Bank of America needs no introduction. This large American bank has solidity, a long history, and a wide network of branches throughout the country and the world. Its offer, in addition to focusing on opening bank accounts, also includes a wide range of credit cards. Each bank of America credit card is designed for a specific type of consumer.
If you love to travel, want to save on your online purchases, or perhaps accumulate prizes and bonuses for your company, congratulations! We bring you a practical review that will allow you to identify the ideal Bank of America credit card for you.
About Bank of America
Bank of America is the second-largest and most important bank in the United States. In itself, this institution offers a comprehensive service that, in addition to focusing on the opening and issuance of all types of accounts and credit cards, has several branches. To give you an idea, Bank of America is second only to JP Morgan Chase & Co. and currently has assets valued at $ 2.16 trillion.
As you can see, this American bank is more than just a credit card issuer. His portfolio includes mortgage loans, investment instruments, car loans, among others. But let’s take a closer look at the bank’s catalog:
- Mortgages. With Bank of America, you can buy your first home or refinance your mortgage. The best thing is perhaps not its large number of mortgage offers, but the rates, which are quite competitive if you compare them with the others in the sector. For example, with Bank of America, you could get a home loan of $ 200,000 payable over 30 years at an APR of 4.717%.
- Investments. Through Merrill, you can access products specially designed for savings, retirement accounts, savings for paying college tuition, and much more. Merrill offers you ETFs, stocks, mutual funds, bonds, fixed income products, among others.
- Credit cards. Bank of America credit cards is diverse. There is a complete line for businesses and SMEs, and others for the common user who purchases online, wants cash back, or enjoys traveling the world.
- Car loans. Subject to competitive rates. To give you an idea, we are talking about 3.24% with a duration of 60 months.
- Checking and savings accounts. Commercial, student, for employees and adults. He also opens IRA accounts, certificates of deposit, and savings accounts for children.
What is the Bank of America Preferred Rewards program?
Preferred Reward is a program that increases the number of rewards you could get with your card, among other things. For example, it has a pretty good travel offer that we love because it doesn’t tie the user to a specific tourism provider. Among your benefits, you will find the following:
- Travel. You can use your points generated with Bank of America to travel and pay for accommodation, airfare on any airline, or car rental at the company of your choice.
- Effective. The points you accumulate with Preferred Rewards can also be exchanged for cash or credit that will serve as a deposit in your account or pay your card debt.
- Refunds. If you qualify for the last level of Preferred Rewards and you have a Bank of America Cash Rewards card to combine it, you can get 75% more in cashback and refunds, a figure that is not bad at all.
- Gift cards. You can redeem your points (1: 1) in Lands’ End, iTunes, etc.
Bank of America credit cards. Pros, cons, and features
Now is the time to take a closer look at Bank of America’s credit card offering. We have prepared a practical guide so that you can know its benefits -and disadvantages- and thus choose the best one for you.
Bank of America Platinum Plus Mastercard, the best in interest
The Platinum Plus Mastercard’s variable APR is perhaps its biggest draw. We are talking about an APR of 10.24% to 21.24%. To increase its benefits and affordability, it is free of maintenance fees and has an introductory APR of 0% (available for the first seven billing cycles). So that you can compare it, we tell you that the minimum APR that you could find in the market is rarely less than 14.42%.
- Good variable interest rate.
- Introductory 0% introductory APR starting offer for seven billing cycles.
- $ 300 credit on the statement if you spend $ 3,000 in the first 90 days of card issuance.
- It does not offer rewards on a regular basis.