Having a Bank of America credit card means having a credit fund backed by the U.S. banking system, where in addition to benefiting from a payment plan tailored to your profile, you can enjoy multiple advantages.
In the following article, we want to show you the benefits offered by Bank of America credit cards, their features, and how to apply. Below, we present the content to explain.
- Are you familiar with Bank of America?
- Bank of America Credit Cards
- Interest Rates Applied to Bank of America Credit Cards
- Learn the Requirements for Applying for Bank of America Credit Cards
- How can I apply for a Bank of America credit card?
- Benefits of Bank of America Credit Cards
- Contact Information for Bank of America
Are you familiar with Bank of America?
Bank of America is one of the most financially stable banks in the United States, which not only ranks as the second-largest in the financial market but is also the most sought after by customers.
Although it began its operations in 2007, it has maintained an impeccable track record, achieving significant success and establishing itself as a multifaceted financial holding company.
In addition to its diverse catalog, Bank of America is characterized as a financial institution that provides its customers with the best advisory service combined with its online platform.
Services and Products in Bank of America’s Catalog
Bank of America is a financial institution that initially started in the market with a minimal range of products, but due to the strength of its principles, it has managed to diversify its catalog.
The exponential growth that this institution has experienced in recent years is noticeable, as its mission and vision as a company have been focused on meeting the needs of all its customers.
Among the products that are part of its offerings are savings accounts, checking accounts, home and auto loans, mortgages, and of course, credit cards.
Bank of America Credit Cards
Within the credit card catalog, you can find various versions of this product, each with distinct features that set them apart, as each one is tailored to a specific audience.
- Credit card with cash back rewards, where you can apply for the Customized Cash Rewards, Unlimited Cash Rewards, Premium Rewards, and Customized Cash Rewards for students;
- Cards with rewards for travel and also for accumulating points for purchases, where you can choose between the Travel Rewards, Premium Rewards, and Travel Rewards for students;
- Cards with low interest rates, where BankAmericard qualifies;
- Cards for building or rebuilding credit, where you can opt for the Customized Cash Rewards or the Unlimited Cash Rewards with a security deposit.
Within these specifications, there are also versions targeted at students, as Bank of America aims to cater to the demand of all consumer profiles in the market.
What are the characteristics of Bank of America Credit Cards?
All the cards from this institution have specifications that differentiate them from each other, understanding that each credit profile has distinct needs and spending habits.
- Customized Cash Rewards with a security deposit, which is ideal for home construction financing, and also includes a cash back program;
- Customized Cash Rewards for students, aimed at student audiences, who, in addition to enjoying a payable installment fund, will benefit from a preferential rate and the possibility of earning up to 3% in cash back;
- Travel Rewards, which not only allows you to enjoy discounts for foreign purchases but also provides the opportunity to accumulate redeemable reward points;
- BankAmericard is characterized by applying an exclusive interest rate factor.
These differences are based on each customer’s needs and were designed to personalize the benefits that each of these cards offers to those who apply for them.
Interest Rates Applied to Bank of America Credit Cards
This financial institution establishes a different interest rate factor for each credit card. Furthermore, the percentage varies based on the transaction you perform with the card.
- For the Customized Cash Rewards Card with a security deposit, the Annual Percentage Rate (APR) applied ranges from 18.24% to 28.24% for purchases;
- For the cards targeted at student populations and the Travel Rewards card, the bank applies an average interest rate ranging from 18.24% to 28.24%; 0%† For purchases made within the first 15 billing cycles and for balance transfers conducted within the first 60 days of your account creation, there is an introductory APR.
- BankAmericard applies an interest rate between 16.24% – 26.24%. All balance transfers are subject to a 3% charge.
For all credit cards, Bank of America waives the payment of interest for the first 15 or 18 billing cycles.
Fees Applied for Using Bank of America Credit Cards
In addition to the interest rate established by Bank of America linked to purchases and transactions, you must also consider the fees applied for various transactions.
- For balance transfers, in addition to the net amount, you must pay a balance transfer fee, which is $10 or 3% of the total;
- Cash advance transactions also incur a fee, with the fee being the greater of $10 or 3% of the total cash advance amount;
- For transactions conducted at ATMs, you’ll need to pay either $10 or 5% of the amount withdrawn.
Late payments will not only result in a different interest rate applied to the outstanding balance but will also incur a penalty for the late payment status.
Know the Requirements for Applying for Bank of America Credit Cards
Bank of America specifies in its terms and conditions that to apply for any of these credit cards, you need to meet certain requirements detailed below.
- Minimum age of 18 years.
- Legal residency in any location within the United States.
- Completion of the online application process.
- Stable employment with verifiable income, and a work history of at least 3 months.
- Possession of valid identification. If you are a foreigner, your stay within the country must be within legal limits.
- Registered legal address.
- Additionally, it is essential to have a positive credit history, as this is a requirement for the approval of any of these credit cards by the institution.
Documents to Submit for Applying to Bank of America Credit Cards
After meeting the requirements set by the institution, you need to submit a series of documents that serve to verify the accuracy of the information provided to the bank:
- Social Security identification, driver’s license, employment identification card with your address and photo. If you lack any of these, you can provide a utility bill in your name.
- If you are not a U.S. citizen, you must submit your valid passport and U.S. immigrant visa. You should also include the border crossing card identified with the code DSP-150.
- Certificate of residence registration or, if not available, a utility bill in your name with your address.
- Proof of employment or the most recent pay stub received in your personal account. This document should include the issuing organization’s details. If required by Bank of America, you may need to submit any other legal document that is useful to the credit analysis department, allowing them to validate the information provided in the application form.
How Can I Apply for a Bank of America Credit Card?
The application process for any of these credit cards is entirely online. So, all you need is an electronic device and follow the steps detailed here.
- Visit the Bank of America website and click on the “Credit Cards” section.
- After analyzing and studying the specifications and benefits of each card, select the one that best suits your needs and provides a credit limit you can manage.
- On the card’s specifications page, locate the “Apply Now” button.
- Clicking the button will take you to a form where you need to enter your personal information and financial details. Save the entered information using the provided button.
- Click “Continue” to finalize the process.
Your application will be sent to the credit analysis department immediately, where they will determine if your profile meets the criteria for any of these cards.
How to Apply for a Bank of America Credit Card In Person
If you find technology challenging and prefer to apply in person, you can visit any bank branch and fulfill the required conditions.
At the bank, provide the previously mentioned documents and attach them to the printed application form, which you can obtain from the Bank of America website or request from.
To further streamline the process, the bank allows you to apply for any of these credit cards over the phone by calling 800-932-2775.
Benefits of Bank of America Credit Cards
In addition to the diverse range of options available and the potential for these cards to perfectly suit your needs, we want to highlight the most significant benefits of obtaining any of these tools.
- They offer a rewards program known as Preferred Rewards, where you can accumulate up to 75% of base points.
- These points can be redeemed for various products, airline tickets, accommodations, itineraries, and even stays at major hotels in the United States.
- You have multiple options for applying for any of these cards.
- The required documents are easy to obtain.
- You can apply for multiple cards simultaneously.
- If you are a student or new to the world of credit, there is an ideal option for you.
However, one of the most notable benefits is related to security. These cards are backed by an organization that protects each of your transactions and your personal information.
Disadvantages of Applying for a Bank of America Credit Card
Although all of them are viable options, it’s important to note that one of the disadvantages is the application of potentially high fees, especially when it comes to the student population.
However, this is considered manageable for those with a significant amount of capital or for customers with a strong credit history within the banking market.
Contact Information for Bank of America
If you need more detailed information about any of Bank of America’s credit cards, we invite you to visit the main headquarters of the bank located on Charlotte Street in North Carolina.
If you prefer online assistance, you can request a virtual appointment through the digital platform by accessing the “Online Banking” section, where you will need to fill out a form.
Phone and Website of Bank of America
To apply for the card over the phone or seek assistance from a financial advisor, you can contact the Customer Service Department at the number 800-732-9194.
If you need to understand the parameters and conditions for applying for any of these cards, visit the Bank of America website and locate the relevant information in the main menu.
Any option you choose from Bank of America’s credit card catalog requires prior analysis to determine if you are capable of assuming that debt.
Disclaimer: We recommend that you carefully consider the risks associated with applying for any of these credit cards. To do so, you should read the terms and conditions provided by Bank of America.