Bank of America offers five main credit cards, each built for a different kind of account holder
Bank of America's credit card lineup includes the BankAmericard Cash Rewards, Bank of America Cash Rewards, Bank of America Travel Rewards, Premium Rewards, and Unlimited Cash Rewards. The card you choose depends on whether you want cash back or travel rewards, how much you spend annually, and whether you are willing to pay an annual fee for higher rewards rates.
Each card has different earning rates, annual fees, and bonus categories. The cash rewards cards suit everyday spending. The travel card suits people who book flights and hotels regularly. The premium card targets high-income households with annual spending above $25,000. Understanding what each card actually pays you — not what it promises — is the only way to know which one reduces your costs.
Key Takeaways
- Bank of America's no-annual-fee cash cards earn 1% to 3% cash back depending on the card and spending category, with the highest rates on groceries, gas, and online shopping.
- The travel rewards card earns 1.5 points per dollar on all purchases and 2.625 points per dollar on travel booked through Bank of America, with no annual fee.
- The Premium Rewards card charges $95 per year but offers higher earning rates and is designed for people who spend at least $25,000 annually on the card.
- Cash back and points are not the same: cash back posts directly to your account, while points require redemption and may have variable dollar values depending on how you use them.
- Your existing Bank of America checking or savings account may unlock higher cash back rates on some cards through the Preferred Rewards program.
No-Annual-Fee Cash Rewards Cards: BankAmericard and Bank of America Cash Rewards
The BankAmericard Cash Rewards card has no annual fee and earns 1% cash back on all purchases. This is the simplest option if you want a single card with no bonus categories to track. The cash back posts monthly and can be used to pay your statement balance, transferred to a Bank of America account, or redeemed for other purposes.
The Bank of America Cash Rewards card also has no annual fee but earns different rates depending on category: 3% cash back on groceries (up to $2,500 per quarter, then 1%), 2% on gas and transit, and 1% on everything else. You choose which category gets the 3% rate each quarter, or the card defaults to groceries if you do not select. This card pays more than the BankAmericard if you spend regularly in these categories, but requires you to manage the quarterly selection.
Both cards have the same standard features: no foreign transaction fees, fraud protection, and the ability to set up automatic payments. The choice between them depends on whether you want simplicity (BankAmericard) or higher rewards in specific categories (Cash Rewards).
Travel Rewards Card: Bank of America Travel Rewards
The Bank of America Travel Rewards card has no annual fee and earns 1.5 points per dollar on all purchases. When you book travel through Bank of America's travel portal, you earn 2.625 points per dollar instead. Points can be redeemed for flights, hotels, rental cars, or other travel expenses, or transferred to your Bank of America account as a statement credit.
The value of each point depends on how you redeem it. If you book through the Bank of America portal, points are typically worth 1 cent each, meaning 1.5 points per dollar equals 1.5% value. If you redeem for a statement credit, the value is also roughly 1 cent per point. The card does not have bonus categories like the cash rewards cards, so every dollar earns the same rate regardless of where you spend.
This card makes sense if you book travel regularly and want a single earning rate across all spending. It does not make sense if you rarely travel or if you prefer cash back over points, because the redemption process is more complicated than simply using cash back to pay your bill.
Premium Rewards Card: For Higher Annual Spending
The Bank of America Premium Rewards card charges a $95 annual fee and earns 2 points per dollar on all purchases. It also includes travel protections like trip cancellation insurance and rental car damage coverage. The card is designed for people who spend at least $25,000 per year on the card, which means the higher earning rate needs to offset the annual fee.
At $25,000 annual spending, the Premium Rewards card earns 50,000 points (2 points × $25,000). If each point is worth 1 cent, that is $500 in value, minus the $95 fee, for a net gain of $405. The BankAmericard at the same spending level would earn $250 (1% × $25,000), so the Premium Rewards card would be worth $155 more. However, if your spending is lower — say $15,000 per year — the Premium Rewards card earns $300 in points but costs $95, netting only $205, which is less than the $150 the BankAmericard would earn.
The card also includes a welcome bonus of 50,000 points after you spend $3,000 in the first 90 days. This bonus is worth roughly $500 if redeemed at 1 cent per point, which covers the annual fee for the first year. You should only apply for this card if you can reliably spend $25,000 or more per year and plan to keep it open long enough for the higher earning rate to justify the fee.
Unlimited Cash Rewards Card: Flat-Rate Cash Back
The Bank of America Unlimited Cash Rewards card has no annual fee and earns 1.5% cash back on all purchases with no bonus categories. This card sits between the BankAmericard (1% flat) and the Premium Rewards card (2% but with a $95 fee). It is a middle option if you want better rewards than 1% but do not want to pay an annual fee or manage bonus categories.
The Unlimited card also includes a welcome bonus of $200 cash back after you spend $500 in the first 90 days. This bonus is immediate value and does not require redemption through a portal. If you spend $20,000 per year on this card, you earn $300 in cash back (1.5% × $20,000) plus the $200 bonus in year one, for a total of $500. The same spending on the BankAmericard would earn $200, so the Unlimited card pays $300 more in the first year.
How Bank of America's Preferred Rewards Program Changes the Math
If you have a Bank of America checking or savings account with a certain balance, you may be enrolled in Preferred Rewards, which increases your credit card cash back and points earnings. The program has three tiers: Gold (requires $20,000 in may have access to balances), Platinum (requires $50,000), and Platinum Honors (requires $100,000).
Gold tier adds 25% to your cash back or points earnings. Platinum adds 50%. Platinum Honors adds 75%. This means the BankAmericard at 1% becomes 1.25% with Gold, 1.5% with Platinum, or 1.75% with Platinum Honors. The Bank of America Cash Rewards card's 3% grocery category becomes 3.75% with Gold, 4.5% with Platinum, or 5.25% with Platinum Honors.
If you already have a Bank of America checking account with a high balance, Preferred Rewards can make a lower-tier card more valuable than a higher-tier card without the bonus. Check your Bank of America online account to see which tier you may have access to for, then recalculate the annual value of each card with the bonus applied.
Comparing Annual Value Across Different Spending Patterns
| Card | Annual Fee | $10,000 Spending | $25,000 Spending | $50,000 Spending |
|---|---|---|---|---|
| BankAmericard Cash Rewards | $0 | $100 | $250 | $500 |
| Bank of America Cash Rewards | $0 | $150* | $400* | $800* |
| Bank of America Travel Rewards | $0 | $150 | $375 | $750 |
| Unlimited Cash Rewards | $0 | $150 | $375 | $750 |
| Premium Rewards | $95 | $105 | $405 | $905 |
*Bank of America Cash Rewards assumes 50% of spending falls in bonus categories (3% or 2%) and 50% at 1%. Actual value depends on your specific spending mix.
This table shows the net annual value (rewards minus annual fee) for each card at different spending levels, excluding welcome bonuses and Preferred Rewards bonuses. The Bank of America Cash Rewards card assumes you spend half your money in bonus categories and half on everything else, which is a middle estimate. Your actual value depends on how much you spend on groceries, gas, and transit versus other categories.
Frequently Asked Questions
Can I have more than one Bank of America credit card at the same time?
Yes. You can hold multiple Bank of America credit cards simultaneously, and each card earns rewards independently. Some people carry both the Bank of America Cash Rewards card (for bonus categories) and the Travel Rewards card (for travel bookings). However, Bank of America may limit how many new cards you can open in a certain time period, typically one new card every 30 days.
What happens to my rewards if I close the card?
Cash back that has already posted to your account remains yours even after you close the card. Points that have not been redeemed may be forfeited depending on the card's terms, so redeem or transfer any remaining points before closing. Check your card's terms for the specific policy on your card.
Does Bank of America charge interest on rewards?
No. Rewards are earned on your purchases and do not accrue interest. However, if you carry a balance on the card and pay interest on that balance, the interest cost will likely exceed the value of the rewards you earn, making the card unprofitable overall.
How do I know if Preferred Rewards will actually increase my rewards?
Log into your Bank of America online account and look for the Preferred Rewards section, usually under "Accounts" or "Rewards." It will show your current tier and the bonus percentage applied to your cards. You can also call Bank of America at the number on the back of your card and ask which tier you may have access to for.
What if I spend most of my money on categories that don't have bonuses?
If you spend most of your money on things like utilities, insurance, or subscriptions (which earn 1% on most Bank of America cards), the Unlimited Cash Rewards card or the Premium Rewards card may be better than the Bank of America Cash Rewards card, because they earn a flat rate on everything rather than requiring you to hit bonus categories.