Bank of America Credit Cards are payment instruments designed to provide a specific benefit according to your consumer profile.
The following article shows you how to apply for Bank of America credit cards, some of their benefits, and the requirements. Below, we present the content to be explained.
- About Bank of America
- Bank of America Credit Cards
- Fee Schedule for Bank of America Credit Cards
- Requirements for applying for Bank of America Credit Cards
- How to apply for Bank of America credit cards?
- Bank of America Preferred Rewards Program
- Contact Information for Bank of America
About Bank of America
Bank of America is a financial consortium established in the United States in mid-2007. Through its efforts, it has positioned itself as the second-largest banking holding company in the country.
It offers a diverse range of products that have made it one of the top choices for private banking users and provides the best customer service.
We must mention that it is one of the few entities that offers its users a technological platform that goes hand in hand with process automation, making it highly sought after.
Financial products offered by Bank of America
Bank of America is a financial institution that has experienced exponential growth in recent years, thanks to its excellent vision of meeting the needs of each particular credit profile.
Based on this theory, the institution has designed a package of credit cards with well-defined characteristics to meet the demand for financing in specific sectors.
They also offer various types of loans, savings accounts, and advisory services in their catalog, so you can consciously navigate the world of credit.
Bank of America Credit Cards
As mentioned earlier, Bank of America credit cards are tools with well-defined characteristics that make them unique. The most requested ones are listed below:
- Credit cards with cash back rewards;
- Cards with travel and airline rewards;
- Cards with lower interest rates;
- Cards with points rewards;
- Cards for building or rebuilding credit;
- Student credit cards.
Each was launched into the banking market with different credit profiles in mind, aiming to reach a specific audience precisely.
Characteristics of Bank of America Credit Cards
As we mentioned, all Bank of America credit payment tools have distinct features that set them apart and should be maximized.
- The Customized Cash Rewards Credit Card allows you to earn cash back on your purchases;
- With the Travel Rewards Credit Card, you not only enjoy discounts and fee waivers on foreign transactions but also receive travel rewards;
- If you are interested in the BankAmericard Credit Card, note that the interest rate structure differs from other tools, offering its unique benefits;
- The Customized Cash Rewards Secured Credit Card also provides cash back but is tailored to help build your credit;
- For student Customized Cash Rewards Credit Cards, you can earn up to 3% cash back in various spending categories.
Each tool has distinct characteristics to cater to different lifestyles, financial capacities, and spending profiles.
Bank of America Credit Card Rates
As expected, each Bank of America credit card comes with different interest rates, varying depending on the transaction you make with the tool.
- If you get the Customized Cash Rewards Card with a security deposit, you will have to assume an Annual Rate of 24.74% for purchases and balance transfers. The rate is 27.74% for cash advances.
- For the Student and Travel Rewards Cards, the Introductory APR will be 0% for the first 15 months. Then, the bank applies a rate ranging from 14.74% to 24.74% for purchases and transfers.
- The BankAmericard also exempts the APR for the first 18 closing dates, but the applied rate ranges from 13.74% to 23.74%.
It is important to note that none of these credit tools require an annual fee payment, as the bank exempts you from any such payment.
Costs for transactions made with Bank of America Credit Cards
In addition to the bank's interest rate for your card transactions, you will also incur costs for these operations. The payment varies as indicated below:
- For purchases made via money transfer, you will need to pay the higher value between $10 or 5% of the transaction amount;
- If it's a balance transfer, you will need to pay the higher value between $10 or 3% of the total;
- For cash advances, you will need to cover the higher value between $10 or 3% of the advance;
- For transactions made through ATMs, you must pay $10 or 5% of the amount withdrawn.
If you fail to meet the agreed payments to repay the amount, you should know that you will be penalized with a different Interest Rate. Additionally, you will have to pay a fine of at least $40.
Requirements to apply for Bank of America Credit Cards
To apply for any of Bank of America's credit cards, you must meet the following conditions, which are set by the institution.
- Be of legal age;
- Reside in the United States;
- Apply the means specified by Bank of America;
- Have a source of income with a minimum work experience of 3 months in the current position;
- Have a valid identification, and if you are a foreigner, have a stable residency status in the country;
- Ensure that your address matches the one on your identification document.
Of course, it is essential to have a positive credit history, not only with Bank of America but also with all institutions in the country, and additionally, have no outstanding debts in your profile.
Requirements to apply for Bank of America credit cards
After verifying the requirements as mentioned earlier and ensuring that you meet the parameters set by the bank, you will need to submit the following documents to support the information provided in the application:
- US driver's license, government-issued personal identification, employer ID with address and photo, or a utility bill;
- If you are a foreigner, you must provide your passport or US non-immigrant Visa and the DSP-150 border crossing card;
- Proof of address or a utility bill in your name;
- Receipt of your most recent payment to allow the bank to verify your employer's details.
If Bank of America requires any additional document to validate the provided information, you must submit it at one of their branches.
How to apply for Bank of America credit cards?
Applying for any of these credit cards is not complicated, as the bank offers an online platform for submitting your application. You just need to follow these steps.
- Go to Bank of America's website.
- Find the Credit Cards menu and review the details of each card.
- Choose the appropriate option that best suits your consumer profile.
- To start the application process, click on "Apply Now" at the top right corner of the screen.
- A request form will appear immediately, which you need to fill out with your personal including your address information and email;
- Click on "Save and Continue".
If the bank approves your application, you will receive your Bank of America credit card within 7 to 10 business days from the approval date.
Can I apply for Bank of America credit cards through another method?
Yes, you can apply for your Bank of America credit cards online or in person at any of this institution's branches.
You will only need to meet the required conditions and submit the documents we previously detailed, along with the application form that you must complete in its physical version.
You can also apply for any of these credit cards over the phone by calling 800-932-2775 and informing the operator of your interest in these financial products.
Bank of America Preferred Rewards Program
Another benefit of banking products with this institution is the Preferred Rewards. In addition to the advantages you can get with credit cards, this bank rewards your loyalty.
How does it work? You can benefit from 25%, 50%, and even 75% more of the base points through a reward bonus based on the tool's rating.
This way, you can accumulate more points that you can later redeem for products or services such as trips, stays in the best hotels in the United States, airline tickets, meals at the most famous restaurants, etc.
How to increase the rewards on my Bank of America credit cards?
First, you must enroll in the Preferred Rewards Program and meet certain requirements, such as having an active checking account with the bank and holding a credit card.
Another condition you must meet to be eligible for enrollment in this rewards program is to maintain an average balance of at least $20,000 over three months.
Once you are certain that you meet these requirements, you should formally request enrollment in the program, which you can do through the website portal or online banking.
Contact Information for Bank of America
To receive assistance from Bank of America's team of professionals, visit the institution's main headquarters in Charlotte, North Carolina, United States, or any of its branches.
You can also inquire through the bank's digital platform by accessing the 'Online Banking' section and filling out the form with any questions or reasons for contacting the bank.
Phone Number and Website of Bank of America
To contact the bank's executives via telephone, you can call the 800-732-9194 number for the Customer Service Department and request assistance with your needs.
You can also visit the Bank of America website for the card specifications. Simply select a financial product from the menu options and view its features.
Conclusion
Bank of America Credit Cards are payment tools that provide you with a credit line and offer the best benefits with their rewards program.
Disclaimer: It is important to note that choosing any of these credit cards does not exempt you from the risks they entail. Therefore, we recommend that you carefully review the terms and conditions issued by Bank of America.
