Bank of America has a number of credit cards with no annual fee. These cards offer a variety of benefits and rewards, making it a great choice for consumers.
Capital One VentureOne Rewards Credit Card
If you’re looking for a travel rewards card that can be used for everyday purchases, then the Capital One VentureOne Rewards Credit Card is a good choice. It’s low-cost, easy to use, and comes with a variety of perks. This is a great option if you’re planning a trip, but it doesn’t offer as many travel benefits as the Bank of America Premium Rewards Credit Card.
The Capital One VentureOne offers an introductory 0% APR on purchases for the first 12 months. However, it does have a 3% balance transfer fee. In addition to this, the card includes a host of purchase protections. For example, Capital One will reimburse you for any shipping or handling fees and you won’t be held responsible for fraudulent charges.
Another great benefit of the Capital One VentureOne is that you can use the miles you earn to make purchases on other websites. These can include travel bookings made through the Capital One Travel website. You can also transfer the miles you’ve earned to other Capital One accounts.
Petal(r) 2 Visa(r) Credit Card
The Petal(r) 2 Visa(r) Credit Card offers an excellent starter card for young adults and borrowers with limited credit history. It reports to all three major credit bureaus, has no annual fee, and gives users a flat cash-back rate on purchases.
For applicants, the Petal card uses an algorithm to analyze your income, savings, and spending. It then rewards you with cash back for your on-time payments. These rewards are comparable to those of credit cards for good to excellent credit.
This card also offers budgeting tools that help borrowers visualize their spending. It also includes AutoPay and allows for responsible borrowing, which will boost your credit score.
However, this card does not work for people with deeply damaged credit histories. People who have filed for bankruptcy in the last 48 months will not be able to apply for this card.
U.S. Bank Triple Cash Rewards Visa(r) Business Card
US Bank Business Triple Cash Rewards Visa(r) Business Card is a good option for business owners who are seeking a card that offers rewards. This card also has no annual fee and a high sign up bonus.
The $500 sign up bonus is offered to account owners who spend $4,500 within the first 150 days of card ownership. During the first 12 months, the Introductory 0% Annual Percentage Rate applies to balance transfers. After that, the Balance Transfer APR will apply.
The Business Triple Cash Rewards card offers 3% cash back on a variety of eligible purchases. Some of the eligible categories include restaurants, office supply stores, gas stations, and cell phone service providers. However, some of these categories are limited. If you frequently purchase items from a specific category, you may find that this card is not for you.
Customized Cash Rewards
Bank of America’s Customized Cash Rewards credit card offers a flexible rewards program. Cardholders can choose one of six 3% cash back bonus categories. The bonus is based on spending within the category.
Unlike many cash back cards, the Customized Cash Rewards credit card has a quarterly spending cap. If you exceed the spending limit, your rewards will be reduced. You can redeem your statement credit for direct deposit into an eligible Bank of America account. This method is easy, but it will require you to have at least $25 in cash rewards.
In addition to the 3% cash back bonus category, the Bank of America Customized Cash Rewards card offers 1% cash back for all other purchases. There are no annual fees. Applicants must have a good to excellent credit score.
Bank of America Preferred Rewards credit cards offers an excellent cash back rate. You can also use the Preferred Rewards bonus to boost your earnings. Depending on the tier you are in, you can earn either 2.6 or 3.5 points for every dollar you spend.
In addition to earning points, you can take advantage of other benefits offered by the program. For example, you can receive a TSA PreCheck application fee credit every four years. Plus, you can use the Bank of America Visa Signature card to get 3% cash back at gas stations, dining, and drug stores.
The Bank of America Preferred Rewards program offers five tiers. Each tier has its own set of qualifying criteria. Generally, to be in the top tier, you must hold a combined balance of at least $100,000 in your bank accounts. This includes both deposit and investment accounts.