other purchases.

Student Credit Card Options

Bank of America offers three student credit card options:

• Bank of America® Cash Rewards for Students
• BankAmericard® for Students
• Bank of America® Travel Rewards for Students

Most other credit card companies only offer one student credit card option that generally has some sort of cash back reward. 

Benefits for Existing Bank of America Customers

You do not need to be an existing Bank of America customer to apply for a credit card, but if you are an existing customer, some cards offer additional benefits for keeping all your accounts with the bank.

For example, the Bank of America® Premium Rewards® card allows Bank of America checking account or savings account holders to redeem cash back as a deposit into either type of account. In addition, existing Bank of America customers are eligible for Preferred Rewards, allowing you to earn 25 percent to 75 percent more points on purchases.

Preferred Rewards Program

Bank of America’s Preferred Rewards program is designed to give back to loyal bank customers, offering exclusive benefits. The program includes three tiers — Gold, Platinum, and Platinum Honors — allowing you access to certain rewards and savings.

To enroll in Preferred Rewards you must meet the following criteria:

• Have an active, eligible Bank of America checking account
• Have a three-month combined average daily balance of $20,000+ in Bank of America deposit accounts and/or Merrill® investment accounts

If you meet these criteria you are welcome to enroll through online banking, but approval is not guaranteed.

Free Credit Score Monitoring

Available to all Bank of America credit card holders, you can check your FICO® score for free either online or through the Bank of America mobile app. 

Through this service you can check your FICO score monthly with no impact to your credit score, see what factors are impacting your score, and receive tips for maintaining healthy credit with Better Money Habits.

Positive Customer Reviews

Bank of America reviews are currently limited, but the majority of these reviews give the company 4 or 5 stars. These positive reviews frequently mention excellent customer service and low interest rates.

On the other hand, negative reviews frequently mention high fees.

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• Annual Fees
• Foreign Transaction Fees

Annual Fees

Many Bank of America credit cards don’t charge an annual fee, but some cards do charge this fee:

• Bank of America® Premium Rewards® — $95 annual fee
• Alaska Airlines Visa® — $75 annual fee
• Free Spirit® Travel More World Elite Mastercard® — $0 introductory annual fee. After the first year, $79 annual fee.
• Allegiant World Mastercard® — $59 annual fee
• Amtrak Guest Rewards® World Mastercard® — $79 annual fee
• Air France KLM World Elite Mastercard® — $89 annual fee
• Sonesta World Mastercard® — $0 introductory annual fee. After the first year, $75 annual fee.
• Virgin Atlantic World Elite Mastercard® — $90 annual fee

It is important to note that rewards cards often charge this fee, and Bank of America’s annual fees are significantly low in comparison to other credit card issuers, such as American Express.

Foreign Transaction Fees 

Many Bank of America credit cards don’t charge a foreign transaction fee, including its co-branded travel rewards cards, but some company-branded cards will charge this fee. 

Bank of America’s foreign transaction fee is 3 percent U.S. dollar amount on each purchase made in a foreign currency or on transactions made/processed outside of the United States.