Issuer comparison: Bank of America vs. Chase

Before you apply for a new credit card, it might be helpful to evaluate a few major issuers and their distinctive card offers, rewards systems, and regular advantages and perks. This can be done before you sign up for the new credit card. One of the most important comparisons to look into is that between Chase Bank and Bank of America. This is mostly due to the fact that both of these issuers provide popular rewards credit cards that may assist you in accumulating flexible rewards for each dollar that you spend.

Selective focus on a young lady sitting on a bed with a tabby cat as she uses her laptop and is carrying a credit card.

Selective focus on a young lady sitting on a bed with a tabby cat as she uses her laptop and is carrying a credit card.

It’s possible that you already have a few of credit cards in mind, or it’s possible that you want to make a basic comparison of all of the cash back and travel credit cards that each issuer provides. Before you apply for your new credit card, use our comparison guide to help you choose between two of the most prominent financial institutions in the world: Chase Bank and Bank of America.

An introduction to Bank of America

Bank of America has over 4,000 retail banking facilities and around 16,000 automated teller machines throughout the country. This card issuer now offers a total of 19 unique credit cards, some of which include rewards programs, co-branded airline credit cards, secured credit cards, student credit cards, and more.

If you’re curious about the perks that come with a Bank of America credit card, the answer is that it depends entirely on the specific card offer that you choose to sign up for. Some credit cards come with cash back incentives or sign-up bonuses, while others provide reduced continuing interest rates, an initial annual percentage rate (APR) offer, or tools to help improve credit.

On the other hand, the premium credit cards provided by Bank of America are likely to come with an even greater number of bonuses. For instance, the Bank of America® Premium Rewards® credit card includes benefits such as up to $100 in airline incidental credits annually, up to a $100 credit for Global Entry or TSA PreCheck, access to the Visa Signature Luxury Hotel Collection, trip delay insurance, trip cancellation/interruption coverage, baggage delay insurance, a lost luggage reimbursement, an auto rental collision damage waiver, and emergency evacuation and transportation coverage. All of these benefits come standard with the card. The extended warranty coverage, purchase protection, and return protection that come standard with this card are also included.

Probability of approval and applicable constraints

If you need to establish credit or repair your credit, it is probable that Bank of America is a better alternative than Chase for you to work with since this bank provides secured credit cards for those with terrible credit.

You should also be aware that Bank of America allows you to search for prequalified credit card offers on their website without doing a hard inquiry on your credit report. This is an important feature that should not be overlooked. You may find out which Bank of America credit cards you could be qualified for by using this function, which allows you provide some basic information about yourself. However, there is no assurance that your application will be accepted in the end.

It is important to keep in mind that you may be subject to certain limitations in order to be authorized for a credit card from Bank of America. For some card products, for instance, you can be required to comply with a 24-month restriction, which states that you are not eligible for approval if you have used the same card product within the previous two years. Reportedly, Bank of America also has a restriction known as the 2/3/4 rule, which states that you are only allowed to open a maximum of two Bank of America credit cards every 30 days, three credit cards every 12 months, and four credit cards every 24 months.

Mobile banking

Bank of America has an award-winning digital banking platform that is currently accessed by 55 million mobile users. If you are looking for a credit card that will allow you to track your purchases, payments, and rewards with your mobile device, you should know that Bank of America has this capability. If you are looking for a credit card, you should know that. You will be able to personalize your dashboard, have access to your FICO score, transfer money, pay bills, deposit checks, and do a variety of other banking functions using the Bank of America mobile app. You will also have the advantage of fingerprint sign-in, which is an additional layer of security that helps deter criminals such as hackers. A number of additional safety measures, such as notifications for suspicious behavior and complete immunity from responsibility for fraud, are accessible via the app.

An overview of Chase Bank

More than 4,700 Chase banking branches may be found throughout the United States, and the company also operates more than 16,000 automated teller machines. In addition to that, it offers a total of 36 different credit cards, including corporate credit cards, student credit cards, co-branded credit cards with airlines and hotels, Disney credit cards, Amazon credit cards, and student credit cards.

In most cases, welcome offers, extended warranty coverage, purchase protection, trip cancellation/interruption insurance, a vehicle rental collision damage waiver, and travel and emergency support services are included with cash back credit cards issued by Chase. Other advantages may include safety for your mobile phone or special offers from local businesses.

In the meantime, some of the best travel credit cards from Chase come with benefits such as 1:1 point transfers to airline and hotel partners, no foreign transaction fees, trip cancellation/interruption insurance, baggage delay insurance or a lost luggage reimbursement, an auto rental collision damage waiver, a trip delay reimbursement, and emergency travel assistance or evacuation coverage. These benefits can be found on some of the best travel credit cards from Chase. Access to airport lounges, an annual travel credit of up to $300, and a credit of up to $100 against the cost of Global Entry, TSA PreCheck, or NEXUS are just a few of the numerous perks that come with the Chase Sapphire Reserve® credit card, which is a premium travel credit card. Other features include:

Probability of approval and applicable constraints

Chase does not provide any kind of credit cards to customers who have a history of having low credit. In point of fact, individuals with good credit or better are targeted by each and every one of Chase’s credit card offerings.

Chase also has restrictions on the amount of welcome incentives and approvals for brand new credit cards within certain card families. For instance, the fine print of both the Chase Sapphire Reserve and the Chase Sapphire Preferred® Card includes the following phrase: “This product is available to you if you do not have any Sapphire card and have not received a new cardmember bonus for any Sapphire card in the past 48 months.” The Chase Sapphire Reserve and the Chase Sapphire Preferred® Card are both part of the Chase Sapphire family of credit cards.

In addition, before to submitting an application for a new credit card from Chase, you should be aware of the 5/24 restriction that Chase has in place. According to this guideline, you will not be granted approval for a credit card from Chase if, during the last twenty-four months, you have opened five or more cards from any issuer other than Chase.

Mobile banking

Chase, much like Bank of America, has a mobile app that can perform a wide variety of functions. Using the app on your mobile device, you are able to monitor and keep track of your credit card transactions, as well as make payments and monitor your rewards. Customers who bank with Chase may take use of a variety of benefits, including mobile check deposits, online bill payment, and more. You may use the Chase mobile app to lock and unlock your credit card in the event that it has been lost or stolen. In addition, the Chase mobile app enables fingerprint sign-in and face recognition.

The Rewards Programs Offered by Chase and Bank of America

When deciding between Chase and Bank of America, you should also educate yourself on the rewards programs offered by each issuer and consider the different kinds of rewards you are interested in earning.

Credit cards issued by Bank of America come with a variety of different possible redemption choices. You may be able to redeem your points, for instance, for statement credits, gift cards, deposits to an eligible Bank of America or Merrill account, or purchases made at a Bank of America Travel Center, depending on the card that you have.

Your Bank of America travel rewards points can be redeemed for statement credits in certain circumstances, such as when you use the Bank of America® Travel Rewards credit card. These statement credits can be used to cover a wide variety of travel and dining purchases, such as airfare, hotel stays, campground fees, boat rentals, public transportation, tourist attractions, restaurants, takeout, bars, nightclubs, and many other types of establishments.

In addition, please be aware that the Bank of America travel cards do not at the present time have the opportunity to transfer points to airline or hotel loyalty programs.

Even while the Bank of America Preferred Rewards program isn’t technically a credit card points program, it does enable Bank of America users to earn anywhere from 25 percent to 75 percent extra rewards for every dollar they spend using their cards.

In order to be eligible for this program, you are need to have a checking account with Bank of America that is eligible and a combined average daily balance of $20,000 or more in eligible Bank of America or Merrill accounts that has been maintained for at least three months.

The following are the minimum balance requirements, as well as the rewards incentives, for each of the program tiers:

The incentives bonus that you will get has the potential to make a significant impact. For instance, the Bank of America Premium Rewards card typically awards 2X points on expenditures made for travel and dining while awarding 1.5X points on all other transactions made with the card. On the other hand, Platinum Honors members who use this card receive 3.5X points on purchases made for travel and dining and 2.62X points on purchases made for everything else.

The Chase Ultimate Rewards program is compatible with a variety of Chase’s most popular credit cards, including cash back cards, travel rewards cards, and travel rewards cards. The majority of the time, Chase Ultimate Rewards points may be redeemed for cash back, direct deposits, statement credits, gift cards, goods, travel, buying at Amazon or through PayPal, Apple items, and Chase dining or experience opportunities. You may even transfer your points to Chase travel partners at a ratio of 1:1 if you hold a premium travel credit card from Chase, such as the Chase Sapphire Preferred or the Chase Sapphire Reserve. These cards are known as the “Chase Sapphire” series.

Partners in travel and incentives offered by Chase

Chase’s travel rewards program truly stands out from the competition, despite the fact that Bank of America provides some very excellent benefits to clients who hold at least $20,000 in qualifying accounts, and despite the fact that Bank of America does so. For instance, when you redeem your points for travel with certain Chase credit cards, you get a greater value for those points. To be more specific, if you redeem your points for travel through Chase Ultimate Rewards with the Chase Sapphire Reserve, you will receive a points boost equal to 50 percent of the original number of points. If you redeem your points for travel with the Chase Sapphire Preferred or the Ink Business Preferred® Credit Card, you will receive a points boost equal to 25 percent of the original number of points.

Leave a Comment