Bank of America Travel Rewards card vs. Chase Sapphire Preferred

With the Bank of America Travel Rewards credit card, new customers are eligible for an introductory 0 percent APR on purchases and balance transfers for 15 billing cycles, followed by a 18.24% – 28.24% Variable APR on purchases and balance transfers.

This offer can be immensely helpful for consumers who want to pay down large purchases over time, as well as those who may need to carry a balance when cash is tight. Just remember that intro balance transfers for this card must be made in the first 60 days from account opening, and an intro balance transfer fee of 3 percent fee ($10 minimum) applies to all balance transfers. After 60 days, the balance transfer fee rises to 4 percent.

If you carry a balance on the Chase Sapphire Preferred, you’ll pay a 20.74% – 27.74% Variable APR right off the bat. Even on the lower end, the interest you’ll pay will cost significantly more than the value of the rewards you can earn with this card.