The Bank of America, often abbreviated as BofA or BoA, is an American financial services holding company whose headquarters are in Charlotte, North Carolina. After JPMorgan Chase, the bank is the second-largest banking company in the United States. It is among the Big Four banking institutions of the US. BoA serves approximately 10.73% of American bank deposits and directly competes with Citigroup, JPMorgan Chase, and Wells Fargo. You will learn how to pay bank of America credit card with another bank shortly.
BofA’s primary financial services include wealth management, commercial banking, and investment banking. You might be surprised to hear that banks manage wealth. Some people are extremely rich in that they cannot manage their wealth. Therefore, there is a need to have specialists oversee their belongings. Banks have such specialists, and many people prefer utilizing the bank services for the same. When it comes to banking, you can open a checking or savings account from the institution.
The Bank of America is among the many financial companies in the country that issue credit cards plus other types of loans such as personal loans, mortgage loans, home equities, etc. You only need to qualify with good scores to apply for a loan unless you get a secured credit card or a credit builder loan. Unsecured loans and lines of credit require you to have the right scores to get them.
What is a credit card?
A credit card is a payment card that allows you to borrow money from your card issuer. The card can be virtual or tangible. A virtual debit card allows you to use it online only by providing the card details where necessary. A tangible card is applicable for online and physical stores purchases.
You can get approved for a credit card if you meet the proper requirements. When applying for an unsecured credit card, you need to have a borrowing history. That means you have some credit scores. However, you can get approved for a credit card with no credit scores when you apply for a secured credit card. A secured credit card requires you to deposit some money as security for the card. The amount you deposit determines your credit limit.
Usually, secured credit cards are suitable for building credit. You can get the card if you do not have any credit or are building credit from scratch. You get a credit limit for unsecured cards, depending on your overall scores. The more your credit scores, the higher your credit limit.
How to open a BoA account?
To enjoy various financial services from BoA, you must open an account. The most common account is the checking account since it allows you to perform various transactions. For example, to apply for a credit card from the institution, you must open a checking account.
BofA allows you to open your account online using a computer or smartphone plus a secure and reliable internet connection. Before opening your account, you must produce various items, including the following.
- Your Social Security Number
- Your current physical address
- Your email address
- Your account number or debit card number for your opening deposit into your new BofA account
When opening a joint account, you must also provide the Co-applicant’s personal information. Once you have everything with you, you can fill in the required details to open an account. You only need to select the most preferred checking account and tap Open an account.
A form will open requiring you to enter various details such as your name, suffix, date of birth, address, state, mobile number, and email address. You will also need to check whether you are a US citizen or have dual citizenship. Next, you must enter your country of residence and declare your employment status.
You can also add a co-applicant in the process. Once everything is clear, you can tap continue and follow guidelines. BofA has various checking accounts that you can open to enjoy. They include the following.
i) Bank of America Advantage Plus Banking
The account is suitable for everyday checking. It has multiple ways you can use to waive fees, including maintaining a minimum daily balance and getting the minimum direct deposit. If you don’t meet the requirements, you have to pay a maintenance fee of $12 every month.
ii) Bank of America Advantage Relationship Banking
The account gives you perks for higher balances. You can have the fees waived if you meet specific requirements. If you do not meet the requirements, you pay a maintenance fee of $25 every month.
iii) Bank of America Advantage SafeBalance Banking
Like the others, monthly maintenance fees are waived if you maintain a particular balance. However, if you don’t meet the requirements, you must pay $4.95 monthly maintenance fees. The account charges no overdraft fees whatsoever. The account is checkless and a good option for those who need checkless accounts.
What credit cards does BofA offer?
You can apply for a BofA credit card online. BofA is among the various banks that allow you to apply for various credit cards when the need arises. There are several credit cards that one can get from the institution, including the following.
i) Bank of America® Customized Cash Rewards
The card gives you a 0% Intro APR for the first 15 billing cycles for purchases and any balance transfers you make within the first 60 days of opening your account. After the end of the intro APR, a Variable APR currently at 13.99% to 23.99% applies. Again, a fee of 3% with a min of $10 applies to all the balance transfers.
If you want a card that will give you rewards, this is one of them. You can get a 2% cash back at grocery stores, 3% cashback in any category you choose, and 1% cashback on all other purchases.
ii) Bank of America® Unlimited Cash Rewards
The card gives you a 0% Intro APR for the first 15 billing cycles for purchases and any balance transfers you make within the first 60 days of account opening. After that, you will need to part with a Variable APR, which is currently 13.99% to 23.99%. A 3% fee with a minimum of $10 applies to all balance transfers.
You can earn various cash backs on your account. For example, you can get unlimited 1.5% cashback on all your purchases. Moreover, there is no limit on the amount of cashback you can earn. Interestingly, the cash rewards don’t expire.
Once you get the card, you will enjoy 0% Intro APR for 18 billing cycles for your purchases and any balance transfers you make within the first 60 days of account opening. Afterward, you will enjoy a Variable APR of 12.99% – 22.99%. You will also part with a 3% fee (min $10) to all balance transfers.
The card gives you a $100 statement credit online bonus when you make $1,000 plus in purchases in your first 90 days of opening an account. The card allows you to access your FICO® Score for free in your banking app.
Other credit cards from the Bank of America include Bank of America® Travel Rewards, Bank of America® Premium Rewards®, and the Bank of America® Premium Rewards® Elite. The bank also gives you secured credit cards for rebuilding credit. That way, you can grow your scores to qualify for better cards.
How to pay Bank of America credit card with another bank?
There are several convenient ways one can pay your credit card debts online. They include the following.
i) On the BoA website
Just log into your account, select the Manage Pay To/Pay From Accounts link on the Bill Pay menu, and choose the Add Pay From Account button. After that, follow the instructions. You require your bank’s routing number and account number to facilitate the Pay From account.
ii) On your mobile device
You can log in to the Mobile Banking app, choose your credit card account, and proceed to the Make a payment button to carry out the process.
iii) At a financial center or ATM
You can make your payment at any BoA branch. You can also make your payments to any of the BofA ATMs. To make your payments using an ATM, you need to insert your credit card into the ATM, tap Make a Payment, and follow the guidelines. You can pay at an ATM using checks or cash.
How do secured and unsecured credit cards differ?
Secured and unsecured credit cards are different in various ways. One of the differences between secured and unsecured credit cards is that the secured ones require a security deposit while the unsecured ones require credit scores to get them.
Moreover, secured credit cards allow people with no credit to apply for the cards, while unsecured cards require you to have a borrowing history. Furthermore, you can determine the limit of your secured card depending on the amount you deposit, while credit scores dictate the credit limit for the unsecured credit cards.
The Bank of America, often abbreviated as BofA or BoA, is an American financial services company whose headquarters are in Charlotte, North Carolina. The bank is one of the largest financial institutions that give you various services online and at physical stores.
You can get various accounts such as savings, checking, CDs, and IRAs. The bank gives you various credit cards to utilize for your financial growth, whereby you can pay for your credit card debt using various methods.