A Comparison of 3 Bank of America Reward Credit Card
The three most popular credit cards under Bank of America BoA are BoA Cash Rewards, BoA Travel Rewards, and BoA Premium Rewards. High cashback, easy application, and high signup rewards are the strengths of BoA credit cards.
Today I am going to compare these 3 awesome BoA credit cards, hope you can fully understand the difference between these three cards and find which one is best for you.
BoA credit card
BoA Cash Rewards
• an open card reward of 150 dollars
• 3% cash back for gasoline / restaurants / travel / online shopping / travel pharmacies and 3% cash back for one type of consumption each month
• Wholesale supermarkets / clubs 2% cash back, other consumption 1% cash back (the reason some people call this card 321)
• No annual fee!
• 12 months without interest
• 10% -75% additional cash back for BoA Bank customers (i.e. up to 5.25% for self-selection, 3.5% for supermarkets and 1.75% for other consumptions )
BoA Travel Rewards
• Card opening bonus of $ 250
• No annual fee!
• 1.5X discount on all consumption (i.e. 1.5% cash back)
• No processing fees abroad
• Additional 10% to 75% discount for BoA Bank customers, up to 2.625% cash back on any consumption
BoA Premium Rewards
• The Scoot card rewards 500 knives
• 2X discount for food and drink trips, 1.5X discount for other drinks (i.e. 2% for food and drink trips, 1.5% discount for other drinks)
• Additional 10% to 75% discount for BoA Bank customers (ie up to 3.5% for food and drink trips and 2.625% for other consumptions)
• Reimbursement of $ 100 of miscellaneous air costs annually
• Annual fee of $ 95
• No processing fees abroad
Additional cashback
All cashbacks / discounts (excluding sign-up bonus) of the three BoA Rewards series cards can get an additional 10% to 75% bonus for BoA bank customers.
The amount of assets in the bank account and BoA investment account determines the additional discount you can get on this card (the more you deposit, the higher the refund / discount).
• 10% discount / extra discount: just have a BoA checking account or savings account, you can get a 10% bonus on all discounts / consumption discounts
• 25% extra cashback / discount: BoA Gold members (Gold, need assets over $ 20,000), can get 25% bonus on all cashbacks / consumption discounts
• 50% extra cashback / discounts: BoA Platinum Card members (Platinum, with assets over $ 50,000), can get a 50% bonus on all discounts / consumption discounts
• 75% Discount / Extra Discounts: BoA Supreme Platinum Card Members (Gold, need assets over $ 100,000), can get 75% of all consumer discounts / discounts
If you can get 75% cash back / extra cash back, all spend on Travel Rewards and Premium Rewards cards can reach 1.75 * 1.5% = 2.625% cash back, which should be considered the highest of all non-category expenses, even more than certain categories of expenses. The cashback is even higher.
BoA credit card application
The BoA Cash Rewards credit card is the easiest to apply for. Many people ask for it when they have no credit history. In addition, the registration rewards and consumption cashback of this card are very good, compared to other credit cards that can be applied for with 0 registration in other banks (basically there is no cashbacks and rewards). After the revision in early 2019, the 3% cashback initially set for refueling has become a consumer category who can freely choose 3% cashback, and the choice of consumer categories includes meals / refueling / travel / online shopping / pharmacies. The card becomes more flexible and offers users more cash back
• It is recommended that you apply for a BoA Cash Rewards credit card for those with 0 credit history who want to get more cash back on gas and vegetable spending. Before applying, deposit money in BoA bank, which can greatly increase the likelihood of success. Once you have this card, you can use it sensibly and pay it off on time to build up a good credit history and prepare to apply for a better credit card in the future.
The BoA Travel Rewards credit card is the one that worries you the most. First, this credit card has no annual fees and overseas processing fees, and second, there is no additional cash back category.All consumptions are cash back discounts. 1.5X, that's 1.5% cash back. With this card, it is not necessary to memorize different categories of cashback. And as a card with no annual fee, the $ 250 a-la-carte signup bonus is also very rare. Cards with no annual fee of the same tier are usually only $ 100, and the sign-up bonus to the card is $ 150.
• It is recommended for people who only want to have one credit card and do not want to have complicated transactions. All purchases can only be made with this card, which is very worry-free.
The BoA Premium Rewards credit card has the highest signup reward ($ 500). Although there is an annual fee of $ 95, the annual reimbursement for incidental aviation costs is $ 100, which is more than the annual fee (is there a mistake ?!). As long as you spend $ 100 on miscellaneous airfare each year, plus the one-time travel discounts on 2X food and drink, it's better than the Travel Rewards card above (only 1.5X discounts for any consumption) .
• Recommended for people looking for sign-up rewards and can save up to $ 100 in aviation incidental fees (which can be used to purchase airline gift cards). Since this card has no overseas processing fee and the additional discount category is travel and meals, it is recommended that you use this card while traveling.
Conclusion
In fact, all three cards are very good, and looking at each card individually is worth applying. The easiest BoA Cash Rewards to claim, the most worry-free BoA Travel Rewards, and the highest BoA Premium Rewards signup bonus, I hope you've found the card that's right for you.
