No matter what type of credit card account you need, the Bank of America credit cards will offer an account that meets that need. This major credit lender offers variety in both the type of credit account and in rewards and special offers.
Bank of America
Bank of America Corporation is a financial services company and, by assets, the large bank holding company in the US. The reach of BAC serves clients in over 150 countries and has a business relationship with 99% of the Fortune 500 companies.
The acquisition of Merrill Lynch in 2008 made the Bank of America the largest wealth manager in the world and it became a real player in the investment banking industry. Along with Citigroup, JP Morgan Chase and Well Fargo, Bank of America is one of the Big Four banks in the United States.
First established in San Francisco in 1904 as the Bank of Italy, this lender was designed to serve immigrants who at the time were denied financial services by other banks. Though the years since have brought takeovers and mergers, ups and downs, Bank of America has emerged as a leading credit institution.
Four Divisions
Currently, BOA has four distinct divisions:
- Consumer – consumer banking and credit card issuing
- Corporate – investment
- Investment management – one of the top global investment banks
- International operations – with headquarters in London, Singapore and Hong Kong
Rewards Cards
Bank of America has a name recognized worldwide and a huge consumer division that focuses on providing a wide range of credit accounts. The rewards offered vary from cash back applied directly to your credit account to discounts on groceries and gas purchases in the form of double points.
You will find Bank of America credit cards offering air miles and a Royal Caribbean Visa credit card where you can earn stateroom upgrades and free cruises offered by the international cruise company.
The list of credit cards available for small business owners from BOA are impressive and include Cash Reward for Business Visa Cards. World Points Reward Cards, airline card from Alaska Airlines and Hawaiian Airlines and both Visa and MasterCard Business Platinum Plus accounts.
One of the most generous Bank of America Rewards programs is offered through the American Bar Association Business Credit Card with WorldPoints Rewards. This card for the legal community awards one reward point for each $1 spent and has no annual fee.
Fees and Interest Rates
A recent change in credit laws has led issuing banks to list a range of interest rates rather than a fixed or starting rate for a new credit account. This allows the lender to base the beginning APR of your account on your all-important credit score.
One exception is the Bank of American student credit card which carries a variable APR of 14.24%. Another is the BOA Visa card designed to help rebuild damaged credit for consumers with past problems in their credit file.
This is one of the best secure credit cards available today as the spending limit is 100% of the amount placed in your security deposit account to guarantee the card. Each account varies on other fees charged to account holders with late payment and over limit fees as low as $19 and as high as $35.
Terms to Watch For
When applying for the Bank of America credit cards, make sure to apply for the highest card you can qualify for. The secured card can have a limit as high as $10,000 if you place the money on deposit to obtain the card. However, the card also carries an annual fee as well as very high late fees and interest rates.
If you qualify for one of the specialty rewards cards, there are other rewards that aren’t as apparent. Only those with good credit can qualify for the Platinum and special branded accounts but the late and over limit fees are among the lowest in the credit industry. There are no annual fees and APT is several points lower than for higher risk credit accounts.
Conclusion
By carefully comparing the Bank of America credit cards you can decide on a card that meets your special needs for cash back, travel miles or discounts. Apply for the highest level credit account you know your credit rating will qualify you for and you’ll benefit from higher reward levels as well as lower APR and fees.
