If you are looking for a credit card that can provide you with a credit line backed by the US banking system, you may be interested in exploring the options offered by Bank of America.
In the following article, we want to show you the benefits associated with Bank of America credit cards, the interest rates they apply, and the different ways to obtain one.
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About Bank of America Credit Cards
The Bank of America credit card is a short-term credit instrument that provides funding to various clients who are part of this institution’s portfolio.
Within the Bank of America catalog, you can find different versions of this product, such as the Customized Cash Rewards card, Unlimited Cash Rewards, Premium Rewards, and the student version.
Bank of America Credit Cards Features
Each version of these cards is associated with a specific benefit that differentiates them from each other, as they were designed to enhance the benefits for each type of customer.
- Cash Rewards Cards are ideal if you’re looking for a rewards program for your spending.
- The Travel Rewards version is linked to discounts on overseas spending, as well as providing facilities for frequent travelers.
- BankAmericard and Customized Cash focus more on offering an exclusive interest rate and providing broader credit limits.
Many of these cards have student versions, recognizing that this is also a demographic that often chooses short-term credit but with exclusive features that benefit them at the time of payment.
Interest Rates Associated with Bank of America Credit Cards
Each credit card is associated with a specific interest rate, which is also influenced by the transactions you make with them. Below we detail each case.
- The Unlimited Cash Rewards and Travel Rewards cards have an interest rate for purchases and transfers ranging from 17.99% to 27.99%. For cash advances, the rate is between 20.99% and 29.99%.
- The Bankamericard card has an associated rate between 15.99% and 25.99%.
- On the other hand, the Premium Rewards card has a rate between 19.99% and 26.99%.
- The Customized Cash Rewards card has an interest rate of 27.99%.
For many versions of this credit card, there is an exemption from interest payments for the first 18 months of use, as well as the annual fee.
Commissions Associated with Bank of America Credit Cards
In addition to the interest rates applied to transactions made with these cards, it’s important to note that certain commissions are also applicable, which are detailed below:
- For transfers, the commission will be either $10 or 5% of the billed amount.
- For cash advances, the commission will be $10 or 3% of the final transaction amount.
- For ATM transactions, the commission will be $10 or 5% of the amount withdrawn.
Furthermore, in case of delays in the agreed installment payments, you will be subject to significantly higher interest rates and penalties for falling into arrears.
Requirements to Apply for Bank of America Credit Cards
Any of the credit cards from Bank of America requires meeting certain requirements when applying. The most significant ones are mentioned below.
Be at least 18 years old to start the process.
- Be a legal resident in the United States.
- Have a stable source of income.
- Be domiciled within the country.
Of course, you must have a positive credit history to avoid your application being denied by the bank and falling into a waiting period that could delay enjoying the benefits.
Documents to Submit When Applying for Bank of America Credit Cards
In order to support compliance with the detailed requirements mentioned above, it is necessary to submit the following documents listed below.
- Social Security identification card or driver’s license.
- Current passport and US visa if you are a foreign national.
- Proof of residence registration.
- Employer-issued employment verification.
Bank of America reserves the right to request additional documents to supplement the assessment of your profile and determine whether the card should be approved.
How to Apply for the Bank of America Credit Card?
These credit cards have an advantage over others in the market, as you have the option of applying for them online or in person. For the online option, you just need to follow these steps.
- Go to the Bank of America website and choose the Credit Card that best suits your spending profile.
- Click on the “Apply Now” option.
- Fill out the form with your personal information and financial details.
- Click the “Continue” button to complete the process.
By following these simple steps, you will have completed the credit card application process, and you just have to wait for the credit analysis department to evaluate your profile and determine if it is approved or not.
Benefits of Applying to Bank of America’s Credit Cards
Bank of America offers a wide range of credit card options for you to choose from based on your spending profile. These cards come with several benefits, which we will detail below.
- They have a rewards program for accumulating points that can be redeemed for prizes.
- They offer a cashback program based on your spending.
- You can apply for multiple cards simultaneously.
- If you are a student or new to credit, there are options available for you as well.
However, one of the standout benefits is the option for online applications, which translates to less time spent on paperwork and visits to bank branches.
Contact Information for Bank of America
For more information about any of these cards, you can visit the main headquarters of Bank of America located on Charlotte Street in North Carolina, United States.
You can also request an online consultation from the bank’s digital platform by accessing the “Online Banking” section and filling out a form detailing the reasons for your request.
Phone Contact and Website of Bank of America
The number 800-732-9194 belongs to the Customer Service Department of Bank of America, and it is another alternative where you can request information or advice to obtain these cards.
You can also browse the Bank of America website and from the Credit Cards section, verify the specifications of each of the options presented.
Conclusion
Bank of America is an excellent institution that provides you with facilities to get started in the world of credit cards, thanks to the variety of options available in its service catalog.
Disclaimer: By opting for any of these credit cards, you must be aware that this entails assuming risks, and that’s why it’s necessary to read the terms and conditions issued by Bank of America.
