What Bank of America offers new cardholders
Bank of America runs several credit cards, and most offer a cash bonus or points bonus when you open an account and spend a certain amount within a set timeframe. The bonus amount and spending requirement change based on which card you choose and when you open it. Right now, Bank of America advertises different offers for different cards — some offer cash back, others offer points you can redeem for travel or statement credits.
The bonus is not automatic. You have to meet the spending requirement — usually between $500 and $3,000 in purchases within the first three to six months — before the bank deposits the bonus into your account. The bonus typically arrives 8 to 12 weeks after you meet the requirement, though this varies by card.
Bank of America does not advertise all its card offers in the same place. The main offers appear on their credit cards homepage, but some cards show different bonuses depending on whether you are already a Bank of America customer, whether you have a checking account with them, or how you access the offer. Calling their phone line or visiting a branch may show you different current offers than the website does.
Key Takeaways
- Most Bank of America credit card bonuses require you to spend a specific amount — usually $500 to $3,000 — within three to six months of opening the account.
- The bonus arrives 8 to 12 weeks after you meet the spending requirement, not when you open the card.
- Different offers may be shown to existing Bank of America customers versus new customers, and offers change throughout the year.
- You pay an annual fee on some cards but not others; the bonus must be large enough to offset the fee if you plan to close the card after earning it.
- The spending requirement counts only new purchases made after the account opens, not balance transfers or cash advances.
How the spending requirement works
The spending requirement is the dollar amount you must charge to the card within a specific window — usually three, four, or six months from the account opening date. Only new purchases count. Balance transfers (moving debt from another card), cash advances, and fees do not count toward the requirement.
If you do not meet the requirement by the important date, you do not receive the bonus. There is no partial credit for getting close. The card itself remains open and usable; you straightforward do not get the promotional bonus.
The spending requirement is designed to be reachable for most people who actually plan to use the card. A $1,500 requirement over six months averages to $250 per month. If you already spend that amount on groceries, gas, or other regular purchases, you can redirect those purchases to the new card and meet the requirement without changing your budget.
Annual fees and whether the bonus covers them
Some Bank of America cards charge an annual fee ($95, $150, or higher), while others charge no annual fee. The card's product page lists the fee clearly. If a card charges $95 per year and offers a $200 bonus, the net benefit to you is $105 after the first year — assuming you earn the bonus and do not use the card again.
If you plan to close the card after earning the bonus, calculate whether the bonus exceeds the annual fee. A $500 bonus on a card with a $95 annual fee is worth $405 to you in year one. A $150 bonus on the same card is worth only $55. Cards with no annual fee eliminate this math entirely — you get the full bonus value.
Many people keep cards open after earning the bonus to avoid closing accounts, which can affect credit scores. If you keep the card open, you will pay the annual fee every year unless you cancel. Some cardholders use the card occasionally to justify the fee; others close it after a year or two.
How the bonus appears in your account
After you meet the spending requirement, the bonus does not appear when ready. Bank of America typically processes it 8 to 12 weeks later, though the exact timeline varies by card. You can check your account status online or call customer service to confirm whether you have met the requirement.
Cash bonuses post as a credit to your statement — a negative balance that reduces what you owe. If you have a $0 balance when the bonus posts, your account will show a credit (money the bank owes you). You can use this credit to make purchases, or you can request a check or transfer to your Bank of America checking account.
Points bonuses post to your rewards account, not directly to your statement. You then redeem those points through Bank of America's rewards portal, which offers options like cash back, travel bookings, or statement credits. The redemption value of points varies; Bank of America typically allows you to redeem at 1 cent per point for cash back, though travel redemptions may be worth more.
Comparing Bank of America cards to other banks
Bank of America is one of many banks offering credit card bonuses. The bonus amounts, spending requirements, and card features differ across banks. A $200 cash bonus from Bank of America might be comparable to a $250 bonus from another bank if the other bank requires $5,000 in spending instead of $1,500.
The value of a bonus also depends on the card's ongoing rewards rate and whether you already bank with Bank of America. If you have a Bank of America checking account, some cards offer higher cash back rates or other perks. If you do not bank there, those benefits do not explore, and the card may be less valuable to you than a card from a different bank.
Bonus offers change frequently — sometimes monthly. If you see an offer you like, you can check back in a few weeks and find a different bonus on the same card. There is no "best" time to open a card, but comparing current offers across a few banks before you decide is worth the time.
What happens to your credit when you open a card
Opening a new credit card triggers a hard inquiry on your credit report. This is a formal check that lenders use to decide whether to approve you. A hard inquiry can lower your credit score by a few points, usually for three to six months. After that time, the inquiry stops affecting your score, though it remains on your report for two years.
Once the card is open, it becomes part of your credit mix and your available credit. If you keep the balance low or at zero, the card helps your credit score over time by improving your credit utilization ratio (the amount you owe divided by your total credit limit). If you carry a high balance, the card can hurt your score.
Opening multiple cards in a short time can lower your score more noticeably because each process triggers a hard inquiry. If you are planning to explore for a mortgage or car loan soon, spacing out credit card applications by several months is usually a better strategy than opening multiple cards at once.
Frequently Asked Questions
Can I get the bonus if I already have a Bank of America credit card?
Bank of America's bonus rules vary by card. Some cards allow existing cardholders to earn a bonus on a different card product. Others restrict the bonus to customers who do not already hold that specific card. Check the offer details on the card's product page, or call Bank of America to confirm your may be able to access before you open an account.
What if I do not meet the spending requirement in time?
You do not receive the bonus. The card remains open and functional, but the promotional offer expires. You can still use the card for regular purchases and earn any ongoing rewards it offers, but the initial bonus is forfeited.
Can I meet the spending requirement with balance transfers?
No. Balance transfers do not count toward the spending requirement. Only new purchases made after the account opens count. This is true for all Bank of America cards and most credit cards from other banks.
Do I have to keep the card open after I earn the bonus?
No. You can close the card whenever you want. However, closing a card can lower your credit score slightly because it reduces your available credit and may shorten the average age of your accounts. Many people keep cards open even after earning the bonus to minimize this impact.
How do I know what the current bonus offer is?
Visit Bank of America's credit cards webpage to see current offers. Offers may differ based on whether you are logged into your Bank of America account, whether you have a checking account with them, and your location. Calling their customer service line or visiting a branch may show you additional offers not listed online.