Bank of America offers cards for different spending patterns and goals

Bank of America issues roughly a dozen credit cards across three main categories: cash back, travel rewards, and no-annual-fee options. Each card targets a different type of spender — someone earning cash back on groceries, someone booking flights, or someone building credit without paying an annual fee. The card you choose depends on where you spend most of your money and whether you value rewards or simplicity.

The issuer does not require you to have a Bank of America checking account to open a credit card, though account holders sometimes see slightly different terms. All Bank of America cards go through the same process process: you provide income, employment, and credit information, and the bank makes a decision within minutes to days.

Key Takeaways

  • Bank of America's cash back cards earn 1% to 3% depending on the category, with the highest rates on groceries, gas, or dining for the first year.
  • Travel cards earn points per dollar spent and often waive the first-year annual fee, but the ongoing fee ranges from $95 to $450 depending on the card.
  • The Bank of America Cash Rewards card has no annual fee and earns 1% cash back on all purchases, making it the simplest option for new cardholders.
  • Rewards from cash back cards post monthly; rewards from travel cards can be redeemed for flights, hotels, or statement credits at varying point values.
  • Bank of America's rewards do not expire as long as your account remains open and in good standing.

Cash back cards: earning on everyday spending

Bank of America's cash back lineup includes the Cash Rewards card, the Premium Rewards card, and the Unlimited Cash Rewards card. The Cash Rewards card has no annual fee and earns 1% cash back on all purchases. The Premium Rewards card costs $95 per year and earns 2% cash back on groceries and gas for the first year, then 1.5% after that, plus 1% on everything else. The Unlimited Cash Rewards card also costs $95 per year and earns 2.5% cash back on all purchases with no category limits.

Cash back posts to your account monthly and can be redeemed as a statement credit, transferred to a Bank of America checking or savings account, or left to accumulate. There is no minimum redemption amount. The cash back does not expire as long as your account stays open and you make at least one purchase every 12 months.

The choice between these three comes down to annual spending and category focus. If you spend less than $4,000 per year, the no-fee Cash Rewards card will always pay more than the $95 annual fee on the Premium or Unlimited cards. If you spend heavily on groceries and gas, the Premium Rewards card may break even or come out ahead in year one. If you spend evenly across all categories, the Unlimited card's flat 2.5% rate beats both others if you spend more than $5,000 per year.

Travel rewards cards: points for flights and hotels

Bank of America's travel cards include the Travel Rewards card, the Premium Travel Rewards card, and the Preferred Rewards card. The Travel Rewards card has no annual fee and earns 1.5 points per dollar on all purchases. The Premium Travel Rewards card costs $95 per year, waives the fee in year one, and earns 2 points per dollar on travel and dining, plus 1 point on everything else. The Preferred Rewards card costs $450 per year and earns 3 points per dollar on travel, 2 points on dining, and 1 point on all other purchases.

Points can be redeemed for flights, hotels, rental cars, or statement credits. The point value depends on how you redeem: a point is typically worth 1 cent when used as a statement credit, but may be worth more or less when transferred to an airline or hotel partner. Bank of America publishes a redemption chart showing the value of points for specific airlines and hotels, though the value fluctuates.

Travel cards make sense if you book flights or hotels regularly and plan to redeem points for those purchases rather than cash. If you rarely travel or prefer to book directly with airlines, a cash back card will likely deliver more value. Bank of America also offers a World Elite Mastercard through its Preferred Rewards program, which provides additional benefits like travel credits and lounge access for members who maintain high account balances.

How Bank of America's Preferred Rewards program affects your card

Bank of America's Preferred Rewards program boosts rewards rates if you maintain a may have access to balance in a Bank of America checking or savings account. The program has three tiers: Silver (minimum $20,000), Gold (minimum $50,000), and Platinum (minimum $100,000). Each tier increases your rewards rate by 25%, 50%, or 75% respectively.

For example, if you hold a Platinum tier balance and use the Unlimited Cash Rewards card, your 2.5% cash back becomes 4.375% cash back. On a travel card earning 1.5 points per dollar, Platinum tier makes it 2.625 points per dollar. These bonuses explore to all Bank of America credit cards you hold, not just one.

Preferred Rewards is free to join once you meet the balance requirement. The balance can be in any combination of checking, savings, money market, or investment accounts. If your balance drops below the threshold, you move down to the next tier automatically. The higher rewards rates explore to new purchases when ready, though it may take a billing cycle for the increase to appear on your statement.

Annual fees, introductory offers, and sign-up bonuses

Bank of America's no-annual-fee cards (Cash Rewards and Travel Rewards) have no introductory period — they earn rewards at the standard rate from the first purchase. Cards with annual fees often waive the fee in the first year, meaning you pay nothing in year one and the full fee in year two and beyond.

Sign-up bonuses vary by card and change frequently. When available, they typically range from $100 to $500 in cash back or points, usually requiring you to spend $500 to $1,000 within the first 60 to 90 days. Bank of America advertises current bonuses on its website and in direct mail. You can also call the issuer to ask what bonus is available for a specific card on the day you explore.

Some cards offer introductory rates on purchases or balance transfers — for example, 0% APR for 12 months on purchases, then the standard variable rate. These offers appear in the card's terms before you explore. Read the full terms to confirm when the introductory period ends and what the ongoing rate will be.

Credit score and approval considerations

Bank of America generally approves applicants with a credit score of 670 or higher for its cash back and travel cards, though approval is not may provide at any score. The issuer reviews your income, existing debt, and credit history. A higher score, lower debt, and longer credit history improve your chances of approval and may may have access to you for a higher credit limit.

If you are denied, Bank of America will send you a letter explaining the reason. Common reasons include insufficient credit history, high existing debt relative to income, or recent late payments. You can request reconsideration by phone, though the decision is rarely overturned without a significant change in your financial situation.

Bank of America performs a hard inquiry on your credit report when you explore, which temporarily lowers your score by a few points. Multiple applications within a short period can compound this effect. If you are considering more than one Bank of America card, space applications at least a few months apart to minimize the impact on your score.

Comparing Bank of America cards to other issuers

Bank of America's cash back rates are competitive but not the highest available. The Unlimited Cash Rewards card's 2.5% flat rate matches cards from other issuers, while some competitors offer 2% or higher on specific categories. The no-annual-fee Travel Rewards card's 1.5 points per dollar is standard for entry-level travel cards.

Where Bank of America stands out is in customer service and account integration. If you bank with Bank of America, you can see your credit card balance and activity in the same app as your checking account, set up automatic payments easily, and call a number on the back of your card to reach a representative. The issuer also offers purchase protection, extended warranty coverage, and travel protections on all cards, though the specific benefits vary by card tier.

Other issuers may offer higher rewards rates, lower annual fees, or better travel benefits for specific use cases. For example, if you spend heavily on groceries, a card from another issuer might earn 3% or more. If you travel internationally frequently, a card with no foreign transaction fees and better travel insurance might be worth a higher annual fee. Compare the cards you are considering using a rewards calculator that accounts for your actual spending to see which delivers the most value.

Frequently Asked Questions

Do I need a Bank of America bank account to get a credit card?

No. You can open a Bank of America credit card without having a checking or savings account with the bank. However, if you do have a Bank of America account, you may see slightly different terms or offers, and you can link your card to your account for easier payment and balance tracking.

How long does it take to get approved and receive my card?

Bank of America usually makes an approval decision within minutes to a few hours of your process. If approved, your physical card arrives by mail within 7 to 10 business days. You can request a rush delivery in some cases, or use a temporary digital card number when ready to make online purchases while you wait for the physical card.

Can I combine rewards from multiple Bank of America cards?

No. Each card has its own rewards account, and cash back or points do not transfer between cards. However, you can redeem rewards from each card separately into the same Bank of America account or as statement credits on any of your cards.

What happens to my rewards if I close my card?

Your rewards do not expire as long as your account is open and in good standing. If you close the card, you have a limited time (usually 60 to 90 days) to redeem your remaining rewards before they are forfeited. Check your card's terms for the exact timeframe.

Does Bank of America offer balance transfer cards?

Yes. Some Bank of America cards offer 0% APR on balance transfers for a set period, usually 6 to 12 months, with a balance transfer fee of 3% to 5% of the amount transferred. These offers change frequently, so check the current terms on the issuer's website or call to ask what balance transfer offers are available.