Bank of America has plenty of attractive credit cards to choose from, whether you’re an existing Bank of America customer looking to open up a card to pair with your checking account or are interested in a lucrative rewards credit card from this lender.
If you’re interested in applying, the first thing you should do is see if you can secure a prequalified offer. Especially for borrowers with average-to-good credit who aren’t sure whether or not their application will be approved, the preapproval process is a great way to see if you qualify without hurting your credit.
You can see if you prequalify for Bank of America credit cards through Bankrate’s CardMatch tool or on Bank of America’s website. Read on for more advice on the preapproval process, plus a look at the best Bank of America credit cards for prequalified offers.
What is credit card preapproval and how does it work?
It can be frustrating to apply for a credit card that meets your needs only to have your application rejected by the lender.
Not only does a rejected application mean that you won’t be able to open a card, but it can also further harm your credit score by triggering a hard pull.
Luckily, many lenders allow prospective borrowers to prequalify for cards that match their credit profile. The preapproval process triggers only a soft pull, which won’t hurt your credit. While getting preapproved isn’t an absolute guarantee that your application for a credit card will be approved, it’s a strong sign that the lender is willing to approve it.
How to get preapproved for a Bank of America credit card
Many lenders allow you to see if you prequalify for a card on their websites, and you can also use Bankrate’s fast and easy CardMatch tool to find which cards you may be prequalified for and unlock special offers.
Check for offers on Bankrate’s CardMatch tool
Bankrate’s CardMatch tool takes less than 60 seconds to use and quickly matches prospective borrowers with credit card offers that match their credit scores and borrower profiles.
To get started, you’ll need to fill out a few quick personal details, including your name, address, phone number and Social Security number. Once you provide this information, Bankrate will display card offers from top credit card issuers like Bank of America.
These offers are custom-matched to your unique borrower profile, which increases the likelihood that your application will be approved. You can find more information in Bankrate’s guide to how to use CardMatch.
Prequalify on Bank of America’s website
You can also see if you prequalify for a Bank of America credit card on the bank’s website.
If you’re already a Bank of America customer, you can sign in to your online account to get personalized recommendations and offers. If you’re not already a Bank of America customer, you can continue the preapproval process without signing in.
For customers who don’t already bank with Bank of America, you’ll need to provide some basic information about yourself, including your name, address and Social Security number.
Bank of America will ask you which types of credit cards you’re interested in, including cash back credit cards, travel rewards credit cards, balance transfer cards and cards for building or rebuilding credit. You can then view personalized offers, review terms and details and apply online.
Additional ways to prequalify for Bank of America credit cards
There are a few other ways to prequalify for Bank of America credit cards. If you receive a targeted offer in the mail, you can apply for a card using the information provided within the physical offer.
If you’re interested in a card from Bank of America, you can also visit a bank branch to speak with a representative and see if you qualify for a particular card.
Best Bank of America credit cards for prequalified offers
The best credit cards from Bank of America have competitive rewards, intro APR offers on purchases or balance transfers (or both), great perks and low fees. Here’s a look at a few options you may see as a result of the preapproval process.
Bank of America Customized Cash Rewards credit card: Best for cash back
- Welcome bonus: $200 online cash rewards after spending $1,000 within your first 90 days of account opening
- Rewards: 3 percent cash back on category purchases of choice, including gas, online shopping, dining, travel, drugstore or home improvement; 2 percent back at grocery stores and wholesale clubs (up to $2,500 of combined 3 and 2 percent category purchases each quarter, then 1 percent); 1 percent back on everything else
- Annual fee: $0
- Intro APR: 0 percent intro APR for 18 billing cycles on purchases and any balance transfers made in the first 60 days
- Regular APR: 18.24 percent to 28.24 percent variable
If you’re looking for a straightforward cash back credit card with respectable earning potential, the Bank of America® Customized Cash Rewards credit card is a great option.
This card earns an impressive 3 percent cash back rate on one of six rotating categories, and the best part is that you have the power to select a new category each month. Note, the card also earns 2 percent back at eligible grocery stores and wholesale clubs (as noted above), and there’s a $2,500 cap on combined 3 and 2 percent category purchases each quarter, after which you earn 1 percent back.
While this card isn’t necessarily the most lucrative cash back card on the market given its cap on earnings, it’s a great option for borrowers looking for a reliable rewards card with both solid earning potential and unique flexibility. Plus, with no annual fee, you don’t need to worry about earning enough rewards to offset a yearly charge.
Bank of America Travel Rewards credit card: Best for casual travelers
- Welcome bonus: 25,000 bonus points when you make $1,000 in purchases within 90 days of account opening
- Rewards: Unlimited 1.5X points on all purchases
- Annual fee: $0
- Intro APR: 0 percent intro APR for 18 billing cycles on purchases and any balance transfers made in the first 60 days
- Regular APR: 18.24 percent to 28.24 percent variable
If you’re a frequent traveler looking for a low maintenance travel credit card with no annual fee, the Bank of America® Travel Rewards credit card may be worth considering. This card earns a flat 1.5X points on all qualifying purchases and comes with a generous 25,000-point welcome bonus when you make $1,000 in purchases within 90 days of opening the account (worth $250 toward travel purchases).
You can redeem Bank of America Travel Rewards points for travel expenses through the Bank of America Travel Center or redeem points for any travel purchase made with the card in the past year. This means that cardholders are free to hunt for the best deals from third-party providers and still use their points for travel expenses.
Note, there’s no opportunity to transfer points earned with this card to airline or hotel partners, so keep that in mind if transfer partner travel and maximizing rewards value is important to you.
Bank of America Premium Rewards credit card: Best for added travel perks
- Welcome bonus: 50,000 online bonus points after spending $3,000 on purchases in the first 90 days
- Rewards: 2X points on travel and dining purchases; 1.5X points on all other purchases
- Annual fee: $0
- Intro APR: None
- Regular APR: 20.24 percent to 27.24 percent variable
The Bank of America® Premium Rewards® credit card is a decent, mid-tier rewards option if you’re looking for a travel card with a few more bells and whistles (though it does come with a $95 annual fee).
Other than its 2X rate on travel and dining, the Premium Rewards card can also be used as everyday spending option, earning a solid 1.5X rate on all non-category purchases — but its additional travel benefits are where it really shines.
Perks include up to $100 in statement credits for airline incidental expenses (think checked baggage and airport lounge fees), up to $100 in credits toward your Global Entry or TSA PreCheck application, trip delay reimbursement, trip cancellation and interruption insurance, lost luggage reimbursement and more.
BankAmericard credit card: Best for paying off debt or new purchases
- Welcome bonus: None
- Rewards: None
- Annual fee: $0
- Intro APR: 0 percent intro APR for 21 billing cycles on purchases and balance transfers made in the first 60 days (a 3 percent fee)
- Regular APR: 16.24 percent to 26.24 percent variable APR
The BankAmericard® credit card is one of the best cards on the market if you’re looking to pay off debt or chip away at new expenses over time while avoiding interest.
You can enjoy a 0 percent introductory APR for 21 billing cycles on both new purchases and balance transfers made within your first 60 days as a cardholder (after which a 16.24 percent to 26.24 percent variable APR applies). That’s one of the longest zero-interest periods on the market, so this card is definitely worth a look for debt consolidators.
Since your payments during this intro APR period will go directly toward your principal balance instead of partially covering interest charges, you’ll likely make progress on paying off balances much faster. And while you’ll have to pay a 3 percent fee if you move forward with a balance transfer, this is on the low end compared to the many competing cards that charge balance transfer fees up to 5 percent.
How to increase your chances of getting a prequalified offer
It can be disappointing to apply for a great credit card and have your application rejected, but by prequalifying, you can see which cards you qualify for ahead of time without hurting your credit.
Here are our top tips for securing great prequalified credit card offers.
Make on-time payments
The most important factor influencing your credit score is your history of on-time payments. If you miss even a few payments, it could have a serious impact on your credit score. The best way to continue to improve your credit is to make your payments on time each month.
Pay down debt
Aside from missed payments, one of the most significant factors when it comes to your credit score is your credit utilization.
The higher your credit utilization ratio, the worse it is for your credit score. You should aim to keep your credit utilization under 30 percent — with an ideal goal of under 10 percent.
Getting rid of your credit card debt is a surefire way to decrease your credit utilization and boost your score.
Review your credit report and dispute inaccuracies
Lenders use your credit report and credit score to determine whether or not your application for a credit card should be approved. If there are any negative errors on your credit report, it can hurt your credit score and make it more difficult to qualify for financial products like credit cards.
You should carefully review your credit report on a regular basis and dispute any inaccuracies with credit bureaus.
Consider a secured card
If you don’t qualify for a traditional credit card and are still working to raise your credit score, you should consider applying for a secured credit card instead.
Secured credit cards require an up-front deposit before you can open an account. By making on-time payments each month on your secured card, you can work to improve your credit score in order to qualify for other cards down the line.
Sign up for Experian Boost
Utility bills usually don’t show up on your credit report. This means that borrowers who pay utility bills on time each month may be missing out on a serious opportunity to boost their credit score.
Experian Boost makes it easy to add relevant utility bills to your credit score, which can reward you for a history of on-time payments. While Experian Boost won’t always raise your score, borrowers with thin credit files or a short credit history are more likely to experience a boost.
The bottom line
If you’re interested in a credit card from Bank of America, it’s a good idea to see if you prequalify before submitting an application. By using Bankrate’s CardMatch tool or Bank of America’s website, you can find out which cards you qualify for and compare offers without hurting your credit score. But first, be sure to review our list of the best Bank of America credit cards to ensure you’re choosing the right option for your needs.
The Bank of America content in this post was last updated on February 23, 2023.
Read the full article here
