Bank of America credit cards have become synonymous with travel rewards. When Bank of America merged with MBNA a few years ago it instantly became one of the dominant players in the credit card industry. By joining with MBNA, Bank of America has now become the defacto leader in travel rewards credit cards.
In addition to a wide variety of travel rewards programs, there are also several cash back rebate deals and student credit card offers. Let us take a look at the features offered through Bank of America cards to see how they may, or may not, suit your financial needs.
1. Balance Transfers - Most Bank of America cards offer 0% APR on balance transfers for a period of 6 - 12 months. If you happen to carry a monthly balance on your current cards, you may want to consider taking advantage of a balance transfer offer to save money on interest payments. They also allow you to pay off more of the principle with the money you would have otherwise of been spending on interest.
2. 0% APR on Purchases - As an incentive to attract new customers, most credit card companies offer 0% interest on all new purchases for periods of 6 - 12 months. Bank of America cards feature these introductory offers as well. These types of deals can be beneficial to the consumer who is planning on making a sizable purchase and would like some time to pay it off in fill.
3. Rewards Programs - If you travel often then you will definitely want to take a look at the various travel rewards programs offered through B of A. There are many cards that are partnered with specific airlines and offer bonus miles for that carrier. Other rewards programs include cash back, merchandise, dining, hotels and more. Take your to time read over the terms of each offer to find one that may benefit you.
4. Fraud and Theft Protection - It is a rather unfortunate fact that new technologies often breed new opportunities for criminals. Credit card fraud has become a billion dollar business worldwide. In order to protect yourself, always choose a credit card that covers you with 100% protection against theft, fraud and unauthorized use, regardless of the bank or credit card issuer.
5. Annual Fees - Annual fees have become a bit of an afterthought when people review and compare credit cards. There is virtually no escaping balance transfer fees. They usually run at around 3%, but are capped at $150. Annual fees, however, are a different story. You will find that most travel reward credit cards have annual fees. Be sure to compare them and decide if the rewards warrant you paying those fees.
As with all credit card offers, the terms and conditions of the Bank of America credit cards that you are interested in should be studied carefully to determine if that offer is a good financial fit for you and your consumer needs. The best way to find the appropriate card for you is to do a side by side comparison of the benefits and features of each card you are interested in. Then, upon gathering all the facts, you will be prepared to apply for the card of your choice.
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