Bank of America Credit Card Benefits Guide: Travel, Earn, and Protect

Traveling with a Bank of America credit card can be a breeze, thanks to benefits like no foreign transaction fees, which means you won't have to worry about extra charges when using your card abroad.

You can also earn travel rewards with Bank of America credit cards, such as points or miles that can be redeemed for flights, hotel stays, or other travel expenses.

One notable benefit of Bank of America credit cards is purchase protection, which can refund or replace items that are damaged, stolen, or lost within a certain time frame.

Bank of America credit cards also offer extended warranty protection, doubling the manufacturer's warranty on eligible items.

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The Bank of America credit card benefits guide is a treasure trove of perks, and we're excited to share the key takeaways with you.

You can earn cash back on your purchases with the Bank of America Customized Cash Rewards credit card, which offers a respectable cash back rate and the ability to select and change your top-earning bonus category each month.

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Bank of America Preferred Rewards members can earn additional cash back on top of the card's standard rewards, making it a great option for those who already bank with Bank of America.

However, quarterly spending caps and a lower welcome bonus mean this card may not be the best choice for all consumers.

The Bank of America Premium Rewards credit card offers a variety of travel benefits and protections, including trip delay reimbursement and emergency assistance services.

You can also earn purchase protections and extended warranties with this card, giving you peace of mind while shopping.

If you're a Bank of America Preferred Rewards member, you can maximize the card's potential and earn 25 percent to 75 percent more in rewards points.

Here are some Bank of America credit cards that offer rental car insurance coverage:

The Bank of America Premium Rewards Elite Credit Card offers primary rental car insurance coverage, which means you don't need to make a claim with any other insurance policy before using this benefit.

The other cards mentioned offer secondary coverage, which kicks in after any other applicable insurance has been used.

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The Bank of America Customized Cash Rewards credit card offers a range of benefits for consumers. You can earn a generous 3% cash back in one of six categories of your choice each calendar month, including gas, online shopping, dining, travel, drugstores, and home improvement.

The card also earns 2% back at grocery stores and wholesale clubs and 1% back on everything else. However, there's a spending limit of $2,500 in combined purchases each quarter for the 3% and 2% categories.

To maximize your rewards, change your top earning category periodically based on your spending plans. You can switch your 3 percent back category once each calendar month.

Make sure you earn the welcome offer by spending at least $1,000 on purchases within 90 days of account opening. This will earn you $200 in bonus cash back.

To avoid paying interest, pay off the balance before the intro APR period ends. This will save you from paying off debt at the card's higher variable APR.

Here are the six categories where you can earn 3% cash back:

The Bank of America Premium Rewards credit card offers some excellent purchase protections that can give you peace of mind when making purchases. You can get up to $10,000 per claim for eligible items damaged or stolen within 90 days of purchase.

Here are some details on the purchase protection benefits:

You can also get extended warranties, which allows you to extend the period of the manufacturer's warranty for up to one additional year on items purchased with your credit card.

The Bank of America Premium Rewards credit card offers purchase protections that can give you peace of mind when making purchases.

You can get up to $10,000 per claim for eligible items damaged or stolen within 90 days of purchase.

Return protection allows you to return items you’re unsatisfied with and can help cover your costs if the retailer will not accept the return.

Coverage is limited to $250 per eligible item and up to $1,000 annually.

The item must be returned in like-new/good condition within 90 days of purchase.

Extended warranties can be purchased to add up to one additional year of warranty protection on items that come with a manufacturer’s warranty of three years or less.

Here's a breakdown of the purchase protections offered by the Bank of America Premium Rewards credit card:

The intro APR period is a great feature for those who want to save money on interest charges. You'll get a special introductory APR that applies to both purchases and balance transfers.

This APR is only available for a limited time, so make sure to take advantage of it. The intro APR period is (see terms) long, giving you plenty of time to pay off your balance before the regular APR kicks in.

To qualify for the intro APR, you'll need to make your balance transfers within the first 60 days. After that, the regular APR of 18.24% - 28.24% Variable APR will apply to both purchases and balance transfers.

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To maximize your rewards earnings with Bank of America credit cards, you'll want to qualify for at least Platinum Honors status and be eligible for the 75% bonus on your credit card rewards. This bonus can be a game-changer for those hungry for cash-back.

Bank of America's Preferred Rewards program offers a range of benefits, including a credit card rewards bonus, savings interest rate booster, and mortgage perks. The credit card rewards bonus is a key benefit, and it's worth noting that Platinum and Platinum Honors members can earn a 50% and 75% rewards bonus, respectively.

Here's a breakdown of the rewards bonus on select Bank of America cards:

To earn the Preferred Rewards bonus, you'll need to have an active, eligible Bank of America account and a three-month combined average daily balance of $20,000 or more in eligible Bank of America or Merrill accounts. Bank of America will automatically enroll you in the program once these requirements are met.

With top-tier Diamond Honors status, you can earn up to 3.5% return on spending, which is a great rate for those looking to maximize their cash-back earnings. To achieve this, you'll need to meet the requirements for Diamond Honors status, which includes a three-month combined average daily balance of $10,000,000 or more in eligible Bank of America or Merrill accounts.

Overall, Bank of America's Preferred Rewards program offers a range of benefits that can help you maximize your rewards earnings. By qualifying for Platinum or Platinum Honors status, you can earn a 50% or 75% rewards bonus on select Bank of America cards, which can add up to significant savings over time.

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The Bank of America Customized Cash Rewards credit card comes with a range of Visa Signature benefits that can be useful for frequent travelers, including travel benefits.

Some of the main Visa Signature travel benefits include trip cancellation insurance, trip interruption insurance, and travel accident insurance.

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The Bank of America Travel Rewards credit card offers car rental insurance in the form of an auto rental collision damage waiver, which can provide peace of mind when renting a car.

This type of waiver is typically secondary, meaning it will only take effect after a claim has been made with any other applicable insurance.

Here are some notable card benefits:

Traveling with a credit card can be a great way to earn rewards and benefits, especially if you have the right card. The Bank of America Customized Cash Rewards card offers a range of Visa Signature benefits for frequent travelers.

You can earn 2.625% cash back toward travel purchases made with the card, thanks to earning 1.5 points per dollar spent on everything plus a 75% Preferred Rewards bonus as a Platinum Honors (or higher) Preferred Rewards member.

The Bank of America Travel Rewards credit card offers car rental insurance in the form of an auto rental collision damage waiver, which covers you against damage due to a collision or theft of the vehicle.

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To qualify for the car rental insurance benefit, you'll need to use the card to pay for the rental and decline the rental company's collision damage waiver. You'll also need to have other applicable insurance, such as your personal car insurance company.

If you're renting a car, consider the Bank of America Travel Rewards credit card, which offers a sign-up bonus of 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.

Here are some benefits of renting a car with a credit card:

As a traveler, you're likely to encounter foreign currency exchange fees at some point. All Preferred Rewards members will get some form of discount for foreign currency orders through online banking or the mobile banking app.

The discount amount varies depending on your status tier, with Preferred Rewards members receiving a discount between 1% and 2%.

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With Bank of America credit cards, you can have peace of mind knowing your purchases are protected. Bank of America will block fraudsters and notify you of any fraudulent activity thanks to its $0 Liability Guarantee.

You can customize fraud alerts within your online account or mobile app. This feature is a great way to stay on top of your account activity and prevent any potential issues.

Bank of America Premium Rewards credit card offers several purchase protections that automatically apply to eligible purchases. Here are some of the key benefits:

Extended warranty protection is a valuable benefit offered by some credit cards, including the Bank of America Premium Rewards credit card. This perk adds up to one additional year of warranty protection on items that come with a manufacturer’s warranty of three years or less.

To qualify for extended warranty protection, you must pay for the item with your credit card. This means if you buy something with your Bank of America credit card, you'll get an extra year of warranty coverage.

Here are some key details about extended warranty protection:

Extended warranty protection can give you peace of mind when making purchases, knowing you have extra coverage in case something goes wrong.

Bank of America offers a $0 Liability Guarantee, which means they'll block fraudsters and notify you of any suspicious activity. This protection is included at no extra cost.

You can customize fraud alerts within your online account or mobile app, so you can stay on top of your account activity. This feature is especially useful for monitoring your account in real-time.

With Bank of America's $0 Liability Guarantee, you're protected from financial loss due to unauthorized transactions. This gives you peace of mind when using your account.

Here's a breakdown of the liability protection Bank of America offers:

To join the Bank of America Preferred Rewards program, you need to have an account with the bank and meet certain balance requirements, which can be found on their website.

There are five distinct tiers of Preferred Rewards status: Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors. Each tier offers unique benefits, but you can rise from one rung to the next any month after your average daily balance for the three previous months reaches the threshold for the following tier.

To qualify for Gold status, you need to have a balance of $20,000 to $49,999. With Gold status, you'll enjoy a 0.25% discount on auto loan interest rates, a discount of $200 on mortgage origination fees, and priority client service.

Here's a chart of the benefits associated with each Preferred Rewards tier:

To maximize the Bank of America Preferred Rewards program, you'll want to qualify for at least Platinum Honors and be eligible for the 75% bonus on your credit card rewards.

As a Bank of America credit card holder, you'll appreciate the flexibility when it comes to ATM fees and transactions.

You won't be charged non-Bank of America ATM fees, and you'll even receive a refund of the ATM operator or network fee for withdrawals, balance inquiries, and balance transfers.

Here's a breakdown of the free transaction benefits for different credit card tiers:

Non-Bank of America ATM fees in the U.S. are eligible for a refund for withdrawals, balance inquiries, and balance transfers.

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The Bank of America Customized Cash Rewards card is a solid choice for those looking for a cash back credit card, offering 3 percent back on your category of choice, up to $2,500 in combined 3 and 2 percent category purchases each quarter.

It's also worth noting that the card has no annual fee, a decent welcome bonus, and a generous introductory APR offer, making it a great option for those who want to avoid extra costs.

If you're already a Bank of America loyalist, this card is definitely worth considering, as it can help you maximize your rewards and benefits with the bank.

However, if you're not sure whether this card is right for you, it's essential to compare it to other cash back rewards credit cards to make an informed decision.

The Bank of America Preferred Rewards program can also be a game-changer, especially if you qualify for Platinum Honors, which can give you a 75% bonus on credit card earnings.

But, you need to meet the Platinum Honors threshold to make it worthwhile, so it's not a one-size-fits-all solution.

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