Bank of America vs. other credit card issuers
Bank of America offers a wide variety of credit cards to choose from, but it’s not the only credit card issuer. Chase, American Express, Discover and Capital One all offer credit cards to take advantage of.
Bank of America stands out from competitors thanks to its secured credit cards and student credit cards to help build credit, its credit cards with flexible rewards programs -- like the Customized Cash Rewards Card -- as well as its Preferred Rewards program. The Bank of America Preferred Rewards® program allows bank members to earn better credit card rewards rates and interest rates on Bank of America savings accounts.
Chase offers a wider variety of travel credit cards than Bank of America and features a travel and redemption portal called Chase Ultimate Rewards. A few of its cards, like the Chase Sapphire Preferred® Card, feature a 1:1 point transfer to airline partners as well as a point bonus for redeeming for travel through Chase Travel℠. Chase doesn’t offer many cards for people with limited credit, however.
American Express offers premium benefits on some of its cards, but they also have high credit requirements and often higher annual fees than Bank of America cards.
Capital One offers more flexibility to rebuild credit than Bank of America, but its cards typically have fewer perks. Capital One travel cards are on par with Bank of America’s offering.
How many Bank of America cards can you have?
Bank of America doesn’t list any official rules about how many of its credit cards you can hold at a time, but as with many other issuers, there are unofficial limitations on how frequently you can apply for new cards. Users have reported a pattern colloquially known as the 2/3/4 rule, meaning you can only get approved for two new Bank of America cards in a 30-day period, three cards in a 12-month period and four cards in a 24-month period. Any applications in excess of that limit will likely be denied.
Is a Bank of America credit card the right choice for you?
It depends on whether or not Bank of America offers a credit card that matches your needs. You’ll have to decide if Bank of America provides what you’re looking for, whether that be travel rewards and perks, a way to build credit or cash back for everyday purchases. Consider the terms and features of the card and make sure it matches your spending habits.
You might be able to earn better benefits from a Bank of America credit card if you’re a Bank of America or Merrill customer.
How to apply for a Bank of America card
Follow these steps to apply for a Bank of America credit card.
- Choose a card that fits your needs.
- Fill out the application with all of the required information.
- Use the card responsibly and always remember to pay on time.
FAQs
Balance transfers can be a great way to mitigate debt. If you have a balance accruing interest on another card, by transferring it to a card that features an introductory 0% APR offer for balance transfers, you’d be able to both save money and pay it down faster. You can put the money that you had been spending on interest charges toward the debt on the new card and pay it down faster, and save money from interest in the long run.
Some cards require a balance transfer fee to move over the balance, but more often than not, that fee will cost you less than interest charges would over a long period of time.
You can typically use your points for statement credits, which reduce your monthly credit card statement balance, deposit them directly into your Bank of America bank account, or credit your Merrill accounts. For travel cards, you can use your points to cover past travel expenses.
The BankAmericard doesn’t feature any rewards, however, so there are no redemption options connected to the card.
Bank of America’s Preferred Rewards program is a way for cardholders to bolster the rewards from their credit cards based on how much money they have in a Bank of America bank account or Merrill Investing account (or both). The higher the account balance, the greater bonus to card rewards they’ll receive.
Bank of America offers credit cards at a variety of annual fees. The issuer has a large selection of no-annual-fee cards like the Customized Cash Rewards credit card and the BankAmericard® credit card, as well as cards with fees in the sub-$100 range, such as the Premium Rewards® credit card and the Alaska Airlines Visa Signature® credit card. On the luxury end, there’s also the $550-annual-fee Bank of America® Premium Rewards® Elite card.
The best credit card for you will come down to your individual needs as a spender. If you’re looking to earn rewards for everyday spending, consider the Customized Cash Rewards card or Unlimited Cash Rewards card. If you travel every so often, the Bank of America Travel Rewards card is a good fit. If you travel more frequently, consider the upgraded version, the Premium Rewards Card. If you’re suffering from credit card debt, use the BankAmericard to help shrink the debt faster.
It comes down to your individual spending habits and what kinds of things you’re looking for in a credit card.
Unlike some issuers, Bank of America offers credit cards for people with limited credit. The BankAmericard Secured Card and the Bank of America® Customized Cash Rewards Secured Credit Card* will typically be the easiest cards to qualify for.
Contact Bank of America if you need to cancel a credit card through the customer service number on the back of your card. However, canceling a credit card can have serious consequences for your credit score, so make sure to cancel your credit card the right way.
*All information about the Bank of America Customized Cash Rewards credit card, BankAmericard credit card, Bank of America Travel Rewards credit card, Bank of America Premium Rewards credit card, Bank of America Unlimited Cash Rewards credit card, Alaska Airlines Visa Signature credit card, BankAmericard Secured Credit Card, Bank of America Customized Cash Rewards for Students, Bank of America Customized Cash Rewards Secured Credit Card, and the Bank of America Premium Rewards Elite has been collected independently by CNET and has not been reviewed by the issuer.
