Issuer comparison: Bank of America vs. Chase

Before you sign up for a new credit card, it can help to compare a few major issuers and their unique card offerings, rewards structures and regular benefits and perks. One major comparison to take a look at is Chase Bank vs. Bank of America, mostly because both of these issuers offer popular rewards credit cards that can help you score flexible rewards for each dollar you spend.

Maybe you already have a couple of credit cards in mind, or maybe you want to do a basic comparison of all the cash back and travel credit cards each issuer offers. Either way, this guide will help you decide between two banking giants — Chase Bank vs. Bank of America — before you sign up for your next credit card.

Issuer overviews

Bank of America has around 3,700 retail financial centers nationwide and roughly 15,000 ATMs. Currently, this card issuer also boasts 22 different credit cards, which include rewards credit cards, co-branded airline credit cards, secured credit cards, student credit cards and more.

Chase, on the other hand, has more than 4,700 banking locations nationwide, as well as more than 15,000 ATMs. It also boasts 39 different credit cards, which include rewards credit cards, student credit cards, co-branded airline and hotel credit cards, Disney credit cards, Amazon credit cards and business credit cards. 

Here are some additional details about the two issuers:

Bank of America vs. Chase credit cards

Rewards programs

When comparing Chase vs. Bank of America, you’ll also want to learn about each issuer’s rewards program and determine which type of rewards you want to earn. Each issuer has a main flagship program that they advertise as a perk of their credit cards, along with additional programs that provide added value for both banking customers and credit cardholders. Let’s dive into them:

Flagship programs

Bank of America’s biggest draw is the lucrative ecosystem it creates with its banking and credit card clients, and it does this through the Bank of America Preferred Rewards program. This program allows Bank of America customers to earn 25 percent to 75 percent more rewards for each dollar they spend on their cards, meaning if you have a card that earns 3 percent cash back in certain categories, you can instead earn 3.75 percent to 5.25 percent cash back on each purchase.

To qualify for this program, you must have an eligible Bank of America checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America or Merrill accounts.

The minimum balance qualifications and rewards bonuses for each program tier are:

Chase’s flagship program is its lucrative Chase Ultimate Rewards program, which allows you to earn Chase Ultimate Rewards points, one of the most valuable credit card currencies on the market. These versatile points are especially valuable when redeemed for travel through the Chase Travel portal or when transferred to other travel partners. 

Travel programs

Chase’s travel program is Chase Ultimate Rewards, the same flagship program that brings so much value to its cards. This program provides access to the Chase Travel portal, where cardholders can book flights, rental cars, hotel stays, dining experiences and vacation experiences. One of the program’s biggest draws is that cardholders can transfer their Chase Ultimate Rewards points to travel partners — and Chase has quite a few of them. 

Plus, certain travel credit cardholders can redeem their points for travel for 25 percent to 50 percent more value through the portal, further boosting their value.

Bank of America also has a travel program — the Bank of America Travel Rewards program. You can rack up rewards points and use those to book travel through the Bank of America Travel Center, which is similar to Chase Travel. But unlike Chase, Bank of America doesn’t have any transfer partners. You’d only be able to use those points to either reimburse yourself for eligible purchases or to book flights, hotel stays, rental cars and resort stays.

Shopping programs

In addition to their flagship programs, both issuers offer shopping programs that can provide customers with special deals. Here’s a breakdown of each:

• BankAmeriDeals: This is a Bank of America program that offers cash back or discounts through certain retailers and service providers. BankAmeriDeals are available to both credit card and banking customers. To take advantage of these deals, you need to activate them and use your linked debit or credit card to complete your purchase. Sometimes, you’ll need to use an included referral link as well. 
• Chase Offers: Similar to BankAmeriDeals, Chase Offers allows you to earn cash back or discounts at select merchants and service providers. You need to activate them and pay with your linked card to get the deal. 
• Shop Through Chase: This Chase program is an online shopping portal through Chase Ultimate Rewards. With this portal, you use the referral links in each deal tile and earn points on your purchases. Shop Through Chase is only available to Chase cardholders with points-earning cards. 

Redemption options

Bank of America

Bank of America credit cards come with a number of potential redemption options. For example, depending on the card you have, you may be able to redeem your rewards for: 

• Statement credits
• Gift cards
• Deposits to an eligible Bank of America or Merrill account
• Bank of America Travel Center purchases

In some cases, such as with the Bank of America® Travel Rewards credit card, you can redeem your Bank of America travel rewards points to cover a wide range of travel and dining purchases, including flights, hotel stays, campgrounds, boat rentals, public transit, tourist attractions, restaurants, takeout, bars, nightclubs and many others.

Chase

In most cases, Chase Ultimate Rewards points can be redeemed for: 

• Direct deposits
• Statement credits
• Gift cards
• Merchandise
• Travel through Chase Travel
• Shopping at Amazon or via PayPal
• Apple products
• Chase dining or experiences

If you have a premium travel credit card, such as the Chase Sapphire Preferred or the Chase Sapphire Reserve, you can transfer your points to Chase travel partners at a 1:1 ratio.

Popular credit cards and card benefits

Cash back credit cards from Chase typically include extended warranty coverage, purchase protection and certain travel protections.

Meanwhile, some of the best travel credit cards from Chase come with benefits like 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. 

Cash back credit cards from Bank of America also typically include purchase protections and extended warranties, as well as credit-building tools. Premium credit cards might also include access to the Visa Signature Luxury Hotel Collection, as well as similar travel protections to Chase, like trip delay insurance and an auto rental collision damage waiver. 

Here’s a breakdown of some of the most popular cards from each issuer and what makes them stand out:

Approval restrictions

When it comes to getting approved for a Bank of America credit card, restrictions may apply. For example, you may face a 24-month rule — which says you cannot be approved if you have had the same card product within the last two years — for specific card offerings. Bank of America also reportedly has a 2/3/4 rule, which may limit you to two Bank of America credit cards in a 30-day period, three cards in a 12-month period and four cards in a 24-month period.

Chase also limits new credit card welcome bonuses and approvals within specific card families. For example, both Chase Sapphire cards have the following wording in their fine print: “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.”

In addition, there’s Chase’s 5/24 rule. This rule states that you cannot get approved for a Chase credit card if you have opened five or more cards — from any issuer — within the past 24 months.

Mobile banking

Bank of America has an award-winning digital banking platform that allows you to customize your dashboard, access your FICO score, transfer money, pay bills, deposit checks and more. You’ll also have the benefit of fingerprint sign-in, which can ward off hackers and thieves. Other security features you can access with the app include alerts for suspicious activity and zero fraud liability. 

Like Bank of America, Chase also offers a versatile mobile app. and lets you keep track of your credit card purchases, make payments and track your rewards using your mobile device. Chase banking customers can also benefit from perks like mobile check deposit, online bill pay and more. The Chase mobile app also supports fingerprint sign-in and facial recognition, and you can use the app to lock and unlock your credit card if it has been lost or stolen.

When is Chase the better credit card option?

• When you have good to excellent credit and want a premium rewards card

  Chase does not offer any credit cards for consumers with poor credit. In fact, all Chase credit cards are geared toward consumers with good to excellent credit, with the exception of the Chase Freedom Rise® Credit Card*, which is geared toward students and those with no credit.

   

• When you want your issuer to have a robust travel rewards program

  Although Bank of America offers some pretty nice incentives to customers who keep at least $20,000 in eligible accounts, Chase really stands out in terms of its travel rewards program. It has a robust transfer partner list, which Bank of America lacks, and offers boosted redemption rates for travel portal purchases with specific cards.

• When you already have other Chase credit cards

  Chase allows you to pool together rewards points from multiple cards into one account, making it especially rewarding to own more than one Chase card. For example, if you pool your points from a cash back card with one of the issuer’s Sapphire cards, then you’ll be able to boost the value of your points when you redeem them for travel or transfer them to a travel partner. Using the Chase trifecta is a well-known strategy for maximizing your credit card rewards this way. 

When is Bank of America the better credit card option?

• When you’re already a Bank of America loyalist

  Because of the Preferred Rewards program, existing Bank of America customers can score big with a Bank of America credit card. It makes sense to take advantage of this ecosystem, especially if you’re getting a no-annual-fee card.

• When you have poor credit, fair credit or no credit

  Since Bank of America offers secured credit cards for bad credit, this bank is likely a better option than Chase if you need to build credit or repair your credit.Bank of America also lets you check for prequalified credit card offers on its website without a hard inquiry on your credit report. This feature lets you enter basic information to find out which Bank of America cards you might be eligible for. However, there’s no guarantee you will ultimately be approved.

The bottom line

At the end of the day, both Chase and Bank of America have some pretty intriguing credit card offers. However, Chase really stands out in terms of its travel credit cards and redemption options for rewards, while Bank of America is more attractive if you’re a Bank of America Preferred Rewards customer or if you need to build or rebuild your credit.

If neither issuer seems like a good fit for you, there are other top card issuers to consider as well. If you want the best rewards credit card for your needs and goals, make sure you also consider options from American Express, Capital One, Citi, Discover and Wells Fargo.

*The information about the Bank of America® Premium Rewards® Elite credit card, Chase Freedom Flex® and Chase Freedom Rise® Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer. 

The Bank of America content in this post was last updated on October 25, 2024.