Is Bank of America's MLB Credit Card worth it? September 2018 | finder.com

MLB® Credit Card from Bank of America review – September 2018

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A cashback rewards card with the logo of your favorite MLB team.

30-second take

  • Get this card if you want to earn cash back while showing love for your favorite MLB team.
  • Pick something else if you want a cashback card with no rewards cap.
  • Apply with a good to excellent credit score of 680 or higher.
Product NameMLB® Credit Card
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases14.74% to 24.74% variable
Introductory Purchase APR0% for the first 12 statement closing dates (then 14.74% to 24.74% variable)
Introductory Balance Transfer APR 0% for the first 12 statement closing dates (then 14.74% to 24.74% variable)
Balance Transfer Fee$10 or 3% of the transaction, whichever is greater
Cash Advance Rate17.74% to 26.74% variable
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value or $3, whichever is higher
Interest Free PeriodUp to 25 days
Minimum Interest$1.5
Late Payment Fee$38
Returned Payment Fee$27
Additional Cardholder Fee$0
Minimum Age18 years of age

The Basics

If you love the action of America’s favorite pastime, consider the MLB® Credit Card from Bank of America. You won’t pay an annual fee for the life of the card, and you can earn earn 1% to 3% cash back across spending categories such as gas, groceries and other everyday purchases.

Save even more with a generous low intro APR on balance transfers and purchases. And after you spend $500 in the first 90 days, you’ll qualify for a $150 cash reward, among the general rewards that come with being a member of Bank of America’s Preferred Rewards program.

The Perks

  • Signup bonus.

    Spend $500 in the first 90 days and get $150 cash rewards bonus. This is one of the easiest bonuses you can earn.

  • Cashback rewards.

    Get 3% cash back on gas purchases and 2% at grocery stores and wholesale clubs for the first $2,500 in combined purchases each quarter. After you reach the $2,500 mark, you earn 1% cash back for the remainder of that quarter. You also earn 1% on everything else.

  • Support your favorite MLB team.

    Choose a card with your baseball team from Major League Baseball’s full roster of 30 teams.

  • 10% customer bonus.

    Deposit your rewards into an eligible Bank of America, Merrill Edge or Merrill Lynch Wealth Management account to receive a 10% customer bonus. That means if you redeem $500 in cash rewards, the bank could deposit an additional $50 for a total of $550.

You’ll also like …

  • Intro APR for purchases and balance transfers.

    Pay no interest on purchases and balance transfers for the 12 statement closing dates following your account opening. After that, a variable APR of 14.74% to 24.74% applies. If you’re planning to make a large purchase and carry the balance for a year, or if you want to transfer your balance from another card with higher APR, the intro period could come in handy.

  • No annual fee.

    It costs nothing to own the card and show your MLB love.

  • Enhanced security and protection.

    This chip-enabled card protects your purchases and comes with a $0 liability guarantee for fraudulent transactions. Sign up for email or text alerts to stay in the loop on suspicious activity.

  • Preferred Rewards.

    Increase your rewards bonus by 25% to 75% with this three-tiered program that includes free ATM transactions, money market savings, priority client service and no fees on select banking services.

What is the Preferred Rewards program?

Bank of America offers benefits and rewards on your everyday banking with a program called Preferred Rewards. It has three tiers — each with increased benefits from the previous tier.

How do I qualify for the program?

You need to have a Bank of America checking account and a three-month average combined balance of $20,000 in qualifying Bank of America deposit accounts, and Merrill Edge and Merrill Lynch investment accounts. Once you qualify for the program, enroll through your online banking account and you’ll move up the tiers as you qualify.

What are the benefits of the program?

The program’s tiers are based on the amount of your average combined balance.

  • Gold. Benefits include a 25% rewards bonus, up to 12 free ATM transactions per year, a 0.25% interest rate discount for auto loans and more. To maintain Gold membership you need at least $20,000 in average combined balances.
  • Platinum. Get benefits such as a 50% rewards bonus, up to 12 free ATM transactions per year, a 0.35% interest rate discount for auto loans and more. To maintain Platinum membership you need at least $50,000 in average combined balances.
  • Platinum Honors. Benefits include a 75% rewards bonus, unlimited free ATM transactions per year, a 0.50% interest rate discount for auto loans and more. To maintain Platinum Honors membership you need at least $100,000 in average combined balances.

What to watch out for

  • Balance transfer limitations.

    To use the intro APR period on balance transfers, make your transfers in the first 60 days of card membership. Know that for every transfer you make, you’ll pay either $10 or 3% of the transaction, whichever is greater.

  • Foreign transaction fees.

    When you travel abroad, refrain from using this card for unnecessary purchases as you’ll pay a 3% fee for every transaction.

  • Penalty fees.

    For every late payment you make, you’ll pay a fee of up to $38. A single late payment could also land you with a variable penalty APR of 29.99% indefintely.

  • No MLB specific perks.

    Other sport specific cards offer discounts on merchandise or other league benefits. But not the MLB® Credit Card.

Consider other cards if …

  • You’re looking to support another worthwhile cause.

    Bank of America offers similar cards that support causes, such as the World Wildlife Fund Credit Card, which allows you to support the fund with every purchase you make.

  • You’re looking to support another sport.

    More into football than baseball? Check out NFL Extra Points Credit Card. You earn points and get a 20% discount on purchases from the official online NFL shop. You also earn points on other NFL purchases, such as tickets, in stadiums and team pro shops.

  • You want cash back without a rewards cap.

    Not all cashback credit cards come with caps on how much you can earn each quarter. The PenFed Power Cash Rewards Visa Signature® Card offers unlimited 1.5% back on all purchases — 2% for PenFed Honors Advantage members. A similar card is the Citi® Double Cash Card where you earn 1% when you make the purchase and additional 1% when you pay your balance, for a total of 2% cash back.

Compare cash back credit cards

Name Product Annual Fee APR for Purchases (Purchase Rate) Intro APR for Balance Transfer
$0
14.74%, 18.74% or 24.74% variable
0% for the first 15 months (then 14.74%, 18.74% or 24.74% variable)
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees
$0 to $99
19.74% to 25.74% variable
Get 1% cash back rewards on eligible purchase, terms apply.
$0
14.74% to 25.74% variable
0% for the first 15 months (then 14.74% to 25.74% variable)
Snag a $150 bonus statement credit after you spend $1,000 in the first 3 months
$95
14.74% to 25.74% variable
0% for the first 12 months (then 14.74% to 25.74% variable)
Earn $200 bonus cash back after you spend $1,000 in the first 3 months
$0
15.24% to 25.24% variable
0% for the first 18 months (then 15.24% to 25.24% variable)
Earn 1% cash back for payments on purchases, on top of the 1% cash back on purchases. No annual fee.
$0
14.99% to 24.99% variable
0% for the first 12 statement closing dates (then 14.99% to 24.99% variable)
Earn more cash back for the things you buy most.
16.74%, 22.49% or 25.49% variable
Get 4 points back on dining, 3 on travel, 2 on Uber rides and online shopping and 1 on other purchases, and redeem points for Uber credits, gift cards or cash back.

Compare up to 4 providers

How does a balance transfer work with this card?

Initiate your balance transfers within 60 days of your account opening to take advantage of the 0% intro APR period for the first 12 statement closing dates. After that, a variable APR of 14.74% to 24.74% will apply.

If you’re making transfers that exceed your credit limit, Bank of America may accept a partial transfer. However, they won’t accept balance transfers made from Bank of America accounts or any of their affiliates.

You’ll also pay either $10 or 3% of the transaction, whichever is greater, in fees for each transfer you make. That’s up to $30 in fees for a $1,000 balance.

Wait at least two weeks from your account opening for Bank of America to process your balance transfers if you request one during the application process.

What should I know before I apply?

Apply for an MLB® Credit Card if you’re at least 18 years old and a US citizen or permanent resident.

You’ll need to provide information, such as:

  • Name and contact information.
  • Country of residence and date of birth.
  • Employment information and income.

At this point, you can select your favorite team and get a card with their logo.

What credit score do I need?

The chances of your approval increase with a good to excellent credit score of 680 or higher. Furthermore, you’ll get a lower APR and a higher credit line if you apply with a better credit score.

What do customers say about the MLB® Credit Card?

The Better Business Bureau accredited Bank of America in 1949 and gives it a rating of B+. At the time of writing, 178 customer reviews — combined with the BBB rating — bring the bank to a composite score of 3.05 out of 5. Most customer complaints go for problems with products and services, and with billing issues.

How to apply for the MLB® Credit Card

  1. Go to Bank of America website and look for the MLB® Credit Card. Once you find it, click Apply now.
  2. Fill out the form with the required information and select your MLB team.
  3. Verify that your information is correct and submit your application.

How long will it take to get my MLB® Credit Card?

Bank of America’s online approval system lets you know your application’s status as soon as you submit it. If further review is needed it may take a few business days up to a few weeks for a decision. Once approved, expect your card to arrive within 7 to 10 business days.

I got the card. Now what?

  • Download Bank of America Mobile Banking app. Make manual or scheduled payments using the app. You can also get exclusive credit card offers and more.
  • Avoid interest. After your intro APR period passes, you’ll pay interest on any outstanding balances. Bank of America doesn’t offer interest-free days on cash advances.
  • Avoid fees. You’ll pay fees of up to $38 for late and returned payments, as well as fees per balance transfer.
  • Customer service. For support, call 1-800-732-9194. Connect with BofA on Facebook or on Twitter @BankofAmerica.

Bottom line

For baseball fans, this no-annual-fee cashback rewards card could be a homerun. But even if you’re not a baseball fan, the card still offers decent cash back without an annual fee.

If you’re looking for a more robust travel or cashback rewards card, take a look at your other options before applying for this one.

Frequently asked questions

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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