Bank of America Credit Cards - Best Offers for June 2024 | Bankrate (2024)

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Bankrate’s take:Bank of America tied with Discover for second place in J.D. Power’s 2023 U.S. Credit Card Satisfaction Study. Plus, many of its cards made it on J.D. Power’s lists of best credit cards.

Our data: What credit score do you need for a Bank of America card?

The Bank of America Preferred Rewards program rewards Bank of America customers for their loyalty and banking relationships. By enrolling in the Preferred Rewards program, eligible Bank of America customers can receive various benefits and perks based on their combined balances across Bank of America deposit and investment accounts. Here are some key details about the Bank of America Preferred Rewards program:

Bank of America Preferred Rewards program benefits

• Increased rewards: One of the key benefits of the Preferred Rewards program is the opportunity to earn additional rewards on Bank of America credit cards. Depending on the tier (Gold, Platinum, or Platinum Honors) and the type of credit card, clients can receive bonuses ranging from 25 percent to 75 percent on all eligible credit card rewards.
• Interest rate boost: Another advantage of the program is the potential to earn a higher interest rate on savings accounts and certificates of deposit (CDs). Clients in the Preferred Rewards program can enjoy a boost in interest rates, helping their savings grow faster.
• Discounts and benefits: Preferred Rewards members may also be eligible for discounts on certain Bank of America products and services, such as mortgage origination fees and safe deposit box rentals. Additionally, clients can receive special offers and benefits based on their Preferred Rewards status.
• Waived fees: Depending on the tier in the Preferred Rewards program, clients may have certain fees waived, such as fees for insufficient funds, check orders or non-Bank of America ATM transactions. This can save money for people who frequently use these services.

Bank of America Preferred Rewards tiers

The Bank of America Preferred Rewards program offers various benefits for people who maintain qualifying account balances, including enhanced rewards. Here are Bank of America’s program tiers and the credit card rewards boost you can get.

*Based on a three-month combined average daily balance in qualifying Bank of America deposit accounts and/or Merrill® investment accounts

**Categories eligible for 3 percent back include gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings. Earn 3 percent and 2 percent cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1 percent.

Bankrate’s take:In the U.S., the mean value of transaction accounts — which include checking, savings and money market accounts — is $8,000, according to the Federal Reserve’s latest report on family finances. While this isn’t enough to qualify for the Gold tier, investment accounts you have with Merrill may also count toward your overall balances.

Still unsure if a Bank of America credit card is right for you? Check out our Credit Card Spender Type Tool to get personalized credit card recommendations based on your credit score, spending habits and daily needs.

Here’s how this Bankrate expert uses his Bank of America cards

When on the search for a new credit card, Bankrate writer Ryan Flanigan turned to Bank of America for its exceptional rewards program and top-notch credit cards. With a keen eye for maximizing benefits, Ryan chose Bank of America credit cards that aligned perfectly with his spending habits and financial goals.

"Bank of America gave me excellent incentives to apply for its credit cards. My Premium Rewards and Customized Cash cards earn great rates on purchases and work well as a tandem. I will always maximize the flexible bonus category limits on my Customized Cash, and use my Premium Rewards to cover most other purchases. My Premium Rewards also gives me solid credits every year and is my primary card when traveling abroad.

To sweeten the deal, by moving my savings to Bank of America, I was able to qualify for elevated status in the Preferred Rewards program, which raised the earning rates on my cards even further. With these higher rates, one of these two cards is almost always the best choice for my everyday spending."

— Ryan Flanigan, Writer, Credit Cards

Tips for maximizing a Bank of America card

Whether you carry a Bank of America business card or travel rewards card, here are some tips on getting the most out of your card.

• Earn the sign-up bonus: Many Bank of America cards come with a welcome offer with a spending requirement that you must meet in a certain time. Whatever the requirements, make sure you meet the conditions without overspending so that you can benefit from the card's increased first-year value.
• Optimize rewards:If your Bank of America card comes with rewards, strategize your spending to match its rewards structure. For instance, with the Customized Cash Rewards card, update your bonus category if you anticipate a change in your spending habits in the coming month. Or if your card gets bonus cash back for dining, don't forget to use this card anytime you eat out or order in.

Verify Preferred Rewards membership: Bank of America deposit account holders may qualify for its Preferred Rewards program if they maintain a certain balance across their accounts. If you qualify for a Preferred Rewards tier, make sure you’re receiving its boosted rewards rates.

• Don't accumulate interest or late fees: Even if your APR is relatively low, you should still pay your balance in full each billing cycle. Interest charges can add up and a high credit utilization ratio can hurt your credit score.Also, most Bank of America cards come with a penalty APR and late fee charge for missed payments.
• Offset your annual fee: For Bank of America rewards cards that carry an annual fee, offset the yearly cost with the card's rewards and perks, if any. Otherwise, the annual fee may eat into your rewards earnings.
• Keep your credit utilization ratio low: Tomaintain good credit, your credit utilization ratio should generally be below 30 percent. It's also a good idea to know your card's credit limit so you don't unintentionally max out your card. You can use Bankrate's credit utilization calculator to help figure out your ratio.

Are Bank of America cards worth it?

With Bank of America's variety of cards, it’s likely anyone can find a card that benefits them. However, before deciding which Bank of America credit card is right for you, you’ll need to know whether your primary goal is building credit, avoiding interest or earning rewards. But once you’ve narrowed down your options, a Bank of America card could be a terrific option to help you with your financial goals.

When evaluating the best credit cards, we take into account several factors, including how cards score in our proprietary card rating system and whether they offer features that fit the priorities of a diverse group of cardholders, from earning rewards to scoring a large sign-up bonus to saving on interest.

We analyzed over 250 of the most popular credit cards and selected standouts. We scored each card based on the factors most relevant to its primary category, including its rewards rate, estimated annual earnings, intro APR period, ongoing APR, perks and more to determine whether it belonged in this month’s roundup.

Here are some of the key factors that we considered: