Key Insights at a Glance
- Both Bank of America and Chase present a variety of credit cards ranging from cashback to travel rewards.
- Bank of America shines with its Preferred Rewards program, rewarding loyal customers banking with them, while Chase is celebrated for its Chase Ultimate Rewards, famed for lucrative travel redemptions.
- If you’re rebuilding credit, new to credit cards, or already a Bank of America client, the former might be your best bet.
- Those sporting good to excellent credit and craving premium perks will likely prefer Chase.
Decoding Your Next Card: A Quick Prep
Before jumping headfirst into acquiring a new credit card, mulling over the key issuers, their unique card varieties, reward schemes, and perks is crucial. A classic showdown in this realm is Chase Bank versus Bank of America, mainly because both banks dish out popular cards that let you rack up flexible rewards on your everyday spending.
Whether you’ve zeroed in on a couple of cards or seek a broad-strokes side-by-side of cashback and travel credit cards from these financial behemoths, this overview sharpens your decision-making on which giant to back for your next plastic companion.
Bank of America vs. Chase: At a Glance
Bank of America spreads its network with approximately 3,700 retail branches scattered across the country and a hefty ATM count near 15,000. Its card lineup covers over 20 options, including rewards-oriented cards, secured ones for credit newbies, student cards, co-branded airline cards, and beyond.
Chase boasts an even broader footprint with more than 4,700 locations nationwide, supplemented by over 15,000 ATMs. Its portfolio encompasses close to 40 cards, spanning from rewards and student cards to co-branded airline, hotel cards, and niche choices like Disney and Amazon cards, plus business credit cards.
Issuer Profiles in a Nutshell
| Signature Strength | Rich rewards ecosystem backed by Preferred Rewards | Highly sought-after travel credit cards |
| Rewards Programs |
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| Distinctive Card Perks | Preferred Rewards members enjoy boosted points or cashback rates | Elevated points value on travel booked via Chase Travel℠ portal |
| Approval Limits | Bank of America’s 2/3/4 rule restricts approvals | Chase’s notorious 5/24 rule applies |
| Mobile Banking Access | Fully supported | Available with advanced security features |
Digging Deeper: Rewards Programs Unpacked
When sizing up Chase against Bank of America, wrapping your head around their rewards engines is non-negotiable. Bank of America’s program, for instance, lets cardholders rack up anywhere between 25% to 75% extra rewards per dollar spent. So, if your card nets you 3% cashback in select categories, that could swell up to a juicy 5.25% with the right Preferred Rewards tier.
Unlocking this treasure trove requires holding an eligible Bank of America checking account and maintaining a combined average daily balance north of $20,000 across qualifying BofA or Merrill accounts over three months.
Breakdown of Preferred Rewards Tiers
| Gold | $20,000 | 25% |
| Platinum | $50,000 | 50% |
| Platinum Honors | $100,000 | 75% |
| Diamond | $1 million – $9.99 million | 75% |
| Diamond Honors | $10 million+ | 75% |
Chase’s crown jewel is its Ultimate Rewards program, heralded for the versatility and value of its points – arguably one of the most potent credit card reward currencies out there. Points shine brightest when redeemed for travel via Chase Travel℠ or transferred to a fleet of airline and hotel partners.
Travel Rewards Breakdown
Chase ups the ante by letting certain travel cardholders redeem points for 25% to 50% extra value through its travel portal, amping up the rewards haul.
On the flip side, Bank of America offers BankAmeriDeals — a shopping rewards program accessible to both credit card and checking customers. Activation and purchase with the linked card, sometimes via special referral links, are necessary to score deals.
Chase Offers functions similarly to BankAmeriDeals but exclusively caters to Chase cardholders with points-earning credentials.
Reward Redemption & Card Benefits
Bank of America
Bank of America cashback cards typically come wrapped with purchase protection, extended warranties, and tools for credit building. Elite cards offer premium travel perks like Visa Signature Luxury Hotel Collection access, plus protections such as trip delay insurance and collision damage waivers on rentals.
Chase
Chase’s suite frequently boasts no foreign transaction fees, trip cancellation/interruption insurance, baggage delay compensation, lost luggage reimbursement, auto rental collision damage waivers, and emergency travel assistance — a comprehensive safety net for jet-setters.
Standout Cards in the Lineup
| Premium Rewards Elite Annual Fee: $550 Save 20% on airfare when booking with points |
Freedom Flex® No annual fee Reimburse travel purchases including unique expenses like campgrounds, ferries |
| Cash Rewards Card No annual fee Customize monthly spending category for 3% cash back (up to $2,500 quarterly) 2% and 3% categories included |
Freedom Rise® No annual fee Flat 1.5% cash back on all purchases, boosted rates in select categories |
Approval Rules & Mobile Experience
Bank of America enforces a “2/3/4 rule” limiting new cards: maximum two in 30 days, three in 12 months, and four over 24 months.
Chase takes a stricter stance with its infamous “5/24 rule,” restricting card approvals if you’ve opened five or more cards from any issuer in the past 24 months. Specific families, like the Chase Sapphire lineup, include clauses barring new bonuses if you’ve had or earned one within 48 months.
Both banks provide seamless mobile banking with handy features such as fingerprint and face ID logins. Chase’s app extends to locking/unlocking cards and mobile check deposits, along with bill pay and tracking rewards seamlessly.
Who Should Lean Toward Chase?
- Strong Credit Standing: If your credit rating is good to outstanding and you crave premium rewards, Chase has you covered.
- Travel Enthusiasts: Chase’s robust travel rewards program, extensive transfer partners, and bonus redemption rates make it a standout.
- Existing Chase Cardholders: Pooling points across cards dramatically boosts point values, unlocking deeper rewards.
When Bank of America Might Be Your First Call
- Loyal Customers: The Preferred Rewards ecosystem offers substantial bonuses, especially valuable if you prefer no annual-fee cards.
- Credit Builders: With secured cards tailored for bad or no credit, Bank of America is often friendlier for those rebuilding credit profiles.
Additionally, Bank of America allows you to check prequalified credit card offers online without a ding to your credit score—helpful for gauging your odds before applying.
Summary: Tag-Team or Solo Champion?
While both Chase and Bank of America deliver compelling credit card opportunities, they cater to different crowds. Chase dominates for travel rewards and premium perks, whereas Bank of America appeals strongly to loyal customers and credit newcomers.
Should neither align perfectly with your needs, don’t forget to explore other heavyweights like American Express, Capital One, Citi, Discover, and Wells Fargo.
*The details on Bank of America® Premium Rewards® Elite and Chase Freedom cards were collated independently and have not been endorsed by the card issuers.
The Bank of America content here was refreshed as of June 10, 2025.