If you’re looking to open a new credit card, you must do your research before deciding on which card is right for you. Every bank has a unique annual fee and some have additional fees that can help or harm your wallet. In this blog article, find out everything you need to know about Bank of America credit cards!
What is Bank of America Credit Cards?
Bank of America credit cards come with different benefits and features, so it’s important to choose the right one for your needs. Here are three Bank of America credit cards that offer great savings opportunities: the Bank of America Cash Rewards Credit Card, the Bank of America Secured Credit Card, and the Merrill Lynch Premier Gold Credit Card.
The Bank of America Cash Rewards Credit Card offers 3% cash back on every purchase, plus a $100 bonus after spending $1,000 in the first 3 months. The card also has an annual fee of $0 for the first year, then $95. The card has no foreign transaction fees and is accepted at over 1 million locations worldwide.
The Bank of America Secured Credit Card offers 0% introductory APR on purchases and balance transfers for 12 months*, then 18.24%. There is no annual fee for the first year and a $39 annual fee thereafter. The card can be used at over 1 million locations worldwide and comes with automatic security protection from Identity Theft Insurance and Automatic Fraud Protection.
The Merrill Lynch Premier Gold Credit Card offers 0% introductory APR on purchases and balance transfers for 18 months*, then 19.99%.
How to use a Bank of America Credit Card
If you’re looking to improve your credit score, Bank of America offers a few different credit cards that can help you do just that.
If you have good or excellent credit, Bank of America offers several credit cards that can help you build your credit history and improve your score. The following are the best cards for good credit:
BankAmerica Visa Card: This card has an annual fee of $0, but it offers 30-day interest-free periods on purchases and balance transfers, as well as a no-late payment penalty. You also get access to roadside assistance and travel insurance.
Barclaycard Arrival Plus World MasterCard: The Arrival Plus World MasterCard offers an introductory 0% APR on Purchases and Balance Transfers for the first 12 months, plus a host of other benefits including up to 60 days interest-free on purchases and cash back on every purchase, both in the U.S. and abroad. The card has an annual fee of $89 but it’s worth it because you’ll get great rewards for using it!
How to Get the Most from a Bank of America Credit Card
If you’re looking to get the most out of your Bank of America credit card, here are a few tips:
1. Use it for everyday spending. Not only will this help you rack up rewards points faster, but you’ll also be using the card for everyday purchases – which is more likely to result in higher balances that can be paid off more quickly.
2. Use it for larger purchases. If you’re planning on making a large purchase – say, a new car – use your Bank of America credit card to minimize interest and fees associated with borrowing money from a lender. Doing so could save you hundreds or even thousands of dollars in total costs.
3. Pay your bill on time. One of the best ways to avoid high-interest rates and other penalties is to pay your bill on time every month. This may not seem like much, but over time it can add up to substantial savings.
4. Downsizing your debt load is another important consideration when it comes to Bank of America credit cards. By consolidating high-interest debt into one loan with a lower rate, you can significantly reduce the overall cost of borrowing money and improve your chances of reaching financial stability sooner rather than later.
Minimum Spending Requirement for Bank of America Credit Cards
With so many Bank of America credit cards on the market, it can be hard to figure out which card has the lowest annual fee. To help make things easier, we’ve put together a list of the five lowest-fee Bank of America credit cards.
The first card on our list is the Bank of America Travel Rewards Credit Card. This card charges an annual fee of $0 for the first year and then a $95 annual fee thereafter. However, this card offers a generous rewards program that includes 2 points for every dollar spent on travel and 1 point for every other purchase. If you’re looking for a low-cost way to travel, this card is a great option.
Another great option is the Bank of America Premier Rewards Credit Card. This card charges an annual fee of $0 for the first year and then a $95 annual fee thereafter. However, unlike the Bank of America Travel Rewards Credit Card, this card doesn’t offer any rewards programs beyond its regular rewards program (1 point for every dollar spent). If you’re looking for a high-end rewards card with no annual fees, this might be the perfect option for you.
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