Bank of America is a national financial institution that offers a variety of banking products from mortgages to investment products. You might immediately think of checking and savings accounts when you see or hear this bank’s name. But if you are looking to apply for a new credit card, a Bank of America credit card might be a right fit for your financial situation. Sure, you have several other options, and practically every bank and credit union offers at least one type of credit card. Before you apply elsewhere, consider three advantages of opening a Bank of America credit card.
1. Build your credit score.
Look around and you’ll discover that some banks and credit unions do not cater to people with low credit scores. These particular banks may offer a variety of cards, but qualifying may require fair, good or excellent credit. Bank of America is different and the financial institution has credit cards for all credit levels. Are you looking to build a credit history or reestablish your credit? Options might include a BankAmericard secured card or a BankAmericard Cash Reward for students.
Both accounts, as well as other credit cards offered by Bank of America, report to the three major credit bureaus monthly. Pay your bill on time each month and keep your credit card balance less than 30% of your credit limit. Together, these measures helped build a strong credit score.
2. Get rewards.
Do you want to earn cash back or receive rewards for using your credit card? Depending on your particular Bank America credit card, you may be eligible to receive cash back or points for every purchase. A rewards program is ideal for people who use their credit cards for everyday purchases, such as gas, groceries and dining out.
Bank of America has a variety of choices. Apply for a cashback rewards credit card and earn 1% – 3% cash back on eligible purchases. Then again, maybe you prefer travel miles. The bank’s travel rewards credit cards let you earn 1 to 2 points on every dollar spent, and you can redeem your points for airlines, hotels, car rentals and cruises.
As a bonus, several Bank of America credit cards feature a low introductory rate on purchases and balance transfers, as well as no annual fee.
3. Travel protection.
Vacations and business trips don’t always go smoothly. The airline may lose your luggage, and a flight cancellation might call for an emergency car rental. These mishaps can create an added expense and completely ruin your trip. There are, however, credit cards designed to provide peace of mind when traveling.
Certain credit cards offered by Bank of America have bonus travel features. These features include perks such as automatic trip cancellation insurance, lost luggage insurance and emergency travel assistance. Examples of credit cards with travel bonuses include the AAA Member Rewards Visa Signature, the BankAmericard Travel Rewards and the Royal Caribbean Visa Credit Card. Consider how often you travel for work or pleasure, and then decide whether these cards are right for you.