Bank of America offers five main credit cards, each built for different spending patterns

Bank of America's credit card lineup includes the Bank of America Cash Rewards, Bank of America Travel Rewards, Bank of America Premium Rewards, Bank of America Customized Cash, and Bank of America Alaska Airlines Visa. Each card earns rewards in a different way—some give cash back on everyday purchases, others focus on travel, and one is designed for Alaska Airlines frequent flyers. The card that makes sense for you depends on how you spend money and what you value most.

The Cash Rewards and Customized Cash cards work best if you spend heavily in specific categories like groceries, gas, or dining. The Travel Rewards and Premium Rewards cards suit people who fly regularly or book hotels often. The Alaska Airlines card is only worth holding if you fly that airline multiple times per year.

Key Takeaways

  • Bank of America Cash Rewards gives 1% cash back on all purchases and 2% on groceries and gas, with no annual fee.
  • The Customized Cash card lets you pick your own bonus category each month, earning up to 3% cash back in that category.
  • Bank of America Travel Rewards earns 1.5 points per dollar on all purchases and has no annual fee, but points are worth less than cash back.
  • Bank of America Premium Rewards charges $95 per year but offers higher earning rates and travel protections for frequent travelers.
  • The Alaska Airlines card charges $75 annually and makes sense only if you fly Alaska Airlines at least twice per year.

Bank of America Cash Rewards: The straightforward choice for everyday spending

The Cash Rewards card earns 1% cash back on all purchases and 2% cash back on groceries and gas (up to $2,500 per quarter, then 1% after that). There is no annual fee, no foreign transaction fee, and no minimum spending requirement to earn rewards. Cash back posts to your account monthly and can be used to pay your statement balance or transferred to a Bank of America checking or savings account.

This card works well if you want simplicity and do not want to track bonus categories. The 2% on groceries and gas covers two of the largest spending categories for most households. The 1% on everything else means you earn something even on irregular purchases like medical bills or car repairs.

The main limitation is that 2% is not the highest rate available for groceries and gas—some other bank cards offer 3% or higher in those categories. But the lack of annual fee and the simplicity of the structure make this card a solid baseline option.

Bank of America Customized Cash: Flexibility to choose your bonus category each month

The Customized Cash card earns 3% cash back in one category you choose each month, 2% cash back in another category you choose, and 1% on everything else. You pick your bonus categories from options like groceries, gas, dining, travel, drugstores, and home improvement. There is no annual fee.

This card is useful if your spending shifts month to month. In January you might choose groceries and gas; in March you might switch to dining and travel because you have vacation planned. You can change your categories on the Bank of America website or mobile app as often as once per month.

The catch is that you have to actively manage it. If you forget to set your categories, you earn only 1% on everything. The 3% rate also caps at $2,500 per quarter in your chosen category, then drops to 1% after that. For people who spend heavily in one or two fixed categories, the regular Cash Rewards card may be simpler.

Bank of America Travel Rewards: Points-based earning for flights and hotels

The Travel Rewards card earns 1.5 points per dollar on all purchases, with no annual fee and no foreign transaction fee. Points can be redeemed for travel (flights, hotels, car rentals, cruises) through the Bank of America travel portal, or transferred to partner airlines and hotels.

The main advantage is that you earn the same rate on everything—no bonus categories to track. The card also includes trip cancellation insurance, lost luggage reimbursement, and emergency medical and dental coverage when you travel. These protections add value if you fly several times per year.

The drawback is that points are typically worth less than cash back. Bank of America values points at roughly 1 cent each when redeemed for travel through their portal, meaning 1.5 points per dollar equals about 1.5% value. If you transfer points to an airline partner, the value can be higher or lower depending on the partner and how you use them. For people who do not travel often, the Cash Rewards card's cash back is more straightforward.

Bank of America Premium Rewards: Higher earning rates and travel protections for frequent travelers

The Premium Rewards card charges a $95 annual fee and earns 2 points per dollar on all purchases. It includes the same travel protections as the Travel Rewards card plus additional benefits like a $100 annual airline fee credit, priority customer service, and complimentary airport lounge access through Priority Pass.

This card makes financial sense if you spend at least $5,000 to $6,000 per year on the card—the higher earning rate and fee credit can offset the annual fee. The lounge access and travel protections add value for people who fly multiple times per year and want perks beyond just earning rewards.

Like the Travel Rewards card, points are valued at roughly 1 cent each through the Bank of America travel portal, so 2 points per dollar equals about 2% value. The $100 airline fee credit can cover baggage fees, seat upgrades, or other incidental charges, effectively reducing the net annual fee to $0 if you use it.

Bank of America Alaska Airlines Visa: For Alaska Airlines frequent flyers only

The Alaska Airlines card charges a $75 annual fee and earns 3 points per dollar on Alaska Airlines purchases and 1 point per dollar on everything else. It includes a free checked bag on Alaska Airlines flights, priority boarding, and a $100 annual statement credit toward Alaska Airlines purchases.

This card is only worth holding if you fly Alaska Airlines at least twice per year. The free checked bag alone saves $30 to $40 per round trip, and the $100 annual credit covers most of the annual fee. If you fly Alaska Airlines four or more times per year, the card can pay for itself through the checked bag benefit alone.

If you fly other airlines primarily, or if you fly Alaska Airlines fewer than twice per year, the cash back or travel rewards cards are better choices. The points earned on non-Alaska purchases are worth less than what you would earn with the Cash Rewards or Travel Rewards cards.

How to compare these cards for your own spending

Start by looking at your spending over the last three months. Add up what you spent on groceries, gas, dining, travel, and everything else. Then calculate what each card would have earned you on that spending.

For example, if you spent $1,200 on groceries, $800 on gas, $600 on dining, and $2,400 on everything else in a month, the Cash Rewards card would earn $24 (2% on $1,200 + 2% on $800 + 1% on $600 + 1% on $2,400). The Customized Cash card could earn $36 if you chose groceries and gas as your bonus categories (3% on $1,200 + 3% on $800 + 1% on $600 + 1% on $2,400). The Travel Rewards card would earn $45 in points (1.5 points per dollar on $5,000, valued at roughly 1.5%).

This comparison shows that the best card depends on your actual spending pattern, not on which card sounds best. A card with a higher advertised rate is only better if you actually spend in that category.

Frequently Asked Questions

Can I hold more than one Bank of America credit card at the same time?

Yes. Bank of America allows you to hold multiple credit cards from their lineup simultaneously. Some people hold both the Cash Rewards card for everyday spending and the Travel Rewards card for travel purchases to maximize rewards in both areas. There is no rule against it, though each card has its own annual fee (if any) and credit limit.

Do these cards have foreign transaction fees?

No. All five Bank of America cards listed here have no foreign transaction fee, meaning you can use them internationally without paying an extra percentage on purchases made outside the United States. This is useful if you travel abroad or make online purchases from foreign retailers.

What is the difference between cash back and points?

Cash back is a direct credit to your account that you can use to pay your bill or transfer to a bank account. Points are a currency you redeem through a rewards portal, usually for travel or other purchases. Points are often worth less than their face value—1.5 points may be worth only 1.5 cents, not 1.5 dollars. Cash back is simpler and more transparent.

Do I need a Bank of America checking account to get one of these cards?

No. You can open a Bank of America credit card without having a Bank of America checking or savings account. However, if you do have a Bank of America deposit account, you may see slightly higher cash back rates or bonus offers on some cards. Check the current offer when you are ready to open an account.

How long does it take to receive a Bank of America credit card after I open an account?

Bank of America typically delivers a new credit card within 7 to 10 business days. You can request expedited shipping in some cases, which may arrive within 2 to 3 business days. You can also ask to set up a temporary digital card number when ready after opening the account to start making purchases right away.