When comparing the best Bank of America credit cards, you should first ask yourself what your primary goal is in opening a credit card.
Do you want to earn a reward for your spending? If so, do you prefer travel rewards or a cash rewards credit card? Are you hoping to do a balance transfer to pay off debt, or finance a purchase at a low interest rate? Or are you trying to improve your credit score?
No credit card has it all, but you can prioritize those features that benefit you most. To help you compare credit cards, here are some features to look for with any credit card issuer.
Credit score requirements: First, you want to make sure you have a good chance of being approved for a credit card before applying. Look at the qualification requirements the credit card issuer has as well as credit score requirements for the credit card you’re considering.
If you have a credit score below 600, you’ll probably want to opt for the BankAmericard® Secured Credit Card or the Bank of America® Customized Cash Rewards Credit Card for Students to build credit
Fees: Typically, you’ll want to look for a credit card with minimal fees. These include:
- Interest rate
- Foreign transaction fee
- Annual fee
If you travel internationally, you’ll want a card like the Bank of America® Premium Rewards® credit card or the Bank of America® Travel Rewards credit card because they don’t charge a foreign transaction fee. If you spend a lot, a card with an annual fee that offers a higher rewards rate — such as the Bank of America® Premium Rewards® credit card — might be worth it.
Rewards: Decide whether you prefer travel rewards or cash rewards, and then look for a card that helps you maximize credit card rewards. That might be a card with the highest rewards rate on everyday purchases, or it might be a card with a bonus category where you do a lot of spending.
The Bank of America® Premium Rewards® credit card will be lucrative for those who spend a lot on travel and dining, while the Bank of America® Travel Rewards credit card earns big on all spending. Then there are cards like the Bank of America® Customized Cash Rewards Credit Card for Students, which lets you choose your own custom bonus category.
Sign-up bonus: Folks who are looking to earn the most rewards possible should look for a card with a good sign-up bonus. Most of the Bank of America credit cards offer a welcome bonus, and they’re generally pretty easy to earn. Make sure that you can meet any minimum spending requirement the sign up bonus has.
0% intro APR: If you’re paying off debt or looking to finance a purchase, you’ll want to look for a credit card with a 0% intro APR on balance transfers or new purchases respectively. The Bank of America® Customized Cash Rewards credit card, the BankAmericard® credit cardand, the Bank of America® Customized Cash Rewards Credit Card for Students offer a great 0% intro APR on both purchases and qualifying balance transfers.
View more information: https://www.fool.com/the-ascent/credit-cards/bank-of-america/