Bank of America Credit Card Rewards and Benefits
Bank of America Credit Card Rewards and Benefits

Bank of America Credit Card Rewards and Benefits

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Bank of America credit card: You don’t need an introduction to Bank of America. There are many branches and a long history of this large American bank. The company offers not only bank accounts but also credit cards, in addition to its focus on bank accounts. There are different types of Bank of America credit cards for particular types of consumers.

Congratulations to any person who loves to travel, saves money on their online purchases, or who wants to accumulate prizes and bonuses for their company! Here is a practical guide aimed at helping you determine which Bank of America credit card is right for you.

Bank of America: Who we are

Among the top ten banks in the United States, Bank of America is the second largest. Basically, this institution provides a comprehensive service that includes all types of accounts and credit cards, along with many branches. Currently, Bank of America is second only to JP Morgan Chase & Co. in terms of assets and is valued at $ 2.16 trillion.

These days, American banks offer much more than just credit cards. His portfolio includes mortgage loans, investment instruments, car loans, among others. But let’s take a closer look at the bank’s catalogue:

  • Mortgages : With Bank of America, you can refinance your mortgage or buy your first home. If you compare its rates to those of others in the market, perhaps its biggest strength is not its many mortgage offers, but its rates, which are quite competitive. An APR of 4.717 percent would be available for a home loan of $ 200,000 from Bank of America.
  • Investments . Merrill offers a wide range of products and services that are designed for saving, investing, and paying college tuition, among other things. The Merrill Lynch product line includes ETFs, stocks, mutual funds, bonds, and fixed income products.
  • Credit cards. Bank of America offers a wide variety of credit cards. The company provides a complete line of business and SME products, as well as products for the common user who buys online, wants cash back or enjoys traveling the world.
  • Loans for cars. Available at competitive rates. The interest rate is 3.24% with a duration of 60 months, to give you a sense of what we are talking about.
  • Savings accounts and checking accounts are available for students, employees, and adults. Also, he opens savings accounts, IRAs, and certificates of deposit for his children.

Keep Reading: The Platinum Card from Bank of America

What is Bank of America Preferred Rewards?

Among other things, Preferred Rewards increases the rewards you can get with your credit card. We like it because it offers a variety of travel offers that don’t bind the user to a specific provider. Some of the benefits are:

  • Experience travel: The points you earn with Bank of America can be used to pay for accommodation, airfares on any airline, or car rentals at any company of your choosing.
  • Effective : With Preferred Rewards, you can also exchange the points you accumulate for cash or credit that can be used as a deposit in your account or as a repayment of credit card debt.
  • Refunds : You can get 75% additional cash back and refunds if you have a Bank of America Cash Rewards card and qualify for the last level of Preferred Rewards.
  • Gift cards: Land’s End, iTunes, etc. allow you to redeem your points (1:1).

You will undoubtedly save money on every purchase you make as well as on your loans, investments, and mortgages when you use the Preferred Rewards program. You need $20,000 in a Bank of America account to qualify for the first level of the program. Moreover, what are your requirements for the last level of the program? $ 100,000. (Either at Bank of America or together with Merrill Lynch accounts).

Bank of America Preferred Rewards rewards and benefits

Rewards and benefitsGoldPlatinumPlatinum Honors
required balanceFrom $ 20,000 to $ 50,000From $ 50,000 to $ 100,000More than $ 100,000
Additional reward on savings rate5%10%20%
Credit card reward bonus (above prime rate)25%50%75%
Transactions outside of Bank of America (free of charge)12 a yearUnlimited
Investments in Merrill0.05% discount on the program fee0.10% discount on the program fee15% discount on the program fee
Priority customer serviceYesAndYes
Reduced rate for a new or refinanced mortgage$200$400$600
Discount on home equity0.125%0.250%0.375%
Discount on car loan (new or refinanced)0.25%0.35%0.50%
No monthly maintenance fees (up to four checking accounts and four eligible savings accounts)YesAndYes
No fees on select services, such as check writing, check books, incoming domestic wire transfers, etc.YesAndYes

Remember: There are a number of benefits you can get when you combine Preferred Rewards and your Bank of America card. These benefits will range depending on the plastic you have on hand, but here are just a few of the most common: free admission to 200 museums in the United States, free access to your FICO score, alerts and free mobile banking, and access to the network of financial centres and ATMs.

Here are a few premium rewards:

  • A roadside assistance program.
  • Evacuations in case of emergency.
  • Insurance coverage for travel accidents.
  • Compensation for travel delays.
  • Baggage loss coverage.
  • Assistance in the event of a cancellation.
  • Rental car collision coverage exempt.
  • 90-Day refund, return, etc. Without charge.
  • Extended warranty on shipments and packages delivered to your home.
  • Protection against product returns and refunds (for up to 90 days).
Other Bank of America rewards
TravelsCash
Collision waiver with a rental carCollision waiver with a rental car
Travel accident insurance (up to $ 250,000)Extended product warranty
Travel, emergency and road assistancePrice protection for online purchases

Credit cards from Bank of America. Their pros, cons, and features

It’s time to take a closer look at Bank of America’s credit card offerings. We have prepared a practical guide so you can know its advantages -and disadvantages- and pick the best one for you.

Mastercard Platinum Plus, the best credit card from Bank of America

Perhaps the biggest selling point of the Platinum Plus Mastercard is its variable APR. The APR ranges from 10.24% to 21.24%. It is free of maintenance fees and has an introductory APR of 0% (available for the first seven billing cycles) to enhance its benefits and affordability. It is rare to find an APR lower than 14.42% in the market, so you can compare it.

Benefits

  • Variable interest rate that is good.
  • For the first seven billing cycles, we are introducing 0% introductory APR.
  • You will receive a credit of $300 on your statement if you spend $3,000 in the first 90 days of card issuance.

Drawback

  • Rewards are not offered regularly.

Bank of America Alaska Airlines Visa Business Card, the best way to accumulate miles for companies

The Alaska Airlines Visa Business Card is a credit card from Bank of America that is designed specifically for businesses. A feature we like about this card is that it offers a good rewards rate and a welcome bonus. Additionally, the card offers business-related miles that can be used to earn rewards. With this card, card holders will earn 3X miles on Alaska Airlines purchases, and 1X miles on all other purchases.

Spend $2,000 in the first 90 days on the Alaska Airlines card and earn 40,000 miles. You will qualify for a discount of $ 121 on Alaska Airlines if you reach the goal.

Pros:

  • More than 15 airlines accept miles for redemption.
  • There is no expiration date for points or miles.
  • One checked bag is provided free of charge on every flight with Alaska Airlines.
  • You will not be charged cancellation or change fees if you cancel 60 days before the event.

Cons:

  • The maintenance fee for the card is $50 for one business card and $25 for any additional cards.
  • It has been reported that seats are limited. The airline specializes in west coast routes.

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Alaska Airlines Visa Business credit Card from Bank of America, the best way to accumulate miles

The Alaska Airlines Visa Business credit Card from Bank of America makes earning miles and traveling the world easy. All other purchases earn you one mile for every dollar spent. Alaska Airlines purchases earn you up to three miles. The 40,000-mile bonus and the $121 discount are identical to those of the business card, as well as the preferential rate for Famous Companions offered by the airline.

Pros:

  • Provides insurance for car rentals.
  • Many airlines are affiliated with the company.
  • Points can be redeemed at any time.
  • Every year, Alaska Preferential Rates will be available.
  • A card’s points and miles do not expire.
  • When you cancel within 60 days, you will not be charged a fee.
  • It includes 100% free checked baggage for each flight and for up to six people who are traveling together as companions.

Cons

  • The annual fee for the credit card is $75.
  • During peak season, you may have difficulty finding a seat due to reported issues with seat availability.
  • If you book a flight through the bank’s telephone centre, you’ll be charged $ 15, plus another $ 25 if you use a partner airline.

Transferring balances is easy with BankAmericard

Despite the BankAmericard card’s lack of benefits, we love it for one very good reason: saving money can be a great benefit! This card has a 0% APR, so you can finance a large purchase or transfer your balance from one card to another and avoid paying a high interest rate.

Pros

  • There is no maintenance fee associated with it.
  • You will not automatically lose the 0% APR if you are late in making your payments.
  • Purchases or balance transfers (made within 60 days) are subject to 0% introductory APR for 18 billing cycles.

Cons

  • Rewards are not offered.

Bank of America’s Travel Rewards credit card offers the best travel rewards

Every dollar you spend on any type of purchase or category will earn you 1.5 Bank of America Travel Rewards points. This is not the best rate on the market, but it is a decent rate for a card without an annual maintenance fee.

It’s great that you can apply them to your account statement or redeem them with a company of your choosing. When combined with the Preferred Rewards program, you’ll win big!

Pros

  • Purchases are subject to 0% introductory APR.
  • Maintenance fees are not charged.
  • There are no foreign transaction fees.
  • Bonus of 25,000 points per $1,000 spent (in the first 90 days after card issuance).
  • As long as you qualify for the Preferred Rewards program, you receive an extra bonus of 25% to 75% on your rewards.

Cons

  • Travel companies do not offer the highest registration bonus.
  • Travelers who spend a lot of money on their trips may be able to take advantage of rewards, but it does not exist.

The Bank of America Cash Rewards card offers the best cash back

With the Bank of America Cash Rewards card, you can select a preferred category to receive a 3% refund and change it whenever you want (once a month). If you shop in grocery stores or wholesale stores, you will also earn 2% cash back. Otherwise, you will pay 1% cash back.

Compared to other cards, this one does not have the highest refund rates on the market, and you can only get 3% and 2% back in both categories each quarter for a total of $2,500. The 1% will be automatically applied after you pass this threshold.

Pros

  • There is no expiration date on the refunds you receive with this card.
  • There are no rotating categories with this card.
  • It has a welcome offer of $ 200 after spending $1,000 within the first 90 days.
  • A maximum of one change can be made per month for the 3% category.
  • You can earn 75% more in rebates if you belong to the Preferred Rewards program.
  • APR (introductory) is 0% for the first 60 days on purchases and balance transfers. (Offer valid for 12 billing cycles).

Cons

  • Transacting abroad is subject to a 3% surcharge.
  • There is a combined reward limit of $ 2,500 for 3% and 2% rewards.

Bank of America Premium Rewards card, the best for tourism benefits

Additionally, you will be able to enjoy dining and travel rewards with the Bank of America Premium Rewards card. While you might find something similar in other cards on the market, the rewards you receive on all the other expenses you incur will be 50% higher than the market average. There is also the possibility of earning 50,000 points after spending $3,000 in the first 90 days. That is about $500 in points.

Pros

  • Each point is worth one penny.
  • Travel and dinner purchases earn 2X points.
  • All other purchases earn 1.5X points.
  • Points can be earned and accumulated indefinitely.
  • You will receive 50,000 points after you spend $3,000 on your account.
  • If you incur unforeseen airline expenses, you will be entitled to a bonus of up to $ 100 annually.
  • A credit bonus of up to $100 is awarded every four years for TSA Precheck or Global Entry.
  • Travelers can also take advantage of other special benefits such as refunds for travel delays, accident insurance, lost luggage, etc.

Cons

  • The fee is $ 95 per year.
  • Points cannot be transferred to airline or hotel partners.

Keep Reading: How to open a Wells Fargo account online

Bank of America Business Advantage Cash Rewards Card, Best for Cash Back (Business)

Businesses can earn rewards from the Business Advantage Cash Rewards card, specifically cash back. The card also offers Cash Rewards for individuals, as well as the option to choose the category of expenses for the 3% refund. You can choose from:

  • Travelling
  • Fuel and gas
  • For computer services
  • Retailers
  • That provide business consulting
  • Services related to telecommunications, television, and the internet

Also there is a Cash Rewards program for companies that gives you 2% cash back on purchases at restaurants and 1% back on all other purchases. The combined limit of $ 2,500 amounts to $ 50,000 in this case. Once you pass this threshold, you will start earning 1% until the next quarter.

Pros

  • Standard APRs range from 14.24% to 22.24%.
  • Each month, you’ll be able to choose the category that earns the most points.
  • This card does not expire and you can earn rebates no matter how long you use it.
  • A 0% introductory APR is offered for a period of nine billing cycles.

Cons

  • Other loyalty programs cannot transfer rewards.
  • Only a limited number of redemption options are available. The payment can be made by check, credit on your bank statement, or direct deposit into your Bank of America account.

Business Advantage Travel Rewards World Mastercard from Bank of America, the best for tourism benefits (Business)

The annual fee for this credit card is waived for business users. Upon spending $3,000 within the first 90 days, you’ll receive 30,000 points as a sign-up bonus. Travel with 30,000 points will cost you approximately $300. Furthermore, it offers 3X points when you book through the Bank of America Centre and 1.5X points on all other purchases.

Pros

  • There is no annual fee associated with it.
  • The rewards are very valuable.
  • There is no expiration date on the points.
  • Earnings are limitless.
  • APR is 0% for 9 months.
  • No restrictions on trips or reservation dates apply.

Cons

  • The points cannot be transferred to other loyalty programs.

Rewards Program at Bank of America

You qualify for this program when you have a total of $20,000 in assets, whether they are in investment accounts, checking accounts or savings accounts with Bank of America, Merrill Edge, or Merrill Lynch.

The Bank of America rewards program, however, works at various levels. For example, when your assets exceed $50,000, you immediately qualify for the Platinum level, and when your assets exceed $100,000, you qualify for the Platinum Honour’s level. If your average daily balance reaches $100,000 over three months, you will automatically be upgraded to the Platinum Honour’s level the following month. It is important to note that the levels are maintained for a full calendar year. When that time has passed, if your current balance has decreased, you will go down a level.

The advantages of this program are:

  • Increased interest rate on money market savings from 5% to 10% to 20%
  • Bonuses of 25%, 50%, and 75% on credit cards
  • Reductions in mortgage rates valued at $200, $400, and $600
  • Interest rate discounts of 0.25%, 0.35%, and 0.50% on auto loans
  • Free banking services (All three levels)
  • Personalized customer service (Included in all three levels)
  • Transactions at non-Bank of America ATMs, Merrill Edge $0 ETF and equity trades

A credit card rewards bonus of 75% is required to maximize Preferred Rewards Rewards. You earn between 1 and 1.5 points on all purchases made with Bank of America credit cards. According to the type of credit card you choose, your points will be doubled. Gift cards and Cash Back rewards will have a lower redemption value at 0.80 cents per point. Finally, Preferred Rewards points do not expire while your card is active, and your account is always updated.

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Other benefits of banking with Bank of America

The Bank of America is one of the most prestigious financial institutions in the United States. There are a variety of credit card options and benefits available to you at this bank, which make it an excellent option to consider if you are looking for your first credit card or are looking for a product that is completely suited to your lifestyle. Bank of America also offers home loans, auto loans, and more. Some of its main advantages include:

Security

The financial institution places a high value on privacy and security. Currently, there are several ways to protect yourself:

  • Your privacy: By collecting and processing your information responsibly, they protect your personal and financial information. We invite you to learn more about this topic by visiting the Bank of America Privacy Notices and Choices.
  • Guaranteed Protection: You are protected 24 hours a day, 7 days a week from cybersecurity threats.
  • Constant monitoring: We look for suspicious activity on all transactions.
  • Notifications: Against possible fraud through mobile applications, text alerts, email, or personal phones.

In case of credit card loss or theft:

  • Access online banking and follow the instructions.
  • For international collect calls, dial 1.757.277.4701 (800.732.9194) and 1.757.277.4703 (from abroad).

It is important to note that you are not liable for any fraudulent charges. A replacement report will be sent to you immediately after your card is cancelled.

Please contact our offices for assistance.

Post mail

Bank of America
PO Box 25118
Tampa, FL 33622-5118

Privacy and Security Assistance
Mailbox 220510
Chantilly, VA 20153-0510

  • Schedule for customer service: Monday to Friday, 7 a.m. to 7 p.m. (local time).
  • Contact information for general inquiries: Information about ATM and debit fees. Please call 1.877.366.1121.
  • For mortgage account information: Please call 1.800.669.6607.
  • For information about real estate equity accounts: Please call 1.800.934.5626.

Accounting Statements and Payment Options

Bank of America card account statements can be viewed and paid through:

  • Bank of America’s website: From the Transfers tab, you can make a transfer from your checking or savings account.
  • Use BillPay: It is available on the official website and can be used to make payments with your checking or savings account.
  • You can use an ATM to pay with a credit card: At ATMs, you can make payments only with your Bank of America credit card (check or cash). Commercial cards are not accepted at ATMs.
  • Phone payments: Business Cards: 1-888-306.4949, Consumer Cards: 1-855.891.3401

Payments by Mail:

Payments have been updated

using PO Box 150019
Wilmington, DE 19850-5019

Late
charges PO Box 15019
Wilmington, DE 19850-5019

Delivery Overnight:
Attention: Payment Processing
DE5-023-03-02
Samoset Drive, 900
Newark, DE 19713

Additionally, you can receive Account Statements by configuring it through the official website from the comfort of your home.

How to get a Bank of America card: Requirements

To apply for a Bank of America card, follow these steps:

The minimum credit requirements may vary based on the Bank of America credit card you are applying for. It’s important to note that Bank of America consumer cards, such as the Cash Rewards, BankAmericard, Travel Rewards and Premium Rewards cards, require excellent credit. Credit scores of 750 or better are required for these cards.

The following are the general requirements for applying for a credit card at Bank of America:

  • A minimum age of 18 is required. If you are under 21, you must present an independent source of income document in order to make payments under the CARD Act. Co-signers who are over the age of 21 meet the minimum age requirement of the CARD Act.
  • Additionally, a permanent source of income is required in addition to a good credit history.
  • It is necessary to provide various personal information, including: name, address, date of birth, social security number, physical address, and email. It is possible that you will be asked for additional documentation to verify your identity, such as a driver’s license or a Social Security card.
  • Information about your finances. You must provide your total annual income and your sources of income. The following items should be included: Salaries, income from fixed liabilities, investment dividends, retirement, etc.

Click here to apply for Bank of America Credit Cards.

Ratings and reviews about Bank of America

Bank of America is a solid financial company with outstanding value. The main attraction of this bank and its Bank of America Credit Cards is its fast payment application called “Zelle”, a payment program that facilitates online payments. Main opinions about the company are:

  • The financial portal NerdWallet rates Bank of America as 3.5/5 stars. Ratings are based on: Products or services offered, user experience, and annual reviews.
  • Bank of America has been rated as a 4/5 star company by WalletHub, confirming that its direct business model provides long-term value to its shareholders and natural customers.
  • Consumer Affairs rates this bank only 1/5 stars. The rating is based on 373 reviews from users in 2019. Most of the new reviews, however, confirm that it is worthwhile to be a Bank of America customer.
  • Facebook, its official social network, has more than 2,800,000 million users. However, its customer experience ratings are not publicly available.

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