Bank of America Credit Cards

As the country’s largest bank, Bank of America has developed a reputation for reliability, quality service, and competitively priced consumer, retail, and business banking options. The largest and most powerful financial holdings company in the country by a long margin, Bank of America – a business often abbreviated as BoA – offers almost every consumer banking service available.

In this guide, we’ll be looking at the company’s many credit card offerings. As a huge part of the personal and business banking world, credit cards and access to credit are two highly important, essential services. How does Bank of America stack up against the competition? Read on to learn more, and find out how Bank of America’s credit cards can help you with your major spending.

Before we start looking at Bank of America’s credit cards, it’s important to look at the bank’s own financial position. Over the last three years, many other banks in the United States have failed as a result of the financial downturn. While Bank of America accepted and used bailout money from the government, it’s repaid it all with interest, proving it’s financially stable and secure.

This means that you, as a customer, know that Bank of America has no motivation to increase its fees at random, often in an attempt to improve its overall earnings. You know it’s viable, with the possibility of further government assistance unlikely. Best of all, you know that it’s a successful commercial enterprise, and one that’s likely to work with its customers to retain their business.

Now, let’s look at Bank of America’s credit cards. As the largest bank in the country, Bank of America offers a huge range of different credit and charge cards. At the more basic end of the scale, the majority of cards are VISA issued, offering little or no rewards for customers. Despite this, they are fairly popular due to their simple availability and relatively limited application approval process.

These cards – dubbed ‘basic’ or entry-level cards by Bank of America –  include the BankAmericard Basic VISA, an introductory card designed to assist people with poor credit. The Student Platinum Plus card, designed to offer students a low APR and competitive interest rates, is also fairly light on the overall rewards, preferring to limit consumer costs instead of improving its reward offerings.

Beyond Bank of America’s basic credit cards, a range of specialist credit cards, rewards credit cards, and small business credit cards are available. The most well-known rewards card is the Accelerated Rewards American Express – a special American Express card offered by Bank of America that has significantly higher overall rewards than is normal, encouraging consumers to spend frequently.

These rewards include vastly higher airline rewards points and frequent flyer miles, both perfect for shoppers that spend a large amount of time traveling. A range of hotel-based rewards, including free or heavily discounted rooms, and consumer products, such as cellphones, televisions, and computer equipment, are also included as part of the Accelerated Rewards card.

Alongside their rewards cards for consumers, Bank of America also offers a range of cash-back or refund-based credit cards for both small businesses and consumers alike. The majority of these are aimed at business customers, primarily because an increase in revenue is more appealing to clients than ‘rewards’ bonuses. Regardless, some are also available offering consumers a cash back bonus.

This includes the Business Charge Mastercard – a small business credit card offering a limited amount of spending back to customers. Other small business cards include the Bank of America American Express charge cards, which give consumers between one and two percent of monthly spending back in the form of an account rebate, card balance reduction, or interest rate decrease.

For consumers, the Cash Rewards series BankAmericard credit cards offer similar perks, primarily cash bonuses for using the card instead of a charge or bank card. It’s worth noting that, despite their higher rewards bonuses, these cards do not have higher interest rates than standard BankAmericard credit cards. As such, for those with good credit and high spending, they’re a worthwhile option.

Alongside these cards is the Accelerated Cash Rewards American Express, which offers similar benefits to American Express’s Plum card, albeit for consumers rather than small businesses. As Bank of America’s leading consumer card, it offers cash back bonuses and a range of points for users, using American Express’s larger transaction margin to ‘give back’ to its best customers.

Beyond Bank of America’s large range of cards is an attitude and reputation that’s second to none in the industry. Bank of America has consistently been ranked as the most trusted consumer bank by a range of credit card publications, and has consistently scored highly in customer surveys. Its credit card security measures were found to be the best in the industry in a Wall Street Journal study.

As such, it’s a bank that you, as a credit card user, can rely on. With a combination of great deals on consumer and business credit cards, a history and reputation that’s iron-clad and backed up with the power of the Wall Street Journal and other publications, and account security that’s rarely matched, Bank of America should be your number one priority when a new credit or charge card is needed.