Best Bank of America Credit Cards of 2020

Best Bank of America Credit Cards of 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

The second largest retail bank in the U.S., Bank of America offers credit cards for consumers with a range of needs, especially those looking for good no-annual-fee cards. Whether you're looking for a travel card, a cash back option or a card to rebuild credit, there's something for you in Bank of America's portfolio. Below are the bank's top offers in 2020.

Continue reading for a detailed look at the benefits and features of each card. We discuss which card is best for various types of users.

Best Bank of America Credit Card for Most People

The Bank of America® Cash Rewards credit card is an excellent option if you're looking for a rewarding no-annual-fee credit card. You'll earn 3% back on a category of your choice (more on that below), plus 2% back at grocery stores and wholesale clubs and 1% on everything else.

Choose Your Own Bonus Category

With the Bank of America® Cash Rewards credit card, you can choose your own 3% bonus category out of the following options: gas, online shopping, dining, travel, drug stores and home improvement/furnishings. Paired with 2% back at grocery stores and wholesale clubs, this card has excellent earning potential. However, it's important to note that rewards are capped at $2,500 per quarter on combined purchases in the 2% and 3% bonus categories, so this card is best for low spenders. Users earn 1% thereafter meeting the threshold.

More Cash Back for Preferred Rewards Members

You'll have the potential to earn extra rewards with the Bank of America® Cash Rewards credit card if you're a Preferred Rewards member with Bank of America. Gold members ($20,000 in assets) earn 25% more cash back, Platinum members ($50,000 in assets) earn 50% more cash back and Platinum Honors members ($100,000 in assets) earn 75% more cash back on every purchase.

Best Travel Credit Card from Bank of America

The Bank of America® Travel Rewards Visa® credit card is a solid flat-rate card with no annual fee. You'll earn 1.5 points per dollar on all your purchases, plus no foreign transaction fees on purchases made overseas. The one downside to this card is that it lacks some of the perks of cards with annual fees, like Priority Pass lounge access, Global Entry and airline fee credits.

Competitive Welcome Bonus

The Bank of America® Travel Rewards Visa® credit card also comes with an excellent welcome bonus for a no-annual-fee card: 25,000 points after spending $1,000 on eligible purchases in the first 90 days of account opening. This is one of the highest welcome bonuses for a no-fee card, aside from the also-stellar Wells Fargo Propel American Express® card.

Best Business Credit Card from Bank of America

The Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a great card for medium-sized businesses with predictable expenses. You'll earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services, 2% cash back on dining (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter) and 1% cash back on all other purchases.

Compare to Cards with Annual Fees

While the Bank of America® Business Advantage Cash Rewards Mastercard® credit card is a great no-fee business card, it's best for businesses with low to moderate expenses due to the $50,000 threshold. If your business has considerable expenses in any of the bonus categories or on things like internet services and marketing, consider a card like the American Express® Business Gold Card.

Best Airline Credit Card from Bank of America

Alaska Airlines Visa Signature® Credit Card

The Alaska Airlines Visa Signature® Credit Card is one of our favorite travel credit cards. For a $75 annual fee, you'll earn a free checked bag on every flight, an annual companion fare and 3 miles per dollar on Alaska Airlines purchases.

Better for Perks than Spending

Aside from the 40,000 bonus mile welcome offer, the Alaska Airlines Visa Signature® Credit Card comes with an annual companion fare, a free checked bag for you and up to six companions on every itinerary and no foreign transaction fees. However, the card has limited rewards earning potential—the only bonus category is the 3X points per dollar on Alaska Airlines purchases. If you'd rather have a travel card that earns more rewards, the Bank of America® Travel Rewards Visa® credit card may be a better choice.

The information related to the Alaska Airlines Visa Signature® Credit Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

Best Bank of America Credit Card for High Spenders

The Bank of America® Premium Rewards® Visa® credit card is a good option for high spenders. You'll earn 2 points per dollar on all travel and dining purchases, plus 1.5 points per dollar on all other purchases. The card has a $95 annual fee and no foreign transaction fees, so it's worth it for frequent international travelers.

$100 in Travel Credits and a Competitive Welcome Bonus

In addition to the points it earns on purchases, the Bank of America® Premium Rewards® Visa® credit card comes with $100 in annual travel statement credits and a 50,000 point welcome bonus—equal to $500 in cash. You'll be able to earn the bonus after spending $3,000 in purchases within 90 days of account opening.

Bank of America® Premium Rewards® Visa® credit card vs. Bank of America® Travel Rewards Visa® credit card

If you can earn the welcome offer and you have annual expenses in travel and dining, the Bank of America® Premium Rewards® Visa® credit card is a good choice over the Bank of America® Travel Rewards Visa® credit card. If it's a stretch for you to spend $3,000 in three months and you don't travel abroad, then the Bank of America® Travel Rewards Visa® credit card is likely a better choice for you.

FAQs about Bank of America credit cards

Below are some common questions about BoA credit cards.

What credit cards does Bank of America offer?

Bank of America offers a full portfolio of credit cards that cater to consumers with a variety of needs. For travel, there is the Bank of America® Travel Rewards Visa® credit card. For spending rewards, there is the Bank of America® Premium Rewards® Visa® credit card. And for people building credit, there is the . Before you apply for a credit card, consider what your needs are and what your credit score will allow you to qualify for.

What Bank of America credit card is best?

The best credit card for you will depend on your individual preferences, spending habits and budget. However, we suggest the Bank of America® Cash Rewards credit card for most people. You'll earn 3% in a category of your choice (gas, online shopping, dining, travel, drug stores and home improvement/furnishings), plus 2% at grocery stores and wholesale clubs.

Can I have 2 Bank of America credit cards?

Yes. Bank of America allows you to hold more than one of its cards. Before applying for another credit card, however, be aware of the impact this may have on your credit score. If you have a relatively short credit history, a new account inquiry plus a decrease to your average age of accounts may cause your score to dip.

Yowana is a former product analyst at ValuePenguin, specializing in credit cards, rewards programs and travel. He previously covered mortgages, banking and insurance for the website. Yowana graduated from Columbia University with a B.A. in Political Science.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).